10 Credit Cards for Those With Bad Credit

4. First Premier Bank Mastercard

The First Premier Bank Mastercard is your basic run-of-the-mill credit card.  In order to get this card, you will need a checking account (which you most likely have).  There is no intro APR or balance transfer option on this card.  If you have a credit score below 600, this may be the card for you.  The interest rate on this card is pretty high at 36%, so be sure to pay off your balance in full each month so you don’t incur any interest charges.

Rates and Fees:

• $95 one-time processing fee if approved
• $75 for annual fee ($45 after your first year)
• No introductory servicing fee your first year, but there is a $75 annual servicing fee your second year on.
• $38 late payment fee
• $35 returned payment charge
• 36% APR on purchases
• 5% fee on cash advances, or $6, whichever is greater

Bottom line: Don’t apply for this first if you are looking to rebuild your credit.  Only apply for this card after you have run out of options.  To avoid paying the monthly servicing fee, you can cancel your card after your credit gets better after making timely payments for 9-11 months straight.