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. However, most credit card companies will allow you to upgrade. There is no need to make a security deposit to upgrade to a credit card. Here are some tips for getting a card after bankruptcy:
Milestone Mastercard
Milestone Mastercard credit cards are available to those who have had bankruptcy proceedings and have bad credit reports. The company matches borrowers who have filed for bankruptcy to 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, they don't guarantee approval.
Milestone Mastercard's positive attributes have not been enough to overcome many customers' problems. You will also need to pay the cash advance interest rate of 29.9%. If not paid on due dates, this can lead you to incurring serious interest charges. While responsibly using the card will help rebuild your credit score, it is important to be aware of its terms. Milestone Mastercard is just like any other credit card. Late payments could cause damage to your credit score.
First Access Visa
First Access Visa r Credit Card (if you have poor credit) might be a good option for you. This unsecured card doesn't require a security deposit and has a $300 credit limit. This card has one problem: the high fees. A $170 initial fee and additional annual and transaction fees are required.
The payment deadline for this card is 21 days, which is slightly less than average credit cards. Many cards only allow late payments for a period of 24-25 business days. There may be a $3 fee for copying documents 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 Money Rewards Secured credit card offers three percent cashback in your chosen category. Other purchases earn one percent cashback, while purchases made at restaurants and grocery stores earn two percent. You can switch between the categories once per month. Additionally, balance transfer transactions are eligible for a 0% intro APR for 15 cycles. The feature is only available for purchases of at least $2,500 made on your card in one quarter.
The Bank of America Customized Money Rewards Secured Card has been specifically designed for those with bad credit. This card can help you rebuild your credit by offering no annual fee and free credit score 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. Cashback can be earned on certain purchases. You can also get rewards for purchases at wholesale clubs and grocery stores.