Credit card companies like to lend money to consumers they know will make on-time payments. Unfortunately, if you have no credit history, or damaged credit, many card providers will greatly restrict the kind of financial products you’ll qualify for; and some won’t offer you any cards at all.
Consider the comparison chart, below, of some of the more popular credit cards for any credit score, and choose the one that matches your needs.
| Card Name | Credit Needed | Card Type | Rewards | Intro. APR | Pur. APR | Annual Fee | Bal. Trans. % |
Notes |
| AccountNow Gold Visa Prepaid | Any | Guaranteed Approval; Prepaid; Rewards | Yes | N/A | N/A | $0 when $2,500 is loaded, otherwise $9.95/mo. | N/A | $25 bonus; fees; reloadable; cash back rewards only apply to select promo offers |
| American Express Prepaid Card | Any | Guranteed Approval; Prepaid | No | N/A | N/A | $0 | N/A | Perks of traditional AmEx cards, like 24-hr customer serive, gloabal assistance, & entertainment access |
| KLS Prepaid Visa RushCard | Any | Guraranteed Approval; Prepaid | No | N/A | N/A | $5.95 - $7.95/mo. | N/A | One-time activation fee of $14.95 |
| NetSpend Prepaid MasterCard | Any | Guranteed Approval; Prepaid | No | N/A | N/A | $0 - $9.95/mo. | N/A | Card automatically upgrades to NetSpend Premier w/ $500 direct deposited in one mo. |
| NetSpend Visa Prepaid Card | Any | Guranteed Approval; Prepaid | No | N/A | N/A | $0 - $9.95/mo. | N/A | Card automatically upgrades to NetSpend Premier w/ $500 direct deposited in one mo. |
| PayPal Prepaid MasterCard | Any | Guaranteed Approval; Prepaid | No | N/A | N/A | $4.95/mo. | N/A | Links to PayPal acount w/ full account features |
| PerkStreet Financial Debit MasterCard | Any | Debit; Prepaid; Rewards | Yes | N/A | N/A | $0 | N/A | 1-5pts/$1 in the form of cash back |
| Pex Visa Prepaid | Any | Business; Prepaid | No | N/A | N/A | $90 | N/A | One-time account set-up fee of $49.95 |
| UPside Visa Prepaid | Any | Debit; Guaranteed Approval; Prepaid | No | N/A | N/A | $.99 - $4.90/mo. | N/A | Use as debit or credit card |
| Vision Premier Prepaid Visa | Any | Debit; Guaranteed Approval; Prepaid | No | N/A | N/A | $3.95 - $9.95/mo. | N/A | Use as a debit or credit card; fees |
| Wired Plastic Visa Prepaid | Any | Debit; Guaranteed Approval; Prepaid; Rewards | Yes | N/A | N/A | $5.95/mo. | N/A | 1pt/$1 cash back; one-time account initiation fee of $9.95 |
Most of the cards that don’t require a minimum credit score to qualify are not in fact lines of credit, rather, they are either prepaid cards or debit cards. The main advantage of getting a prepaid or debit card is that the vast majority of cards include the Visa or MasterCard logo, meaning you may use your card wherever these networks are accepted.
The drawback of using a prepaid or debit card is that your credit limit is completely set by how much money you deposit. In other words, you may be paying the card provider a hefty monthly or yearly fee to use your own cash. And because this isn’t a traditional line of credit, these cards don’t report your usage to the credit bureaus (Equifax, Experian, and TransUnion), so you can’t use them to improve your credit scores.
However, for many people, prepaid and debit cards are a great solution. They’re useful for making small purchases, and can help you build good credit habits without the risk of going into debt (making them a good choice for kids, teenagers, and adults alike).
Remember: The credit card details contained in this comparison chart are considered accurate as of 6/29/2012, and may not be accurate after this date. Since interest rates and offers change frequently, it’s always best to read all current Terms and Conditions agreements for any card you are considering. These can often be found on the credit card application, which you can access from this web page.
And view these similar credit cards as well:
Prepaid Visa® Pink Diamond RushCard
Purple Diamond Prepaid Visa® RushCard
Black Diamond Prepaid Visa® RushCard
ACE EliteTM Visa® Prepaid Card
Student UPside Visa® Prepaid Card
AccountNow® Prepaid MasterCard®
READYdebit Platinum Visa Prepaid Card
Walmart MoneyCard℠ Visa® Prepaid Card
Walmart MoneyCard℠ MasterCard® Prepaid Card
BillMyParents® Reloadable Prepaid MasterCard®
Prepaid Visa® DYNASTY RushCard
Original Black Prepaid Visa® RushCard
Baby Phat Prepaid Visa® RushCard
Pink ACE Elite(TM) Visa® Prepaid Card
