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5 Best Credit Cards for Bad Credit Score 2024 - 2025

Updated on May 13, 2024 , 34656 views

While applying for a credit card, the Bank will rightfully check your Credit Score. If you have a good score then you are in a favourable position, but if you don't then you might be in a tough spot. This is because lenders might not approve your credit card applications and the interest rate on pending amounts will start increasing. So, first things first, before making any credit application, ensure your credit score is satisfactory, and if not then you must start improving it. Buying credit cards for Bad Credit score can be one of the ways to start your journey.

5 Best Credit Cards for Bad Credit Score

Types of Credit Cards

Before applying for a credit card, you must understand what are the types of credit cards-

Secured Credit Card

A secured credit card requires an initial security deposit. This deposit acts as Collateral, providing the creditor with security, in case you Fail to make payments. The Credit Limit on the secured credit card is usually equal to the amount you’ve deposited. If you want to Improve your Credit Score then this is the right credit card to start with.

Unsecured Credit Card

An unsecured credit card doesn’t require any security deposit. The majority of the credit cards available in the Market are unsecured credit cards. The credit limit offered will be based on your credit score. If you're suffering from a constant bad Credit Report then these aren't the best credit cards for bad credit score.

The Best Credit Cards for Bad Credit Score

A secured credit card, unlike the usual credit cards, may not offer attractive benefits and rewards, but it can be a lifesaver for those who are reconstructing their unsatisfactory credit history.

Following are the 5 best credit cards for bad credit score-

Credit Card Name Benefits Fixed Deposit Amount Required
ICICI Bank Coral Credit Card Dining & Shopping Rs. 20,000
SBI Advantage Plus Credit Card EMI benefits Rs. 20,000
ICICI Bank Platinum Credit Card Fuel & Dining Rs. 20,000
YES Prosperity Rewards Credit Card Rewards, Dining & Fuel Rs. 50,000
Axis Bank Insta Easy Credit Card Rewards & Dining Rs. 20,000

ICICI Bank Coral Credit Card

ICICI Bank Coral Credit Card

In order to get this card, you need to first make Rs. 20,000 in the fixed deposit for at least 180 days.

Benefits-

  • Get 15% discount on dining at all the partner restaurants
  • Free lounge access at selected airports
  • A considerably low joining fee
  • Free welcome gift worth Rs. 999

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SBI Advantage Plus Credit Card

SBI Advantage Plus Credit Card

The SBI Advantage Plus credit card requires you to pay an annual fee of Rs.500 and renewal fee of Rs. 500.

Benefits-

  • Enjoy the privilege to get a supplementary credit card
  • Can be used at all major ATMs globally
  • Enjoy the Facility of Flexipay where your transactions can be converted into EMIs and repay on a monthly Basis.
  • Get up to 100% cash withdraw limit

ICICI Bank Platinum Credit Card

ICICI Bank Platinum Credit Card

The ICICI Bank Platinum credit card requires a fixed deposit of Rs. 20,000. No additional annual fee or joining fee is charged.

Benefits-

  • Contactless card feature to make quick and secure payments
  • Payback points, redeemable for exciting gifts and vouchers
  • Fuel surcharge waiver across all gas stations in India
  • Minimum 15% savings on dining at selected restaurants

YES Prosperity Rewards Plus Credit Card

YES Prosperity Rewards Plus Credit Card

The YES Prosperity Rewards Plus credit card needs a fixed deposit of Rs. 50,000. A joining fee of Rs. 350 is charged and a further annual fee of Rs. 350 is charged.

Benefits-

  • Spend Rs. 5000 and get 1250 reward points
  • Enjoy up to 15% discount on dining at specific restaurants
  • Get 12000 bonus reward points on spending Rs. 3.6 Lakh annually
  • Fuel surcharge waived off at all gas stations in India
  • Every Rs. 100 spent, will earn you 5 reward points

Axis Bank Insta Easy Credit Card

Axis Bank Insta Easy Credit Card

A fixed deposit of Rs. 20,000 is required to get Axis Bank Insta Easy credit card.

Benefits-

  • Earn 6 rewards based on domestic spends of Rs. 200
  • Earn 12 rewards based on international spends of Rs. 200
  • Get 1% fuel surcharge waiver at all gas stations
  • Get up to 15% off on dining at partner restaurants

How to Improve your Credit Score?

Typically, the Credit Score Ranges from 300-900, any score above 750 is considered to be the best score. Let’s take a look at other ranges-

Poor Fair Good Excellent
300-500 500-650 650-750 750+

 

Having a bad credit score is not favourable for your future finances. Loan and credit card applications may be disapproved and you might need to settle down for high-interest loans. That is why you should always keep your credit score high!.

Here are some of the common ways how one can rebuild and improve his credit score-

1. Make payments on time

Paying back loan EMIs and credit card dues before the due date reflects the person’s ability to repay the debt. Missing repayments will drop your score.

2. Aim for 30% credit utilization

Always try to keep your credit utilization below 30-40%. A low credit utilization represents an ideal spender and not credit hungry.

3. Avoid hard inquiries

Too many hard inquiries about credit cards or loans in a short span may damage your credit score. Make an inquiry only when you are in need of credit.

4. Ensure your credit report is accurate

You are eligible for one free credit check every year so make the best use of it. Keep monitoring your credit report to ensure all the information is accurate as any errors can drop your score. Check your personal details, account details, etc., in case of any inaccuracy report to the credit bureau immediately.

5. Keep old accounts active

Your oldest credit account will have the most weight in your credit history. When you close such accounts, you wipe off the history of it. In short, the older your credit age, the more responsible you will appear to the lenders.

Documents Required to Apply for a Credit Card

Following is a list of documents that you need for a credit card-

  • PAN Card copy or Form 60
  • Income proof
  • Resident proof
  • Age proof
  • Passport size photograph

Conclusion

A secured credit card one of the most effective ways to rebuild your credit history. However, you must remember to follow good credit habits, in case you fail to do so, your credit scores will definitely get affected.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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Vinod doriya , posted on 27 Jan 24 1:25 PM

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