After you file for bankruptcy, you will be eligible for a card. The first card you get will probably not have many features, and you may need to put down a security deposit to get started. 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 on how to get a new card after bankruptcy.
Milestone Mastercard
Milestone Mastercard credit credit card may be a good option for you if you have ever filed for bankruptcy. The company matches bankruptcy filers with the best 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. Milestone Mastercard applicants can pre-qualify prior to applying. This won't adversely affect their credit score. However, approval cannot be guaranteed.
Despite its favorable features, many consumers have experienced problems with Milestone Mastercard. Moreover, its cash advance APR is 29.9%, which can add up to serious interest charges if not paid on time. You can rebuild your credit history by responsibly using the card. However, you should also be familiar with its 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. The unsecured card is available with a $300 credit limit and doesn't require any security deposit. 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 an average 21-day payment deadline. The payment deadline for other cards is 24-25 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 Reward 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 1% cash back, while meals and grocery store purchases earn 2%. You can change the category once per month. Balance transfers are eligible for a 0% intro APR for 15 billing cycle. This feature is not available if you spend less than $2,500 on your card in a quarter.
The Bank of America Customized Money Rewards Secured Card has been specifically designed for those with bad credit. This card helps you rebuild your credit, as it has no annual cost and free credit monitoring. This card can help you begin your recovery process. Although it may be difficult to establish positive credit scores after bankruptcy, there are many advantages to using this card. You can get great rewards with this bankrupt credit card. You can earn cashback on certain purchases, and you can also receive rewards for purchases at wholesale shops and grocery stores.