If you or someone you know is looking for a credit card to help them build or rebuild credit, email, tweet, Facebook, or share this with them.
Building credit is an essential part of life. Some of us build it successfully, others have trouble. Whether you are just starting to build credit or working to make your credit score better, it is essential to know which credit cards are best for building (or rebuilding) credit.
There are thousands of credit cards on the market and it is hard to weed through them all to find the best one for you. Most credit building cards have insanely high annual fees that most people want to avoid. Others have ridiculously high APRs. If you are looking to build or rebuild your credit, I’ve done the research for you. Here are my top three picks for best credit cards for building or rebuilding your credit.
Winner: Ultra VX Visa
Annual Fee: None
APR: 19.50%
Reports to all 3 Major Credit Bureaus: Yes
Credit Needed: Bad
In first place is the Ultra VX Visa Card. With this card, you get instant approval when you apply online, there is no credit check and you don’t need a bank account. The reason this card is my top pick are the rewards it offers. You can get rewards to Amazon.com, iTunes, Barnes and Noble, Southwest Airlines, JetBlue, US Air, American Airlines, Marriott Hotels, Hilton Hotels, and more with no restrictions.
First Runner Up: Public Savings Bank Classic Visa
Annual Fee: None
APR: 0% for 6 months, then 11.24%
Reports to All 3 Major Credit Bureaus: Yes
Credit Needed: Bad
Coming in second place is the Public Savings Bank Classic Visa Card. This card has no annual or monthly fees and doesn’t have any credit, income or employment requirements to qualify. It offers free fraud protection in case there is unauthorized use of your card and there is no penalty APR. You can choose your credit limit ($200-$1500). The card can be used anywhere you see a Visa or Mastercard logo (which is pretty much everywhere).
Second Runner Up: American Octane Black Card
Annual Fee: $129 set up fee, then $9.95 per month
APR: 0%
Reports to All 3 Major Credit Bureaus: Yes
Credit Needed: Bad
Last but not least is the American Octane Black Card.
If you apply for this card, you only need to have bad credit to be approved. This card has an APR rate of 0% for the life of the card and there are no hidden fees. The downside is that there is an initial fee of $129 to set up the card and then it’s $9.95 per month to keep it active BUT as I said, it has a lifetime APR rate of 0%, which no other card offers. This 0% APR rate is why it comes in third place in my top picks for the best credit cards for building or rebuilding your credit score.
If you are looking to build or rebuild your credit, try out one of these cards. As I said, my favorite is the Ultra VX Visa because of it’s rewards. Whatever card you pick, be sure it fits what you need from a credit card (i.e. if you want fraud protection, go with the Public Savings Bank Classic Visa).
Have a credit card you think is great for building or rebuilding credit that isn’t listed above? Share it with us in the comment section!
