After filing for bankruptcy, you may be eligible to get a credit line. Your first card will not come with many features and you might need to pay a security deposit before you can get started. However, most credit card companies will allow you to upgrade. Even without a security deposit, you can upgrade to a credit-card. Here are some tips on how to get a new 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 deposit and the credit limit is $300. Due to the high annual fee, the credit limit of $300 seems very low. The Milestone Mastercard also allows applicants to prequalify before applying, which will not negatively impact their credit score. However, they can't guarantee approval.
Milestone Mastercard has not been without its faults. Moreover, its cash advance APR is 29.9%, which can add up to serious interest charges if not paid on time. While responsibly using the card will help rebuild your credit score, it is important to be aware of its terms. Milestone Mastercard, like all credit cards, has strict terms and conditions. Late payments can cause your score to drop.
First Access Visa
If you're in need of a credit card but have poor credit, the First Access Visa (r) Credit Card might be a good choice 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. It costs $170 to get the card, plus annual and transaction fee.
The card has a 21-day payment deadline, which is slightly shorter than the average credit card. Other cards allow payments to be late for 24-25 days. You may be charged a $3 copying fee if you have to print documents because of a billing error. This card doesn't offer a rewards program or introductory APR, but it waives the cash advance fee and monthly service fee (up to $8.25) and 3 percent for cash advances.
Bank of America Secured Cash Rewards Credit Card
The Bank of America Customized Cash Rewards Secured card offers three percent cash back in the category of your choice. 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. You can also enjoy a 0 percent intro rate for balance transfers for 15 billing cycles. However, this feature is only valid if you spend at least $2,500 on your card during a single quarter.
The Bank of America Customized Cash Rewards Secured Card is designed especially for people with bad credit. This card will help you rebuild credit. It has no annual fee and provides free credit score monitoring. It can be hard to build a credit score after bankruptcy. However, this card has many benefits that will help you start your recovery. You can get great rewards with this bankrupt credit card. Cashback can be earned on certain purchases. You can also get rewards for purchases at wholesale clubs and grocery stores.