WalletHub makes it easy to find the best second chance credit card for you.
By John Kiernan, Credit Card Editor on Jan 17, 2024
Fact Checked: Alina Comoreanu, Sr. Researcher Jan 17, 2024
Second chance credit cards are designed for people with bad credit, which means you should be able to get approved for one even if you’ve made mistakes with money in the past.... show more There are two main types of second chance credit cards: secured credit cards and unsecured credit cards for bad credit. You can find both types below (some offers are from WalletHub partners).
WalletHub’s credit card experts are committed to helping users find the best credit cards for their needs, above all else. That’s why we use a data-driven approach to compare more than 1,500 credit card offers across the website, removing subjectivity from the equation, and it’s why we have developed the most robust credit card rating system and abide by a strong editorial policy.
1,500+ credit cards tracked site-wide
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75,000+ data points tracked site-wide
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Best Second Chance Credit Cards of 2024
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No Credit Check:OpenSky® Secured Visa® Credit CardOpenSky® Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website - Rates & FeesInternational Travel:Capital One Platinum Secured Credit CardCapital One Platinum Secured Credit CardLearn MoreLearn Moreon issuer's website
- No Security Deposit:Credit One Bank® Platinum Visa® for Rebuilding CreditCredit One Bank® Platinum Visa® for Rebuilding CreditLearn MoreLearn Moreon issuer's website
- Rates & FeesRewards:Discover it® Secured Credit CardDiscover it® Secured Credit CardLearn MoreLearn Moreon issuer's website
Secured cards are a lot cheaper and easier to get than unsecured cards for bad credit, which is why they’re the best second chance credit cards overall. The only downside is that a secured card’s spending limit usually equals the amount of the refundable security deposit you have to place to get one. In other words, you basically have to pre-pay your purchases.
So if you need to borrow money while you’re building your credit history, then you may have to apply for an unsecured credit card for bad credit. Just be warned that such a card will come at a steep price and only give you around $200 in available credit.
Finally, do not forget that in order to capitalize on the second chance provided to you by one of these credit cards, you must make on-time monthly payments and avoid maxing out your spending limit.
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Updating Cards
3.8 WalletHub Rating
Secured Credit Card
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Min Deposit of $49, $99 or $200
One-Time Fees
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$0
Regular APR
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30.74% (V)
Annual Fee
$0
Monthly Fee
$0
Minimum Credit
Bad
WalletHub's Take: The Capital One Platinum Secured Credit Card is a very good credit card for building credit at a low cost. The card is easily worth it because it offers a $0 annual fee and a $200 starting credit limit in return for a refundable security deposit that could be as low as just $49. Or, the deposit requirement could be $99 or $200, depending on the specifics of your credit history and the current state of your finances.
Read our editor's full Capital One Platinum Secured review.
Pros
- No annual or monthly fees
- Starting credit line $200
- Great for credit-building
Cons
- No rewards
- Higher-than-average interest rate
4.7 WalletHub Rating
Secured Credit Card
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Min Deposit of $200
One-Time Fees
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$0
Regular APR
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30.74% (V)
Annual Fee
$0
Monthly Fee
$0
Rewards Rate
1.5 - 5% Cash Back
Minimum Credit
Bad
WalletHub's Take: The Capital One Quicksilver Secured Cash Rewards Credit Card is a good credit card for people who want to earn rewards and avoid fees while building upon limited credit history or a bad credit score. Capital One Quicksilver Secured has a $0 annual fee and rewards cardholders with 1.5 - 5% cash back on purchases. You will have to put down a $200+ security deposit to open an account, and the amount of the deposit will become your spending limit. But the deposit is fully refundable, and it actually makes the card easier to get.
Read our editor's full Capital One Quicksilver Secured review.
Pros
- Great rewards
- No annual fee
- Relatively low minimum deposit
- Qualify with limited credit history
Cons
- High interest rate
2.0 WalletHub Rating
One-Time Fees
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$95
Regular APR
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35.99%
Annual Fee
$75 1st yr, $48 after
Monthly Fee
None 1st year, $8.25 after
Rewards Rate
1% Cash Back
Minimum Credit
Bad
WalletHub's Take: The Revvi Card is a pretty good unsecured credit card for people with bad credit who want to earn rewards but need to borrow for emergencies. Cardholders earn 1% cash back on all purchases, after paying the card’s bill, and the card has a $300 minimum credit limit with no deposit needed.
Read our editor's full Revvi Card review.
Pros
- Qualify with bad credit
- Does not require security deposit
Cons
- One-time fees
- High regular APR
2.5 WalletHub Rating
One-Time Fees
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$0
Regular APR
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29.99% or 36%
Annual Fee
$49 - $175 1st yr, $0 - $49 after
Monthly Fee
$0 1st yr, $5 - $12.50 after
Rewards Rate
1 - 3% Cash Back
Minimum Credit
Bad
WalletHub's Take: The Fortiva® Mastercard® Credit Card is a pricey credit card for people with bad credit that’s not likely to be worth the cost despite offering good rewards. Fortiva’s cash back credit card gives cardholders 3% cash back on gas, groceries and utilities, as well as 1% cash back on all other purchases. It also offers an unsecured credit line of up to $1,000, with no security deposit needed. However, the Fortiva Cash Back Reward Card’s benefits come at a steep cost.
Read our editor's full Fortiva Cash Card review.
Pros
- High rewards rate
- Bonus rewards categories
- Qualify with bad credit
- Does not require security deposit
Cons
- High membership fees
- High regular APR
- Foreign fee
1.8 WalletHub Rating
One-Time Fees
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$0
Regular APR
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35.9%
Annual Fee
See Terms
Monthly Fee
$0 1st yr, $12.50 per month after
Minimum Credit
Bad
WalletHub's Take: The Indigo Credit Card is an expensive credit card for people with bad credit, offering a $700+ credit limit with no security deposit needed. The Indigo Card has an annual fee of $175 for the first year ($49 after), which is joined by a monthly fee after 12 months.
Read our editor's full Indigo Credit Card review.
Pros
- Qualify with bad credit
- Does not require security deposit
Cons
- High membership fees
- High regular APR
- Foreign fee
2.1 WalletHub Rating
One-Time Fees
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$95
Regular APR
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35.99%
Annual Fee
$75 1st yr, $48 after
Monthly Fee
$0 1st year, $8.25 after
Rewards Rate
1% Cash Back
Minimum Credit
Bad
WalletHub's Take: The Total Visa Card is an expensive unsecured credit card for people with bad credit. The Total Visa Credit Card does not require applicants to place a refundable security deposit, but it does charge high fees, starting with an $95 “program fee” that’s assessed before account opening. There’s also a $75 annual fee the first year, which is replaced by a total of $147 in monthly and annual fees each year after.
Read our editor's full Total Visa review.
Pros
- Qualify with bad credit
- Does not require security deposit
Cons
- $89 one-time program fee
- $75 annual fee for the first year
- $147 in fees starting year two
- High APR
1.9 WalletHub Rating
One-Time Fees
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$0
Regular APR
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35.9%
Annual Fee
$175 1st yr; $49 after
Monthly Fee
$0 1st yr, $12.50 after
Minimum Credit
Bad
WalletHub's Take: The Milestone Credit Card is a good card for people with below-average credit scores who don't want to put down a deposit. The Milestone Card can be worthwhile because it has a $0 security deposit requirement and offers a $700 credit limit. That could make some emergency expenses a bit easier to handle, though a very high APR will apply to any balance that you carry from month to month. The Milestone Card’s annual fee is also very high compared to the average credit card, so you don’t want to need this card for too long.
Read our editor's full Milestone Credit Card review.
Pros
- Qualify with bad credit
- Does not require security deposit
Cons
- High membership fees
- High regular APR
- Foreign fee
4.7 WalletHub Rating
Secured Credit Card
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Min Deposit of $200
One-Time Fees
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$0
Regular APR
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28.24% Variable
Annual Fee
$0
Monthly Fee
$0
Rewards Rate
1 - 2% Cash Back
Minimum Credit
Bad
WalletHub's Take: The Discover it® Secured Credit Card is 2024’s best secured card because it has a $0 annual fee and gives good rewards on purchases (1% to 2% cash back). The Discover it Secured Credit Card is also worth it because it doubles the rewards cardholders earn the first year as an anniversary present. The minimum deposit for Discover it Secured Credit Card is $200, on the low end of minimum deposits for a secured credit card.
Read our editor's full Discover it Secured Credit Card review.
Pros
- No annual or monthly fees & No fees for account opening
- Up to 2% cash back
- First-year rewards doubled
- Relatively low minimum deposit
Cons
- High regular APR
2.5 WalletHub Rating
One-Time Fees
→
$0
Regular APR
→
29.99% or 36%
Annual Fee
$49-$175 1st yr, $0-$49 after
Monthly Fee
$0 1st yr, $5-$12.50 after
Rewards Rate
1 - 3% Cash Back
Minimum Credit
Bad
WalletHub's Take: The Aspire® Cash Back Reward Card is an expensive unsecured credit card for people with bad credit. Although the Aspire Card does not require a security deposit, it does charge an annual fee of $49 - $175 the first year, plus monthly fees after that. Specifically, the annual fee drops to $0 - $49 after the first year, and a monthly fee of $5 - $12.50 gets added to the mix at that point.
Read our editor's full Aspire Card review.
Pros
- High rewards rate
- Bonus rewards categories
- Qualify with bad credit
- Does not require security deposit
Cons
- High membership fees
- High regular APR
- Foreign fee
3.3 WalletHub Rating
Secured Credit Card
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Min Deposit of $150
One-Time Fees
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$0
Regular APR
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25.64% (V)
Annual Fee
$35
Monthly Fee
$0
Minimum Credit
Bad
WalletHub's Take: The OpenSky Credit Card is a good credit card for people with bad credit who want high approval odds because there is no credit check when you apply. The downside of the OpenSky Card is its $35 annual fee, but that can be worth it for the chance to rebuild your credit.
Read our editor's full OpenSky review.
Pros
- Reasonable $35 annual fee
- As low as $150 minimum deposit
Cons
- 3% foreign transaction fee
NO FOREIGN FEE
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NO FOREIGN FEE
WalletHub independently collected information for some of the cards on this page.
WalletHub independently collected information for some of the cards on this page.
Best Second Chance Credit Cards in 2024
The best second chance credit card is the cheapest offer that you can get approved for with damaged credit. After all, your top priority at this point in your credit career should be to open a credit card and make on-time payments in order to add positive information to your credit reports every month. Beyond that, you should try to save as much money as possible.
With those criteria in mind, our editors compared 1,500+ credit cards in search of the best second chance offers available. You can find their favorites below.
Best Second Chance Credit Cards Comparison
| Credit Card | Best For | Annual Fee | Editors’ Rating |
| Discover it® Secured Credit Card | Rewards | $0 | 5/5 |
| Capital One Platinum Secured Credit Card (see Rates & Fees) | International Travel | $0 | 5/5 |
| OpenSky® Secured Visa® Credit Card | No Credit Check | $35 | 4/5 |
| Credit One Bank® Platinum Visa® for Rebuilding Credit | No Security Deposit | $75 intro 1st yr, $99 after | 3/5 |
Unless you absolutely need an emergency loan, placing a refundable security deposit to open a secured credit card account is the best way to make the most of your second chance. The deposit makes it a lot easier to get approved, and you’ll get it back when you close your account in good standing. An unsecured credit card for bad credit, on the other hand, is likely to have high, non-refundable fees and provide only a very small credit line.
We also recommend signing up for a free WalletHub account to get free credit scores (updated daily) as well as personalized credit-improvement advice.
Methodology for Selecting the Best Second Chance Credit Cards
To identify the best second chance credit cards, WalletHub’s editors regularly compare the 1,500+ credit card offers in our database in terms of their approval requirements, fees, interest rates, rewards, credit limits, and deposit requirements. The goal is to find the cheapest cards that people with damaged credit can get a second chance with. So, after comparing cards based on their accessibility and overall cost, we select the cheapest cards in the most popular categories – from unsecured cards with no deposit to the cards with the best rewards.
About the Author
John S Kiernan
John Kiernan has covered the credit card industry for more than 15 years as a writer and editor for WalletHub. His work has been featured by major media outlets such as The Washington Post, Fox News and The New York Times and has been cited by industry regulators such as the Consumer Financial Protection Bureau.
Best Second Chance Credit Cards FAQ
Comparing second chance credit cards can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered. WalletHub independently collected information for some of the cards on this page....show more
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What are the best second chance credit card companies? Reply 11 0
Theresa Chalfant, Writer
@theresa_chalfant
Answer provided by user: Theresa Chalfant, Writer
One of the best second chance credit card companies is Bank of America, since they offer the Bank of America® Customized Cash Rewards Secured Credit Card and a couple of other good cards for people with bad credit. Other issuers with good options for damaged credit include Capital One, Credit One, and U.S. Bank.
Below, you can check out our editors’ picks for the best second chance credit cards overall, as well as a list of other notable companies.
Best Second Chance Credit Cards
- Overall:Bank of America® Customized Cash Rewards Secured Credit CardBank of America® Customized Cash Rewards Secured Credit CardLearn MoreLearn More
- Customized Rewards:U.S. Bank Cash+® Visa® Secured CardU.S. Bank Cash+® Visa® Secured CardLearn MoreLearn More
- Rates & FeesCash Back Rewards:Capital One Quicksilver Secured Cash Rewards Credit CardCapital One Quicksilver Secured Cash Rewards Credit CardLearn MoreLearn Moreon issuer's website
- Rates & FeesPartially Secured:Capital One Platinum Secured Credit CardCapital One Platinum Secured Credit CardLearn MoreLearn Moreon issuer's website
- No Credit Check:OpenSky® Plus Secured Visa® Credit CardOpenSky® Plus Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website
- No Deposit:Indigo® Mastercard® for Less than Perfect CreditIndigo® Mastercard® for Less than Perfect CreditLearn MoreLearn Moreon issuer's website
Notable Second Chance Credit Card Companies
- Applied Bank
- Bank of America
- Bank of Missouri (issues Fortiva and Milestone cards)
- Capital Bank (issues OpenSky cards)
- Capital One
- Celtic Bank (issues Surge, Reflex, Fit, and Verve cards)
- Credit One
- Merrick Bank
- MRV Banks (issues Revvi cards)
- Stride Bank (issues Chime cards)
- U.S. Bank
If you’re focused on rebuilding your credit, your best option will likely be a secured credit card, which you can get from several different companies. With responsible use, these cards can help you improve your credit inexpensively, so you can qualify for better offers and graduate to an unsecured card. As you work to rebuild your credit, you can use WalletHub to check your credit score for free and track your progress.
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11 Upvotes
What is the best second-chance credit card with no security deposit? Reply 13 0
Ryan P Page, Staff Writer
@ryan_page
Answer provided by user: Ryan P Page, Staff Writer
The best second-chance credit card with no security deposit is the Credit One Bank® Platinum Visa® for Rebuilding Credit. This credit card is good for a second chance because it accepts applicants with bad credit and offers 1% on purchases like gas, groceries, mobile phone service, internet, and cable.
The Credit One Visa is less expensive than similar cards, too, charging an annual fee of $75 for the first year and $99 after that. The card doesn’t have a monthly fee, or any...
0 0
13 Upvotes
What are the easiest credit cards to get approved for? 33 0
John S Kiernan, Credit Card Editor
@John
Answer provided by user: John S Kiernan, Credit Card Editor
The easiest credit cards for you to get approved for with bad credit or no credit are secured credit cards because they require a refundable security deposit that protects the issuer. Secured cards can help you avoid annual fees, add to your credit history with the 3 major credit bureaus, and even earn rewards of 1% or more on your purchases. To help you maximize your odds of approval for a credit card, we compared the approval requirements for more than 1,500 credit card offers, along with their fees, rates and rewards.
Easiest Credit Cards to Get
- Best Overall: OpenSky® Plus Secured Visa® Credit Card
- Best for No Annual Fee: Petal® 2 Visa® Credit Card
- Best for After Bankruptcy: Capital One Quicksilver Secured Cash Rewards Credit Card
- Best for Students: Capital One SavorOne Student Cash Rewards Credit Card
- Best for No Credit: Capital One Platinum Credit Card
- Best Unsecured Card: Indigo® Mastercard® for Less than Perfect Credit
It’s important for you to get a good credit card because credit cards are the best credit-building tools available to us. Nearly all of them report information to the major credit bureaus on a monthly basis, and unlike loans, they don’t require you to incur any debt. Some credit cards are much easier to get approved for than others, though. You can learn all about the best easy approval credit cards below, which include both secured cards and unsecured cards for bad or no credit. Using one of these cards responsibly can help you eventually transition to one of the best credit cards overall.
WalletHub tracks 1,500+ credit cards (other sites only consider a much smaller number of cards, so they naturally miss a lot of great cards)
WalletHub picks the best credit cards overall (other sites pick the best cards from their advertising partners)
WalletHub uses a sophisticated card rating system to objectively find the best cards (other sites’ picks are influenced by their own biases)
WalletHub has 100% editorial independence (other sites just provide a billboard for advertisers)
WalletHub does not have a conflict of interest (other sites are biased due to promoting their own lending and banking offers)
WalletHub has 15+ years of credit card experience (other sites simply don’t have the same expertise)
WalletHub's best credit card picks and ratings are completely independent and not provided, commissioned, or endorsed by any issuer. In addition, our editors follow a strict editorial policy. Some offers may come from WalletHub's advertising partners.WalletHub independently collected information forsome of the cards on this page.
33 Upvotes
What are the best last chance unsecured credit cards? Reply 11 0
Ryan P Page, Staff Writer
@ryan_page
Answer provided by user: Ryan P Page, Staff Writer
The best last-chance unsecured credit card is the Indigo® Mastercard® for Less than Perfect Credit because it allows people with bad credit to rebuild their score and offers an annual fee of See Terms. The Indigo Credit Card also has a 35.9% APR, which is comparable to or better than what other last-chance unsecured cards charge. Additionally, the offer doesn’t include a monthly fee, making it a bit more cost-effective than some of the other credit cards for rebuilding bad credit.
In general,...
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11 Upvotes
How do I get a $500 credit card limit with bad credit? Reply 25 0
Jane Cogli, WalletHub Credit Card Advisor
@janecogli
Answer provided by user: Jane Cogli, WalletHub Credit Card Advisor
The best way to get a $500 credit card limit with bad credit is to open asecured credit cardaccount and put down a $500 security deposit. A secured card’s credit limit is generally equal to the amount of the deposit. Most secured cards require a refundable deposit of at least $200-$300. A bad credit score will make it difficult to get a $500 credit card limit without placing a $500 deposit.
Ways to get...
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25 Upvotes
What are the best second chance credit cards from Capital One? Reply 3 0
Chip Lupo, Credit Card Writer
@CLoop
Answer provided by user: Chip Lupo, Credit Card Writer
Capital One’s best second chance credit cards are the Capital One Quicksilver Secured Cash Rewards Credit Card (see Rates & Fees) and the Capital One Platinum Secured Credit Card (see Rates & Fees). Both cards are available to people with bad credit and have a $0 annual fee.
Capital One Quicksilver Secured (see Rates & Fees) and Capital One Platinum Secured (see Rates & Fees) each require a refundable security deposit, making them easier to get than unsecured credit cards for bad credit, and both report your account activity to the three major credit bureaus every month.
Capital One Second Chance Credit Cards
- Rates & FeesRewards:Capital One Quicksilver Secured Cash Rewards Credit CardCapital One Quicksilver Secured Cash Rewards Credit CardLearn MoreLearn Moreon issuer's website
(see Rates & Fees)
Rewards: 5% cash back on hotels and rental cars booked through Capital One Travel, as well as 1.5% cash back on all other purchases
Minimum Deposit...
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3 Upvotes
What are the best second chance retail credit cards? Reply 2 0
Theresa Chalfant, Writer
@theresa_chalfant
Answer provided by user: Theresa Chalfant, Writer
One of the best second chance retail credit cards is the Montgomery Ward Credit Account. This unsecured store credit card account only works for Montgomery Ward purchases, though it is available to people with bad credit, it reports to the credit bureaus on a monthly basis, and it has a $0 annual fee.
Second Chance Retail Credit Cards
- No Annual Fee:Montgomery Ward Credit AccountMontgomery Ward Credit AccountLearn MoreLearn More
- Instant Decision:Fingerhut Credit AccountFingerhut Credit AccountLearn MoreLearn More
- Best Secured Card:Amazon Secured Credit CardAmazon Secured Credit CardLearn MoreLearn More
You can get any of the credit cards listed above with bad credit or limited credit history, and each...
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2 Upvotes
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Expert Opinions
Second chance credit cards play an important role in the personal finance marketplace. They are among the only credit-rebuilding tools available to people who’ve previously made financial mistakes, allowing them to gradually reverse credit damage and reduce the costs associated with loans, lines of credit, insurance and more. Neither choosing nor using a second chance credit card is necessarily straightforward, however. So we asked a pair of personal finance experts for their best advice on making the most of your second chance. You can check out their bios and responses to the following questions, below.
- What incentive does a bank or credit union have to offer second chance credit cards?
- Is it worth giving credit cards a second chance if you've had bad experiences with them in the past?
- What advice do you have for someone who is looking for a second chance credit card?
- Will it be easier or harder to get a second chance credit card 12 months from now?
- Which credit card companies are most and least likely to give a second chance to consumers with negative items on their credit reports?
Archish Maharaja
Professor and Director of Graduate Programs, Rowland School of Business, Point Park University
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Mauricio Rodriguez
Professor and Chair of the Finance Department in the Neeley School of Business at Texas Christian University
Read More
Lawrence J. White
Robert Kavesh Professor of Economics in the Leonard N. Stern School of Business at New York University
Read More
Robert H. Scott III
Associate Professor of Economics and Finance at Monmouth University
Read More
Richard Kish
Allen C. DuBois Distinguished Professor of Finance at Lehigh University
Read More
Sarah Jane Hughes
University Scholar and Fellow in Commercial Law in the Maurer School of Law at Indiana University
Read More
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