After you file for bankruptcy, you will be eligible for a card. Your first card will not come with many features and you might need to pay a security deposit before you can get started. Most credit card companies are willing to let you upgrade. There is no need to make a security deposit to upgrade to a credit card. Here are some tips for getting a card after bankruptcy:
Milestone Mastercard
Milestone Mastercard credit cards are available to those who have had bankruptcy proceedings and have bad credit reports. The company matches borrowers who have filed for bankruptcy to the best card. There is no security fee and the credit limit can be $300. The $300 credit limit is low given the high annual charges. Milestone Mastercard applicants can pre-qualify prior to applying. This won't adversely affect their credit score. However, they don't guarantee approval.
Despite its favorable features, many consumers have experienced problems with Milestone Mastercard. You will also need to pay the cash advance interest rate of 29.9%. If not paid on due dates, this can lead you to incurring serious interest charges. While responsibly using the card will help rebuild your credit score, it is important to be aware of its terms. As with any other credit card, Milestone Mastercard has strict terms and conditions, and late payments can damage your score.
First Access Visa
First Access Visa(r) Credit Card is a great option for those who need a credit card, but have bad credit. This unsecured card does not require a security deposit, and it has a $300 credit limit. The card's downside is its high fees. It costs $170 to get the card, plus annual and transaction fee.
The payment deadline for this card is 21 days, which is slightly less than average credit cards. Many other cards only allow 24-25 days for payments to be considered late. There may be a $3 fee for copying documents due to billing errors. The card does not offer rewards or an introductory APR. However, it waives the cash advance fee, monthly service fee (upto $8.25), and 3 percent cash advances.
Bank of America Secured Cash Rewards Credit Card
The Bank of America Customized Money Rewards Secured credit card offers three percent cashback in your chosen category. Other purchases earn 1% cash back, while meals and grocery store purchases earn 2%. You can switch between the categories once per month. For balance transfers, you will be eligible to enjoy a 0 per cent intro APR for 15 consecutive billing cycles. However, you must spend at least $2,500 in a single quarter to be eligible for this benefit.
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. While it can be difficult to establish a positive credit score after bankruptcy, there are several advantages of using this card to begin your recovery process. You can get great rewards with this bankrupt credit card. You can get cash back for certain purchases. Additionally, you can receive rewards from wholesale clubs and grocery shops.