You can apply for a credit card if you have filed bankruptcy. The first card you receive will likely have fewer features than the others. You may also need to deposit a security fee to get started. But eventually, most good credit card companies will let you upgrade. There is no need to make a security deposit to upgrade to a credit card. Here are some tips to help you get a card even if your bankruptcy is over.
Milestone Mastercard
Milestone Mastercard credit may be an option for you if your credit history is poor and you have recently filed for bankruptcy. The company matches borrowers with bankruptcy filings to the best possible card for them. There is no security fee and the credit limit can be $300. Due to the high annual fee, the credit limit of $300 seems very low. Milestone Mastercard applicants have the option to pre-qualify for their card before they apply. This will not affect their credit score. They cannot guarantee approval.
Many consumers have had problems with Milestone Mastercard despite its positive features. The cash advance APR for Milestone Mastercard is 29.9%. This can lead to significant interest costs if the loan is not paid in time. Although responsibly using the card can help you rebuild your credit rating, you must be aware of all terms and conditions. Milestone Mastercard is just like any other credit card. Late payments could cause damage to your credit score.
First Access Visa
First Access Visa (r), a card that allows you to get a credit score of at least 600, might be an option for you. This unsecured credit card does not require you to make a security deposit. It also has a $300 credit line. The only problem is the high fees that come with the card. The initial $170 fee is payable upfront. There are also annual and transaction charges.
The card has a 21-day payment deadline, which is slightly shorter than the average credit card. Many cards only allow late payments for a period of 24-25 business days. There may be a $3 fee for copying documents due to billing errors. This card doesn’t offer rewards programs or an introductory interest rate. However, the cash advance fee is waived and a monthly service fee of $3 may be charged for cash advances.
Bank of America Secured Cash Rewards Secured Card
The Bank of America Customized Rewards Cash Rewards Secured Card offers three percent cashback in the category of choice. Other purchases earn 1 percent cash back while food and grocery purchases earn 2 percent. You can switch the category once a month. In addition, you can enjoy a 0 percent intro APR for 15 billing cycles on balance transfers. The feature is only available for purchases of at least $2,500 made on your card in one quarter.
The Bank of America Customized, Cash Rewards Secured Card was designed specifically for people with low credit scores. This card helps you rebuild your credit, as it has no annual cost and free credit monitoring. This card can help you begin your recovery process. Although it may be difficult to establish positive credit scores after bankruptcy, there are many advantages to using this card. One of the greatest benefits of this card for bankrupts, is its ability to offer great rewards. You can get cash back for certain purchases. Additionally, you can receive rewards from wholesale clubs and grocery shops.