Credit cards available for people with bad credit as of 2016 include Capital One Secured MasterCard, Navy Federal Secured Card and Open Sky Secured Visa Card, according to CNN Money. Other cards for consumers with bad credit include Mango Prepaid MasterCard, Citi Secured MasterCard, Capital One Cash Rewards for Newcomers and Orchard Bank credit card.Continue Reading
The Capital One Secured MasterCard, unlike other secured cards for which users pay an average $250 security deposit, allows for a minimum $49 security deposit to qualify card holders to receive a $200 credit line, notes CNN Money. A security deposit of $99 may qualify a consumer for a maximum $3,000 credit line. The annual fee is $29. Its high annual percentage rate of 22.9 percent, makes it unsuitable for late payers, CNN Money advises.
The Navy Federal Credit Union issues the Navy Federal Rewards Secured Card for people with military affiliation, reports CNN Money. The card has an annual percentage rate of 8.99 percent and no annual fee. Card users receive one redeemable point for every dollar spent.
The Open Sky Secured Visa Card, issued by Public Savings, allows a maximum $3,000 credit line with a $200 deposit and carries an annual percentage rate of 9.75 percent. Although application for this card doesn't require a credit check, users pay a $50 annual fee and a $25 fee to raise or lower the credit line after the first year, states CNN Money.Learn more about Credit & Lending