If you've filed for bankruptcy, you can get a credit card after the filing. You will likely not get many features on your first card and may have to make a deposit to start. Most credit card companies are willing to let you upgrade. You can even graduate to a credit card with no security deposit. These are some ways to get a credit card after bankruptcy.
Milestone Mastercard
Milestone Mastercard credit may be an option for you if your credit history is poor and you have recently filed for bankruptcy. The company matches borrowers with bankruptcy filings to the best possible card for them. 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 have the option to pre-qualify for their card before they apply. This will not affect their credit score. But they cannot 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. Although responsibly using the card can help you rebuild your credit rating, you must be aware of all 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 doesn't require a security deposit and has a $300 credit limit. The card's downside is its high fees. A $170 initial fee and additional annual and transaction fees are required.
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. 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 Secured Card
The Bank of America Customized Money Rewards Secured credit card offers three percent cashback in your chosen category. Other purchases earn one-percent cash back, while grocery and dining purchases earn two per cent. You can switch between the categories once per month. For balance transfers, you will be eligible to enjoy a 0 per cent intro APR for 15 consecutive billing cycles. 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 is designed especially for people with bad credit. This card is free of annual fees and can help rebuild credit. 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 for certain purchases. Additionally, you can receive rewards from wholesale clubs and grocery shops.