POOR CREDIT SCORE OF 549 OR LOWER

With poor credit, your options for credit cards are somewhat limited. Most companies won't provide a credit line without a deposit and virtually all credit cards are going to charge monthly fees. However many of these cards will offer guaranteed approval and are the best ways to start rebuilding your credit. Of these pre-paid and secured cards, these are the 2 best options for bad credit:

Best Pre-paid Credit Card

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AccountNow™ Prepaid MasterCard®

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Build your credit with the new iAdvance loan option(SM)
Instant Guaranteed Approval* – no credit check, no security deposit
$0 ACTIVATION FEE – when you load your card by direct deposit
Free Direct Deposit – no more check cashing fees
Free Online Bill Pay – no need for expensive money orders
Free Credit Builder† – bill pay transactions are reported to PRBC®
No Overdraft Fees – no minimum balance required
Reloadable - $10,000 balance limit

Why we recommend it...

Since you have to load money onto this card, AccountNow™ Vantage is not technically a credit card. However, they do report card usage to PRBC, the fourth, and lesser known, credit bureau. Maintaining this type of card is a small start to establishing or re-building credit. AccountNow™ Vantage's fees are among the lowest of any pre-paid cards.

This was the most taken guaranteed approval card on Credit Karma for October 2008. The lower fees make it a user favorite for the second month in a row. Even though there is no credit check, we are posting the credit score averages to show that virtually anyone can be approved for this card.

Pros:

Low Fees
Guaranteed Approval
Convenience of MasterCard®
Help build credit with PRBC

Cons:

No real credit limit
Have to load money onto card

Credit Score Approval Data*

534

Average Credit Score Approved for this Card

487

Lowest Credit Score Approved for this Card

FAIR CREDIT SCORE OF 550-639

Fair credit consumers are on the fence with most credit card issuers. Approvals tend to be based on your credit score and other factors such as income and credit card debt. If approved, most cards come with a small annual fee and a low credit limit. However small the credit limit, this is a great option if you have fair credit and can help you continue to improve your credit score.

Best Cash Back Credit Card

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Capital One® No Hassle Cash(SM) Rewards

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Get a 25% annual bonus on the cash you earn during the year
1% cash back on every purchase
Buy what you've been dreaming of and pay no interest until June 2009
There's no limit to the cash back you can earn, and your cash rewards won't expire
Redeem cash whenever you want

Why we recommend it...

This card has a moderate annual fee, but it is the only card to provide cash back benefits for this credit range. More importantly, credit scores as low as 528 have been approved. It's also been reported that Capital One has a credit line increase program after only three months of good payment history.

Pros:

Good Benefits (Cash Back and Intro APR)
Credit Line Increase Program

Cons:

Approval is Not Guaranteed
High Ongoing APR

Credit Score Approval Data*

613

Average Credit Score Approved for this Card

528

Lowest Credit Score Approved for this Card

Best Fair Credit Credit Card

54

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Capital One® No Hassle Points(SM) Rewards

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5 points per dollar spent at gas stations, major grocery and drug stores
1 point for every dollar spent on other purchases
There is no limit to the points you can earn, and your points won't expire for the life of your account
Buy what you've been dreaming of and pay no interest until June 2009

Why we recommend it...

This Capital One card has the same rates and terms as the cash back one above. The major difference is that this card has rewards as a benefit rather than cash back. We have consistently recommended these cards for the low credit score requirements for fair credit consumers.

Pros:

Rewards Program
Low APR and Fees

Cons:

$29 Annual Fee

Credit Score Approval Data*

602

Average Credit Score Approved for this Card

552

Lowest Credit Score Approved for this Card

GOOD CREDIT SCORE OF 640-719

With good credit, your options begin to open up and it's vital to comparison shop. You'll discover a wide range of APRs, benefits, and fees. Be careful and do your homework because good credit is where many companies make their money. Below are our favorite credit cards for good credit.

Best Credit Card for Good Credit

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Discover® More(SM) Card - American Flag

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Earn more cash in more ways than anyone else(SM)*
Unlimited cash rewards, automatically
Up to 20% Cashback Bonus® when you shop online*
Double rewards with more than 100 Cashback Bonus Partners*
Customer Service in less than a minute, anytime you want
0% Intro APR for 6 months on Purchases, and 12 months on Balance Transfers

Why we recommend it...

This Discover Card has strong benefits in the form of cash back and low introductory APR all with no annual fees. In addition, the credit requirements are strong for consumers with good credit scores.

Pros:

Great Benefits
Low APR and Fees

Cons:

No As Widely Accepted

Credit Score Approval Data*

712

Average Credit Score Approved for this Card

625

Lowest Credit Score Approved for this Card

EXCELLENT CREDIT SCORE OF 720 OR HIGHER

If you have excellent credit, you're at the top of the heap and the world is your oyster. You're virtually guaranteed approval for the top credit cards. With excellent credit, it's important that you choose a card based on how you use it to save the most money. Below are our favorite credit cards for excellent credit.

Best Transacting Card

53

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Blue Cash® from American Express

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Earn up to 5% cash back on everyday purchases - even gas!
No Annual Fee
0% Intro APR for up to 12 months on purchases
Low Balance Transfer APR - 2.99% for 12 months
Express Approval. Get a decision in less than 60 seconds.

Why we recommend it...

If you pay off your credit cards in full each month, then APR isn't a factor and you should look for a card that offers either rewards or cash back... the value of the two are usually the same.

We recommend American Express' "Blue Cash®" card because it has the best cash-back feature of any card in our survey. It pays 1.5% cash on all purchase and 5% cash on "everyday purchases" if you spend at least $6,500 a year. With "everyday purchases" like gas and groceries, you'll be earning 5% cash-back almost every time you use it.

Pros:

Great Cash Program
Low APR

Cons:

Need to Charge at Least $6,500/year for Full Cash Back Benefits

Credit Score Approval Data*

732

Average Credit Score Approved for this Card

671

Lowest Credit Score Approved for this Card

Best Credit Cards

Featured Cards by Credit Score

POOR CREDIT SCORE OF 549 OR LOWER

AccountNow™ Prepaid MasterCard®

Pros:

Cons:

Credit Score Approval Data*

FAIR CREDIT SCORE OF 550-639

Capital One® No Hassle Cash(SM) Rewards

Pros:

Cons:

Credit Score Approval Data*

Capital One® No Hassle Points(SM) Rewards

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Cons:

Credit Score Approval Data*

GOOD CREDIT SCORE OF 640-719

Discover® More(SM) Card - American Flag

Pros:

Cons:

Credit Score Approval Data*

EXCELLENT CREDIT SCORE OF 720 OR HIGHER

Blue Cash® from American Express

Pros:

Cons:

Credit Score Approval Data*

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