10 Credit Cards for Those With Bad Credit

3. Capital One Secured Credit Card

The Capital One Secured credit card is great for those who are looking to for a credit card with the sole purpose of rebuilding credit.  A secured credit card means you will have to deposit some money into an account first before you can use it.  Your minimum security deposit will get you access to a $200 credit line.    If you deposit more than the minimum required then your credit line can go up to $3,000.  The minimum deposit (which goes towards paying your bill) is either $49, $99, or $200, depending on your credit.  If the deposit is not used to cover minimum payments, it can be refunded to you.

Fees and Rates:

• 24.99% APR
• No annual fees
• 3% fee or $10, whichever is greater, for balance transfers

Bottom line: This is one of the better options for rebuilding credit.  I really like the fact that there are no annual fees (because they can add up).  An initial deposit is required to enroll, which goes towards your payments in the event that you do not make an on-time payment.