If you've filed for bankruptcy, you can get a credit card after the filing. 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 to help you get a card even if your bankruptcy is over.
Milestone Mastercard
If you have filed for bankruptcy and have negative marks on your credit report, you may want to consider applying for the Milestone Mastercard credit card. The company matches bankruptcy filers with the best card. There is no security deposit and the credit limit is $300. Due to the high annual costs, the credit limit for $300 is quite 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.
Many consumers have had problems with Milestone Mastercard despite its positive features. Its cash advance APR, at 29.9%, can lead to high interest rates if not paid on the due date. You can rebuild your credit history by responsibly using the card. However, you should also be familiar with its terms and conditions. Milestone Mastercard's terms and condition are the same as any other credit card. Late payments may cause you to lose your score.
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. The unsecured card is available with a $300 credit limit and doesn't require any security deposit. The card's downside is its high fees. It costs $170 to get the card, plus annual and transaction fee.
The card's payment deadline is 21 days. This is slightly longer than most credit cards. Other cards allow payments to be late for 24-25 days. If you need to copy documents due to a billing error, you may have to pay a $3 copying fee. 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 cash Rewards Secured card gives you three percent cash back in any category. Other purchases earn one-percent cash back, while grocery and dining purchases earn two per cent. You can switch the category once a 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 Rewards Cash Rewards Secured Card is made for people with poor credit. This card can help you rebuild your credit by offering no annual fee and free credit score monitoring. Even though it can be difficult for bankruptcy victims to build credit, there are many ways to use this card to start the recovery process. You can get great rewards with this bankrupt credit card. You can get cash back on selected purchases and rewards for purchases made at wholesale clubs or grocery stores.