Best unsecured credit card 2022: Bad credit? No worries
Sometimes, our credit can take a dive, despite our best intentions. It can affect your ability to get a new credit card, but the good news is that you could still be able to obtain a line of credit.Â
When you have bad or no credit, many credit card companies will require that you pay a deposit before extending a line of credit. These are known as secured credit cards. However, there are some credit cards that do not require a deposit called unsecured credit cards.
If you have fair or bad credit, these are the best unsecured credit cards for 2022.
Intro Balance Transfer APRN/A
Balance Transfer Fee $0 at this Transfer APR
Balance Transfer APR26.99% (Variable)
Late Payment Fee Up to $40
Foreign Transaction Fees None
Penalty APR None
The Capital One Platinum credit card comes with no annual fee to save you a few hundred dollars when compared to other cards like those from American Express. Interest is high with a variable APR of 26.99%, but Capital One will also automatically review your credit line as soon as six months to reevaluate your account terms. You will likely need fair credit for approval.
To help you improve your credit, you have free access to Capital One’s CreditWise program that you can use to monitor your credit score. There is also $0 Fraud Liability included with your card membership.
ProsÂ
- Fair credit needed
- No annual fee or foreign transaction fees
- No balance transfer fees
ConsÂ
- High interest
- No introductory offer
- A limited line of credit
Intro Balance Transfer APRN/A
Balance Transfer Fee $0 at this Transfer APR
Balance Transfer APR26.99% (Variable)
Late Payment Fee Up to $40
Foreign Transaction Fees None
Penalty APR None
- Earn unlimited 1.5% cash back on every purchase, every day
The Capital One QuicksilverOne Cash Rewards credit card comes with unlimited rewards that give you 1.5% cashback on all purchases you make. There are no restrictions or rotating categories, so you can buy what you want when you want with rewards that are issued as statement credits. The variable APR is high at 26.99%, but this is largely attributed to the fact that this card is unsecured and does not require a deposit. There is an annual fee, but it costs less than $40, a rarity among most cards with fees.
Like the Platinum card, Capital One offers an automatic account review usually within six months to assess your payment history and determine whether you are due for an increase in credit line. There is also free access to CreditWise for credit monitoring and a $0 Fraud Liability program should your card ever become lost or stolen.
ProsÂ
- No annual fee
- No foreign transaction fee
- Fair credit needed
ConsÂ
- High APR
- No rewards
- No intro APR
Intro Balance Transfer APR10.99% for 6 months
Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Balance Transfer APR12.99% – 21.99% Variable
Late Payment Fee None the first time you pay late. After that, up to $40.
Foreign Transaction Fees None
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
- Earn 1% unlimited cash back on all other purchases – automatically.
With the Discover It Student Cash Back, a 0% introductory purchase APR makes it easier to save money on those big purchases in your first six months of having the card. Discover is flexible with its requirements because this is a card designed for young adults that have not yet fully established their credit. Because of this, there is no annual fee and no credit score necessary to apply.Â
Despite the fact that this is a great starter credit for those with no credit, there are still rewards with 5% cashback on a quarterly rotating basis for categories like dining, groceries, gas, and Amazon and PayPal purchases. The rotating categories are present upfront; in February 2022, it is 5% cashback at grocery stores and gyms, while July through September brings restaurants and dining. All other purchases receive 1% cashback automatically without a time limit. There is also Cashback Match, which gives unlimited dollar-for-dollar matching of your total first-year cashback earnings.
ProsÂ
- Extra cashback
- Introductory balance transfer fee
- Introductory APR
Cons
- Â A small line of credit
- Rising transfer APR
- Increasing transfer APR
Foreign Transaction Fees $0
- Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
- 1% cash back on eligible purchases right away.
The Petal 2 Cash Back, No Fees Visa credit card is issued by WebBank, a member FDIC, as a cashback rewards card for those with fair credit. Its APR starts low at 12.99% but can reach as high as 26.99%, depending on your total credit score. Credit lines begin at $300 and go all the way up to $10,000 total. However, what is most remarkable is the complete lack of fees that Petal 2 charges, skipping the typically high annual, balance transfer, and foreign transaction fees.Â
There are also unlimited rewards with up to 1.5% cashback, so you do not have to track categories or spending. There is 1% cashback when you spend and up to 1.5% with timely payments, plus 2% to 10% off select merchants. The way you spend matters, too, with up to 1.5% cashback when you swipe your card.Â
ProsÂ
- No fees
- Low starting APR
- Cashback
ConsÂ
- APR can run high
- No intro offer
- Confusing rewards structure
Foreign Transaction Fees Either $1 or 3% of each purchase in U.S. dollars, whichever is greater.
- Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services. Terms apply.
You can receive Credit One Bank Platinum Visa for Rebuilding Credit flat 1% cashback rewards on your everyday purchases, including gas and groceries. You can also receive extra cashback when you use your card to pay for your mobile phone and internet, as well as cable and satellite TV services. These rewards accompany an APR of 23.99%, which is a few points lower than cards like the Petal 2 and QuicksilverOne credit card.Â
Credit One will periodically review your account to check for timely payment history, and it could lead to credit line increases, giving you more freedom to spend. You have the option to set your own payment date to best fit your schedule so you can help ensure on-time payments that will help boost your credit score over time. You will need to pay an annual fee, although it is discounted in the first year from $99 to $75.Â
ProsÂ
- Accepts bad credit
- No deposit required
- Cash back rewards
Cons
- Very high advance fee
- Foreign transaction fee
- High APR
How did we choose these cards?
When shopping for the best unsecured credit card, there are several factors to consider. These are some of the ones we considered in our search for the best unsecured credit cards.Â
- APR: How much you pay in interest can have an enormous bearing on your financial state, especially since unsecured credit cards may have higher interest rates than credit cards for good credit.
- Card requirements. Some credit card companies may require that you furnish other details to provide a financial overview without the need for a credit score.
- Rewards. Many credit card issuers offer perks for credit cards, such as cashback, points, or miles that can all be redeemed with different programs and partners.Â
- Introductory offer. credit cards may also come with an introductory offer, such as one that skips the purchase or balance transfer APR for a certain period.Â
- Automatic review: Most credit card companies will complete an automatic review to assess your spending and payment history. If you show a history of responsible payments, you could receive a lower rate for your credit card.
Take the time to seriously consider your needs before shopping and comparing your options for the best unsecured credit card for you. Â
Which is the right card for you?
It can be overwhelming to sort between so many credit cards with all the different figures, percentages, and rewards. If you are looking for a new card, these are the ZDNet team’s recommendations for the best unsecured credit cards of 2022.
|
Choose this product… |
If… |
|
Capital One Platinum |
You want to give your credit a boost |
|
Capital One QuicksilverOne Cash Rewards |
You want cashback rewards that do not run out |
|
Discover It Student Cash Back |
You want student rewards |
|
Petal 2 Cash Back, No Fees Visa |
Do not have the credit for a credit card |
|
Credit One Bank Platinum Visa |
Rebuilding credit is your goal |
What is the difference between a secured and unsecured credit score?
A secured credit card is one that requires a deposit to fund your credit card. An unsecured card is different because it does not use a deposit and instead extends a line of credit that you repay over time.
What credit score do I need for the best unsecured credit card?
Generally, the better your credit, the better your interest rate may be. The best unsecured credit cards of 2022 look at all credit types, including bad credit, so check to see what type of credit score is needed for your favorite unsecured credit card.
What are the best unsecured credit cards for no credit?
The best unsecured credit cards include options from leading financial institutions, such as Capital One and Chase. Ultimately, the best unsecured credit card for no credit all depends on your specific needs and financial goals.Â
Pingback: 다시보기
Pingback: psychedelic mushrooms chocolate bars
Pingback: disana