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. Most credit card companies will eventually allow you to upgrade. With no security deposit, you can even upgrade to a card credit card. Here are some helpful tips to obtain a card following bankruptcy.
Milestone Mastercard
Milestone Mastercard credit is a great option for those with bad credit ratings and bankruptcy filings. The company matches potential borrowers with bankruptcy filings for the best possible card. The credit limit for the card is $300 and there is no deposit security. Considering the high annual fees, the $300 credit limit is quite low. Moreover, the Milestone Mastercard allows applicants to pre-qualify before they apply, which won't negatively affect their credit score. However, approval cannot be guaranteed.
Many consumers have had problems with Milestone Mastercard despite its positive features. Additionally, the cash advance APR of 29.9% can result in serious interest fees if it isn't paid on time. The card's responsible use will help you rebuild credit. But you need to be mindful of the terms and conditions. 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 (if you have poor credit) might be a good option for you. This unsecured card does not require a security deposit, and it has a $300 credit limit. The card's downside is its high fees. There are $170 upfront fees and annual and transaction fees.
The card has an average 21-day payment deadline. Many other cards only allow 24-25 days for payments to be considered late. You may be charged a $3 copying fee if you have to print documents because of a billing error. Although this card doesn't offer any rewards or an introductory rate, it does waive the cash advance fee and monthly fee (up to $8.25), as well as 3 percent cash advances.
Bank of America Customized Cash Reward Secured Credit Card
The Bank of America Customized Money Rewards Secured credit card offers three percent cashback in your chosen category. Other purchases earn one percent cash back, while dining and grocery store purchases earn two percent. You can switch the category up to once per month. Additionally, balance transfer transactions are eligible for a 0% intro APR for 15 cycles. This feature is not available if you spend less than $2,500 on your card in a quarter.
The Bank of America Customized Cash Rewards Secured Card is designed especially for people with bad credit. This card helps you rebuild your credit, as it has no annual cost and free credit monitoring. Although it is difficult to rebuild your credit after bankruptcy, you can still use this card to help you get started on your recovery. This credit card is great for bankrupts because it offers amazing rewards. You can earn cashback on certain purchases, and you can also receive rewards for purchases at wholesale shops and grocery stores.