After filing for bankruptcy, you may be eligible to get a credit line. You will likely not get many features on your first card and may have to make a deposit to start. Most credit card companies will eventually allow you to upgrade. You can even graduate to a credit card with no security deposit. Here are some tips to help you get a card even if your bankruptcy is over.
Milestone Mastercard
Milestone Mastercard credit is a great option for those with bad credit ratings and bankruptcy filings. The company matches bankruptcy filers with the best card. The credit limit is $300, and there is no security deposit required. The $300 credit limit is low given the high annual charges. Milestone Mastercard allows applicants pre-qualify before applying. This will not adversely affect their credit scores. But they cannot guarantee approval.
Milestone Mastercard is not without fault. 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. The card's responsible use will help you rebuild credit. But you need to be mindful of the terms and conditions. Milestone Mastercard, like all credit cards, has strict terms and conditions. Late payments can cause your score to drop.
First Access Visa
The First Access Visa (r), Credit Card may be the right choice for you if you are in dire need of a credit line but have poor credit. This unsecured card has a $300 credit cap and does not require a security deposits. 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's payment deadline is 21 days. This is slightly longer than most credit cards. Some cards have a payment deadline of 21 days. A $3 copying fee may apply if documents are needed to be copied due to billing errors. 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 Rewards Secured Credit Card
The Bank of America Customized Rewards Cash Rewards Secured Card offers three percent cashback in the category of choice. Other purchases earn one percent cash back, while dining and grocery store purchases earn two percent. You can switch between the categories once per month. In addition, you can enjoy a 0 percent intro APR for 15 billing cycles on balance transfers. 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 was created for those with poor credit. This card will help you rebuild credit. It has no annual fee and provides free credit score 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.