Indigo Mastercard: Best For Rebuilding After Bankruptcy
- Why we picked it: When it comes to your personal finances, peace of mind is extremely important. If you struggle to get approved for a , the Indigo Mastercard could be the answer. In addition to welcoming people who have gone through bankruptcy, you can prequalify to see how likely you are to be approved without any impact to your credit score.
- Pros: The card also comes with Mastercard benefits like extended warranty coverage and fraud protection. And since its an unsecured card, you wont have to put down any money up front.
- Cons: The card doesnt earn rewards, and the credit limit only goes up to $300. There are also a number of fees that do little to help people with fair credit improve their score. This includes an annual fee that can get as high as $99, a late or returned payment fee of up to $40 and a penalty APR of 29.9%. Plus, Indigo doesnt specify when or if you can qualify for a higher credit limit.
- Who should apply? If you havent been able to get approved for a credit card due to past bankruptcy, the Indigo card could give you a chance to get back on track and rebuild your credit.
- Who should skip? Anyone who is unable to pay their balance in full each month should first try to qualify for credit cards with fewer fees.
Read our Chase Freedom® Student credit card review.
Easy Department Store Credit Cards To Get
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Who doesnt want to save money and find a sound credit card thatll give you cashback, discounts, and other perks at your favorite department store? Some department store credit cards offer this, many with instant approval. So you wont have to worry about debit card declined issues. These types of credit cards are fantastic and can give you all kinds of other bonuses along the way, both in-store and online.
Here are the ten easiest department store credit cards to get:
All of these are great choices and perfect for the busy shopper!
Are Store Credit Cards Easier To Get Approved For
Yes, closed-loop store cards are among the most accessible unsecured credit card offerings. Even within this subgenre, automotive and gas credit cards stand out for their ease of acquisition.
Our top-ranked automotive card is the Firestone Credit Card, where, according to reports, low credit scores are acceptable, even if your credit history includes a recent bankruptcy.
If you prefer an open-loop card that you can use at any store, consider the PREMIER Bankcard® Mastercard® Credit Card. It offers quick approval and, although slim on perks, forwards transaction activity to at least one credit bureau where it will appear on your credit report.
If you have excellent taste in clothing but lousy credit, the Express Credit Card may be worth a glance, as it is one of the easiest credit card offerings available. It is well-known for accepting subprime applicants and offers rewards on purchases . Indeed, cards of this type may be no more exclusive than secured credit cards.
Some customers prefer department stores over specialized shops. The JCPenny Card is a department store credit card notorious for being one of the easiest credit card offerings to get, and reports indicate that any credit history will do. It is by no means the only department store credit card with a liberal approval policy.
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Instant Approval Department Store Credit Cards
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If you frequently shop at a particular department store and are looking to improve or repair your credit score, a department store credit card is an option to consider.
Department store credit cards tend to have low approval requirements and offer discounts through cardholder coupons and special offers. Many provide approval decisions within minutes of submitting your application.
Below, we list the department store credit cards that offer instant approval.
Navigating Interest Rates On Store Cards
Closed-loop store cards almost always have higher interest rates than youd receive with a comparable credit card. The rewards are often enough to offset the drawback of the interest rate. That said, you should still make an effort to pay off purchases on time.
In fact, wed go as far as to say that getting the most value out of the department store credit cards for bad credit is directly tied to how well you can avoid the onerous APR.
The only exception is cards that offer reduced APR for qualifying purchases in their respective store. An excellent example of that is Lowes Advantage Card.
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The Best Synchrony Bank Retail Cards
The Synchrony Bank store cards work just like Comenity Bank cards. Theyre also available for people with less-than-perfect credit, and youll typically have a credit limit of around $150 to $500 at first.
Some examples of retailers that offer Synchrony store cards include Amazon, GAP, Lowes, Old Navy, Toys R Us, and Walmart, among many others. While their list is shorter than the list of Comenity Bank store cards, more big-box department cards are available through Synchrony Bank.
Note: Weve already covered Amazon and WalMart.com cards from Synchrony Bank earlier in this post.
Now lets look at some of the most-rewarding Synchrony cards to have:
Lowes Advantage Card: 5% Discount On Eligible Purchases
If you like DIY projects, the Lowes® Advantage Card can help you out with a straight 5% discount on eligible purchases . The card also offers a 20% first-day discount when youre approved.
Alternately, cardholders can forgo the 5% discount to stretch qualified purchases up to 84 months with fixed monthly payments and a reduced APR.
But this and other special financing offers can prove very tricky, so be careful. If you dont pay the balance off in full before the period expires, youll likely have to pay all the interest you would have accrued on the full balance from the purchase date not just what you havent yet paid off. We recommend reading more about these deferred interest offers before you choose them.
For more on the Lowes® Advantage Card, check out how it stacks up against the Home Depot Consumer Credit Card in our credit card comparison.
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Lowes Advantage Credit Card
A little bit different than other stores on this list, the Lowes Advantage Credit Card is perfect for the handyman or DIY guru in your life. You get an impressive 10% off deal from the first day of approval and can make some big moves.
This credit card is similar to the Best Buy card I discussed further up in this list. You can choose between 5% off savings or work with deferred financing on larger bills. Just like the Best Buy card, you need to be careful and pay back any debt you might accrue.
If you dont pay back your debts promptly, there are several consequences. One of them is that Lowes uses a complete back interest policy. This means that the interest will be applied to the bill back to the date of purchase. If wondering will canceling a credit card stop recurring payments, it wont.
This is very dangerous, especially if you choose Lowes 84-month financing option. Think very carefully before you agree to any financing. Overall, the best thing to do in these situations is to take the cashback option and not use the financing.
Other Types Of Reward Cards
If you’re looking for cash back, points, or discounts from purchases at other merchants, it may be more advantageous to get an open-loop card. For example, rewards cards are usually open-loop cards that can be used anywhere versus a store charge card. The rewards can include cash back, airline miles, and hotel rewards. There are also cash-back credit cards in which consumers get a percentage of the amount they spent using the card.
Which card is right for you depends largely on the types of purchases you’ll make and which benefits you’d like to receive from the credit card issuer. For example, there are travel cards that are specifically designed to offer travel points or discounts on airfare and hotels, allowing your purchases to build points over time. If you drive a lot of miles, a card that offers gas points might be best for you because some oil companies and banks offer gas credit cards designed to reduce the cost of fueling up your vehicle.
Also Check: Fha Loan Minimum Credit Score
What Are Store Credit Cards And How Do They Work
Store credit cards are a type of credit card that can only be used at a specific retailer. They typically have high interest rates and low credit limits. Many store credit cards also offer rewards, such as cash back or points that can be redeemed for merchandise.
To qualify for a store credit card, you will usually need to have good to excellent credit. If youre thinking about signing up for a store credit card, its important to read the fine print carefully before you make a decision.
Some cards have annual fees, and others may require you to spend a certain amount of money within the first few months in order to receive the sign-up bonus.
Youll also want to compare the interest rate on the store credit card with the interest rate on other cards before you decide which one is right for you. When used wisely, store credit cards can be a great way to save money and earn rewards. But if youre not careful, they can also lead to debt.
Best Retail Cards For 600 To 650 Credit Scores
Many popular retail chains offer their own branded credit card options that provide in-store discounts, cash back, loyalty bonuses, or all of the above. Our top choices span three of the most popular shopping destinations, and each, with responsible usage, will work to give your credit score a boost.
The Fingerhut Credit Account is one of our top choices for rebuilding your credit score. Thats because the credit account isnt a traditional credit card.
You can use this revolving credit line to purchase name-brand goods online at Fingerhut and its partner websites. Fingerhut reports your payment history to the three credit bureaus to help you improve your credit score with responsible use.
Also Check: What Is The Good Credit Score
Department Store Cards For 600 Credit Score Loans
Since there is no credit check or minimum credit score requirement, approval is guaranteed. As one of the best credit cards for fair credit, Credit One Bank Visa department store cards for 600 credit score loans you access your Experian credit report summary for free. Also, if you happen to make a late payment, you won’t be charged a penalty annual percentage rate. The APR visit here page always variable and charged both on balance transfers and purchases. Additionally, the card issuer will consider you automatically for a credit line increase after just six months of using this credit card for credit score responsibly.
With OpenSky, you’ll know whether you are approved for a card or not in a matter of minutes, and you can handle the whole process entirely online in less than five minutes. Given that this article focuses on evaluating the best credit cards for a specific credit score range, we made sure to focus on options that accept consumers new to credit or those that need to rebuild their profiles. The most important costs to keep an eye out for include annual membership, balance transfer, cash advance, foreign transaction, late payment, and returned payment charges. The department store cards for 600 credit score loans your score, the smoother your approval process for good rates on insurance plans, mortgages, business loans, and credit cards.
Rewards department store cards for 600 credit score loans. Consider if you want to avoid foreign transaction fees.
Our Pick For: Maximum Flexibility
5% cash back on two categories of your choice from a list of several options .
2% cash back on an everyday category of your choice, such as gas, groceries or restaurants.
1% cash back on other purchases.
Sign-up bonus: $200 bonus after spending $1,000 in eligible purchases within the first 120 days of account opening.
The U.S. Bank Cash+® Visa Signature® Card lets you choose from several 5% categories, and among the choices as of August 2022 are select department stores. When youre not shopping at department stores, you can change your categories within U.S. Banks quarterly window. The 0% introductory APR can also offer a nice interest-free break, which is especially useful if you spend big at department stores.
Not all department stores qualify. Spending at Walmart and Target isn’t eligible to earn the top 5% cash-back rate. Plus, you have to remember to opt in to bonus categories every quarter and keep spending caps in mind to qualify for that high rewards rate. Otherwise, youll earn 1%.
2% back on all purchases: 1% when you buy them and 1% when you pay them off.
Sign-up bonus:For a limited time, earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening.
This card’s standard offer doesn’t include a sign-up bonus. There’s also no 0% introductory APR for purchases.
Recommended Reading: What Determines Your Credit Score
How Do I Apply For A Store Card
The process of applying for department store cards for bad credit isnt all that different from that of applying for traditional cards. Usually, youll have to fill out an application, either online or in-store.
The application will require that you submit details like your name, address, Social Security number, and other details that allow the company to check your credit report with each credit bureau.
Most department store cards use banks, such as Comenity Bank or Synchrony Bank, to provide your credit limit. These banks usually have limited functions outside of providing credit lines for different card and loan products.
Store credit cards usually offer instant approval, which means that if you fill out your application in-store, youll get an answer at the register. If you fill out an application online, youll also get a decision right away. On the rare occasion, you may have to wait a week or so for your answer.
Some stores also offer an instant card number option, which allows you to charge your first purchase as soon as youre approved. In other cases, you will have to wait to receive your physical card.
Compare Benefits To Other Store Cards
Although the store cards for bad credit reviews on this list all offer great value, its a good idea to compare the benefits that youd get from a store card with benefits you could get from a traditional credit card you qualify for.
If the rewards youd get from an open-loop card from a major card provider are similar to the store card, its probably a good idea to choose the regular card. Whatever you may miss out on in terms of rewards youll make up for in versatility and ease of use.
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Top Tips For Using Store Credit Cards Responsibly
For many people, using a credit card is a normal part of life. Credit cards can be a useful financial tool, providing a way to make purchases and build credit. However, credit cards can also be a source of debt and financial stress. When used responsibly, credit cards can be a valuable asset. Here are some tips to help you use your store credit card responsibly:
Know your spending limit. Its important to know how much you can afford to spend on your credit card each month. This will help you avoid overspending and racking up excessive interest charges.
Pay your balance in full each month: If you only make the minimum payment on your credit card balance, youll end up paying more in interest charges over time. To avoid this, try to pay off your entire balance each month.
Use your credit card for emergencies only: Its tempting to use your credit card for everyday purchases, but this can quickly lead to debt. Instead, try to use your credit card only for major expenses or unexpected emergencies.
Stay disciplined with your payments: Once youve charged something to your credit card, its important to make timely payments each month. Missing payments
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