The Best Credit Cards for a Discharged Bankruptcy
Discharged bankruptcy relieves a debtor of many financial burdens and ruins the debtor's credit score. The only way to rebuild a damaged credit history is to demonstrate positive repayment habits in the future. Unfortunately, it is difficult to qualify for credit cards after a discharged bankruptcy is reported to credit bureaus. Knowing which credit cards are post-bankruptcy friendly will increase your chances of getting a fresh financial start after bankruptcy.
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Public Savings Bank Secured First Visa Card
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The Public Savings Bank Secured First Visa Card is a secured credit card that reports monthly to credit bureaus. For the first six months, all purchases receive a zero percent annual percentage rate (APR). After six months the APR is 11.24 percent. Instead of standard maintenance fees, Public Savings Bank charges a one-time application fee of $75.
Navy Federal Credit Union nRewards Secured Card
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To qualify for the Navy Federal Credit Union nRewards Secured Card, you must become a member of Navy Federal Credit Union. If you are able to qualify for an account, the secured card offers you a chance to earn one reward point per dollar spent on purchases. There are no fees associated with the Navy Federal Credit Union nRewards Secured cards and the APR is 8.99 percent.
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Citi Secured MasterCard
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The secured credit card offered by Citibank has an annual fee of $29 and an 18.29 percent APR. While the APR is not as attractive as other secured credit cards, the high credit limit may make up for the inconvenience. Cardholders are able to get a secured card with up to a $25,000 credit limit. After having an account for 18 months you can have your account reviewed and be considered for an unsecured credit card.
Capital One Secured MasterCard
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With a high APR of 22.9 percent, Capital One's secured MasterCard reports to all three credit bureaus monthly. There are no processing or application fees, but an annual fee of $29 is charged to all accounts. The maximum credit limit is $3,000 and the deposit needed to open the secured account is fully refundable. Periodically Capital One reviews accounts and offers credit increases to responsible cardholders.
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