10 Credit Cards for Those With Bad Credit

6. Surge Mastercard Credit Card

For a rebuilding card, the Surge Mastercard gives a rather good initial starting credit limit of $500.  However, there is a $125 annual fee—so that really goes down to $375.  The interest rate is at 29.99% APR.  The Surge Mastercard comes in secured and unsecured forms.  All applicants are initially reviewed for the unsecured card.  But if the unsecured card is unavailable for the applicant, then a security deposit is needed for a secured card.

Fees and Rates:

• 29.99% APR
• $125 annual fee for first year, $96 fee for every year after
• $120 annual monthly maintenance fee

Bottom line: This card is not ideal but if you want to rebuild your credit bad and are out of options, then by all means get it.  But I would suggest definitely cancelling after your credit score is above a 620 though.  Once you get past that threshold, many cards out there are available with a lower interest rate and without all the fees.