After you file for bankruptcy, you will be eligible for a card. The first card you receive will likely have fewer features than the others. You may also need to deposit a security fee to get started. However, most credit card companies will allow you to upgrade. Even without a security deposit, you can upgrade to a credit-card. Here are some helpful tips to obtain a card following 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 with bankruptcy filings with the best card. There is no security deposit and the credit limit is $300. Due to the high annual fee, the credit limit of $300 seems very low. Milestone Mastercard allows applicants pre-qualify before applying. This will not adversely affect their credit scores. But they cannot guarantee approval.
Milestone Mastercard's positive attributes have not been enough to overcome many customers' problems. The cash advance APR for Milestone Mastercard is 29.9%. This can lead to significant interest costs if the loan is not paid in time. The card's responsible use will help you rebuild credit. But you need to be mindful of the terms and conditions. Milestone Mastercard is just like any other credit card. Late payments could cause damage to your credit score.
First Access Visa
The First Access Visa (r), Credit Card may be the right choice for you if you are in dire need of a credit line but have poor credit. The unsecured card is available with a $300 credit limit and doesn't require any security deposit. High fees are the only problem with this card. You must pay $170 in fees up front, and then there are annual and transaction fees as well.
The card has an average 21-day payment deadline. Many other cards only allow 24-25 days for payments to be considered late. For documents that you must copy due to a billing error you might have to pay a $3copying fee. This card doesn’t offer rewards programs or an introductory interest rate. However, the cash advance fee is waived and a monthly service fee of $3 may be charged for cash advances.
Bank of America Customized Cash Rewards Secured Credit Card
The Bank of America Customized cash Rewards Secured card gives you three percent cash back in any category. Other purchases earn 1 percent cash back while food and grocery purchases earn 2 percent. You can switch the category once a month. Balance transfers are eligible for a 0% intro APR for 15 billing cycle. However, this feature is only valid if you spend at least $2,500 on your card during a single 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. Although it is difficult to rebuild your credit after bankruptcy, you can still use this card to help you get started on your recovery. One of the greatest benefits of this card for bankrupts, is its ability to offer great rewards. You can get cash back for certain purchases. Additionally, you can receive rewards from wholesale clubs and grocery shops.