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Credit Cards

Unsecured Credit Cards for Bad Credit

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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Unsecured cards are the most popular type of credit cards available — they are simply regular credit cards. The term “unsecured” means that you don’t need to deposit money or use any other collateral in order to receive a line of credit — credit card issuers extend credit based on your credit history and various other factors. That’s why, if you have bad credit, it can be difficult to qualify for most good credit card deals. Poor credit is considered at or below a 579 credit score, and it signals to lenders that you’re a high-risk borrower.

Poor credit doesn’t make it impossible to access credit cards, however, but the key is to use credit responsibly so your credit score will improve and you’ll have a chance at qualifying for better deals.

We’ve put together this guide to help you understand the best options for people with bad credit.

Our top pick

Secured card: Discover it® Secured

The Discover it® Secured is our top pick for secured cards for numerous reasons — from the automatic monthly account reviews starting at eight months to the cashback program, this card provides exceptional benefits for cardholders.

Pros:

  • Automatic monthly account reviews: Starting at eight months, Discover will review your account to see if you qualify for receiving your security deposit back. If you have responsible credit management across all your credit products, you may be graduated to an unsecured card and recieve your security deposit back.
  • Cashback program: This card has a unique feature that’s uncharacteristic of secured cards — a cashback program where you can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Free FICO® Credit Score: You receive your free FICO® Credit Score with Discover Credit Scorecard as well as other credit information, like recent inquiries and revolving utilization. This is a great way to track your credit progress and checking your score doesn’t affect hurt your credit.

Cons:

  • High APR: Most secured cards have high APRs, and this one does, too. But, if you pay your balance in full each month, you won’t be charged interest.

Read our review of the Discover it® Secured. 

The risks of unsecured cards for bad credit

The majority of unsecured cards that accept people with bad credit have numerous fees that can have you questioning if the card is really helping you.

Here are several drawbacks you may see with unsecured cards for bad credit:

  • High APRs: Typical cards have APR ranges that max out around 25%, but unsecured cards for bad credit can have APRs near 30%. Also, since you have bad credit, you most often will receive the highest APR listed in the terms and conditions.
  • Annual fee: Many credit cards in general have annual fees, but this can often be outweighed by the added benefits provided. However, unsecured cards for bad credit often lack the added benefits that cards for good credit offer.
  • Program or processing fee: Unsecured cards for bad credit often charge a program or processing fee that serves to open your account and lets you access your credit.
  • Monthly service fee: This fee is characteristic of some unsecured cards and is another cost you have to keep in mind before applying since it can effectively lower your line of credit.

Credit card options when you have bad credit

Store credit cards

Odds are you’ve been asked to apply for a credit card while checking out at a store or online. The card offers often entice you with a rewards program or discount on your current purchase, and gets you thinking if you should apply. The card that you’re being offered is a store credit card and these cards can only be used at the issuing store. Since they are more likely to approve you compared with regular credit cards, they may seem like an easy way to establish credit, but there are some pitfalls to keep in mind.

Pros:

  • Good approval odds: Store cards are more likely to extend you credit than regular credit cards.
  • Rewards and discounts: Store cards often give you rewards for each purchase you make and send you card member discounts. This can be a great way to save money at stores where you frequently shop.

Cons:

  • Limited use: You most likely can only use your card in the issuing store. For example, a Target REDcardTM Credit Card can only be used for Target purchases.
  • High interest rates: Store cards tend to have higher interest rates than regular cards, so make sure you pay your statements in full and on time to avoid interest charges.

Store card options

Target REDcard™ Credit Card

Target REDcard™ Credit Card

Regular Purchase APR
25.15% Variable
Annual fee
$0
Rewards Rate
5% at Target & Target.com
Lowe’s Advantage Card

Lowe’s Advantage Card

Regular Purchase APR
26.99% Variable
Annual fee
$0
Rewards Rate
Get 5% off your eligible purchase or order charged to your Lowe's Advantage Card.
Home Depot Consumer Credit Card

Home Depot Consumer Credit Card

Regular Purchase APR
17.99%-26.99% Variable
Annual fee
$0

Secured credit cards

A secured credit card requires you to deposit money upfront, which acts as collateral in case your account defaults. The amount you deposit typically becomes your line of credit. For example, if you put down a $200 security deposit, that means you likely have a $200 credit limit; deposit more and your credit limit will increase. Typical security deposits are $200, but you can be asked to deposit more or less depending on the card.

Pros:

  • Less chance of overspending: Since your credit limit is equal to the amount you deposit, it’s unlikely you will have a high credit limit. This can prevent you from charging large amounts and falling into debt.
  • Great way to build or improve:Secured cards are our favorite way to build or improve credit since you are more likely to be approved for a secured card than an unsecured card if you have bad credit, and you can see your score rise with proper credit behavior and spending as little at $10 a month.

Cons:

  • Security deposit required: You may not have the money available for the required security deposit, therefore possibly ruling out your chances of a secured card.
  • Low credit limit: Your line of credit is equal to your security deposit and most people don’t have the money available to deposit hundreds or thousands of dollars, making your available line of credit lower than unsecured cards.

Secured card options

The Secured Mastercard® from Capital One is a good option for people who may not be able to afford a $200 security deposit since this card also offers a $49 or $99 deposit — but be aware that you don’t choose your deposit, Capital One does. So you may not receive the lower deposit.

Pros:

  • Potentially low security deposit: You may qualify for a $49 to $200 deposit. If you qualify for one of the lower deposits, you will still receive a $200 line of credit.
  • Access to a higher credit line: When you make your first five monthly payments on time, you receive a higher credit line.
  • Account reviews: Capital One reviews your account to see if you can be transitioned to an unsecured card and receive your deposit back. However, there is no set time frame for when your account will be reviewed.

Cons:

  • High APR: Similar to other secured cards, this card has a high APR that can be an issue if you carry a balance. A good rule of thumb is to pay each bill in full and on time to avoid interest charges.

Read our review of the Secured Mastercard® from Capital One.

Credit builder loans

A credit builder loan is when a lender (typically a credit union) puts funds into a savings account or CD and a borrower makes monthly payments until the amount is paid off. Typically, the borrower cannot access the funds until the balance is paid in full. Your savings act as collateral for the lender, so if you don’t make payments they know they won’t lose money.

The monthly payments you make include interest fees and often occur over a 12-, 18- or 24-month term. Credit builder loans can be a good way for you to improve your credit score and act as a forced savings since you can’t withdraw funds until you repay the amount you borrowed.

Pros:

  • Report to the credit bureaus: Credit builder loans report to the major credit bureaus, allowing you to rebuild or establish credit history — as long as you follow the terms of your loan and make timely payments.
  • Source of savings: Since the funds are placed in a savings account or CD, you have a forced savings that is accessible at the end of the loan term.

Cons:

  • Funds are locked: You can’t withdraw money borrowed until your loan is paid off. So if you need money upfront, a credit builder loan isn’t a good option.

Options

Self Lender

Credit builder loans at Self Lender offer 12 or 24 month loans where you pay back a loan from $520 to $1,663. Funds are deposited into a CD that’s FDIC-insured and earns interest. However, you cannot access the funds until the loan is paid off. There is a $9 non-refundable administration fee that you pay when you open your account. After that, you pay equal monthly payments for the term of your account (these payments include interest charges). Once you pay off the amount borrowed, you can access your funds plus interest earned.

Republic Bank

At Republic Bank, you can take out a credit builder loan for 12, 18 or 24 months with loan amounts of $500, $1,000 or $1,500. Your funds are placed in a CD that earns interest and is only accessible once the loan is paid. There is a $10 processing fee when you open your account. When you complete your monthly payments (which include interest), you can either withdraw your funds or leave them in a CD.

Unsecured credit card options for bad credit

An unsecured credit card is simply a regular credit card. Unlike secured cards, there is no minimum security deposit required to access a line of credit. These cards often provide higher credit limits than secured cards and can help you build credit when used responsibly.

Pros:

  • You won’t need to make a deposit to access your line of credit.
  • Unsecured cards typically have higher credit limits than secured cards. And, the two cards mentioned below both have credit limits starting at $300.

Cons:

  • Many secured cards for bad credit come with annual fees, so you’ll have to make sure the fee is worth it. If the unsecured card has an annual fee but no rewards, look for alternatives.

Capital One QuicksilverOne Cash Rewards Credit Card

The Capital One QuicksilverOne Cash Rewards Credit Card is a good unsecured card for those looking to earn cash back while building credit — just watch out for the $39 annual fee.

Pros:

  • You can earn 1.5% cash back on every purchase, every day. This is a decent rate considering this is a card for those with fair/limited credit.
  • When you make your first five monthly payments on time, you receive a higher credit line.

Cons:

  • This card comes with a $39 annual fee. Annual fees are common for cards aimed at people with poor credit, but you can find cards without annual fees like the Capital One Platinum Credit Card mentioned below. With this card, if you spend $2,600 a year, you’ll earn enough cash back to recoup the fee.
  • This card comes with a high APR that can be an issue if you carry a balance. Try to always pay on time and in full so you don’t incur interest charges.

Capital One Platinum Credit Card

The Capital One Platinum Credit Card is a decent option if you want a no-frills, unsecured credit card that can allow you to build credit without the distraction of rewards.

Pros:

  • When you make your first five monthly payments on time, you receive a higher credit line.
  • This card is no-frills, but that may be the best option for you if you think you may be tempted to overspend with a rewards card. You can use this card to build credit and work toward a higher credit score.

Cons:

  • Similar to most cards for less-than-stellar credit, there is a high APR. However, if you pay your balance on time and in full each month, this won’t be an issue.

Total VISA® Credit Card

The Total VISA® Credit Card is also accessible to those with poor credit, but it comes at a steep price —  a long list of fees. Apply with caution.

Terms

  • Regular purchase APR: See Terms
  • Cash advance APR: See Terms
  • Program fee: If approved, pay an $89.00 program fee to open your account and access your available credit.
  • Annual Fee: See Terms
  • Monthly servicing fee: None for first year (introductory). After that, $75 annually ($6.25 per month).
  • Additional card fee: $29 annually (if applicable)
  • Cash advance fee: None for first year (introductory). After that, either $5 or 5% of the amount of each cash advance, whichever is greater.
  • Late payment fee: Up to $39
  • Returned payment fee: Up to $39

What to watch out for

The Total VISA® Credit Card has numerous fees that make this card quite expensive to use, and many fees are not typical of mainstream credit cards. The APR is one of the highest on the market (See Terms for APR), and typical credit cards have APRs that max out around 25%.

Similar to Credit One, the annual fee (See Terms) for the Total VISA® Credit Card is deducted from your initial credit line, lowering your available credit until the fee is paid off:

Notice: The Annual Fee will be assessed before you begin using your card and will reduce the amount of credit you initially have available. Based on your initial credit limit of $300.00, your initial available credit will only be $225.00 (only $196.00 if you choose to have an additional card).

There is a monthly servicing fee of $75 annually ($6.25 per month) associated with this card that is quite steep and characteristic of cards for bad credit. Also, if you take out additional cards, you will be charged $29 annually. Considering the program fee, annual fee and monthly service fees, you’re looking at a jaw-dropping amount of fees with this card. In the first year, if you’re only considering the program and annual fee, you would be charged $164 and subsequent years would incur $123 in fees from the annual fee and monthly servicing fees.

Finally, watch out for the credit limit increase fee. Once your account has been open at least a year, Total VISA can charge you a 20% fee on credit limit increases. For example, if your limit is increased by $100, that’s a $20 fee.

Learn more

How to build credit

As someone with bad credit, it’s important to practice responsible credit behavior and follow several rules so you can improve your credit.

  1. Pay your bills on time: When you receive a bill, pay it as soon as possible and always before the due date. By paying on time, you won’t be charged a late payment fee and the lender won’t have to report your bad credit behavior to the credit bureaus. Use autopay features or set calendar alerts so you don’t forget.
  2. Pay your statement balance in full every month: Don’t carry a balance on your card because you’ll be charged interest on any overdue amounts and can fall into debt.
  3. Don’t max out your card: If you receive a $500 credit limit, don’t spend the full amount each month because that shows lenders you’re a risky client and negatively impacts your credit score. The amount of your available credit you use is known as utilization and the goal is to have a 20% or lower utilization rate — so spend $100 or less on a card with a $500 credit limit.

The information related to Total VISA® Credit Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

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Best of, Credit Cards

Best Credit Cards for Bad Credit November 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

If you have bad credit, it can be difficult to get approved for loans and credit cards. But it is not impossible. Even people with bad credit have options – which we will now explain.

What exactly is a bad credit score? When we’re talking about obtaining credit via credit cards, the magic number is somewhere between 620 and 650. If your credit score falls below 650, you’re going to have a difficult time obtaining credit from some of the larger lending institutions, and if it’s below 620, you’re going to have a difficult time obtaining credit from anyone — including smaller financial institutions like credit unions and independent marketplace lenders.

There are, however, some products for which you’ll have an easier time qualifying. Before you apply, make sure you’re prepared to be responsible with your new line of credit so you can boost your score and credit history rather than damaging it further. The best way to do this is to spend within your means by creating a budget and sticking to it. Here are some helpful tools to help you do just that. Remember to always pay your bill off in full on or before the due date each month to establish good credit.

Here are the products and topics we’ll be discussing today:

Check if You’re Pre-qualified

Before you apply for a credit card check if you’re pre-qualified from a variety of institutions. This does not hurt your credit score and is a good first step when looking to apply for credit. You can read our complete guide to getting pre-qualified for a credit card here.

Build Credit with Secured Credit Cards

If you are trying to rebuild your credit, one of the best approaches is to get a secured credit card. In order to get the card, you will have to write a check to deposit with the credit card company. This money will be your line of credit.

In order to effectively rebuild your credit, you must actually use the card, and we recommend not charging more than 20% of your credit line. For example, if you have a $500 credit line, you should not charge more than $100. Then, pay off your balance in full every single month. You can even build credit with $10 a month on a secured card and see your credit score rise.

After you’ve consistently managed your secured card well over a period of time, you may be able to increase your credit line beyond your initial deposit or migrate to an unsecured credit card. With most companies, this is a tedious process that you’ll have to initiate. You also aren’t guaranteed to get results even after you’ve made a request.

Discover operates differently than most companies in this realm, making it our number one pick for secured cards.

Discover it® Secured

If you’re looking for a secured credit card, look no further than the Discover it® Secured. On top of being great for people with a bad credit score, Discover will also accept applicants who have no credit history at all. Discover offers great ways for you to rebuild your credit and be on the way to an unsecured card.

Magnify Glass Pros

  • Bankruptcies May Be OK If you have a Chapter 7 bankruptcy on your credit report, it won’t automatically disqualify you from getting approved for a Discover it® Secured. However, there are no guaranteed approvals. This is a positive if you’ve had trouble getting a credit card in the past.
  • Helps You Rebuild Your Credit This is a legitimate way to rebuild your credit when you don’t qualify for other cards, or the agreement you are offered by another company is laden with fees and high interest rates.
  • Offers a Rewards Program Not only can you rebuild your credit, but you’ll also earn rewards points as you do so. This is a great feature that many secured cards don’t offer and is a reason why we consider Discover number one. Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically. For new cardmembers, Discover matches the cash back you earn at the end of your first year of card membership, automatically.
  • Easy to Transition to a Discover Account Without a Security Deposit Starting at eight months, Discover automatically reviews your account to see if you’re eligible to have your security deposit returned while continuing to enjoy the card benefits. This is typically a process you’d have to initiate with other lenders. It’s good to note that Discover reviews all loans, and credit cards including Discover when making their decision.

Cons Cons

  • Rewards Limited There’s a quarterly spending limit on the higher rewards rate — 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically. Regardless, that’s $20 back, which is a great reward when your goal is to increase your credit score.
  • Be Careful Not to Overspend As with the other cards in this review, you have to be careful that the rewards program doesn’t entice you to overspend. Otherwise, you run the risk of damaging your credit score further. Make sure that your primary goal, to raise your credit score, supersedes the urge to spend too much money in order to get rewards.
Bottom line

Bottom line

The Discover it® Secured is a fantastic product for those with bad credit. Pay your balance in full by the end of every statement period and your financial life is almost guaranteed to get rosier. You’ll even have the added benefit of rewards — just be careful not to let the rewards program lure you into overspending. With proper practices, you’ll be on your way to an unsecured card and a better credit score.

Read our full review of the Discover it® Secured

Also Consider

OpenSky® Secured Visa® Credit Card from Capital Bank N.A.

OpenSky® Secured Visa® Credit Card

This card does not do a credit check, and no bank account is needed to apply. This is beneficial for those with low credit scores or no access to a bank account. If you’ve filed for bankruptcy, you’re in luck because they don’t care to know, unlike other institutions. However, OpenSky® Secured Visa® Credit Card charges a $35 annual fee, which the Discover it® Secured does not. This can be a deal breaker if you don’t want to pay a fee, since there are many secured cards without fees.

For more options, read our article on the best secured credit cards with low deposit requirements.

Our Credit Union Favorite

If you’re looking to open a credit card with bad credit, it can be hard to find a card you qualify for. That’s where credit unions come in. They are sometimes more accepting of your credit history and have cards especially designed for people with low credit scores — helping your approval chances.

Visa® Classic from Georgia's Own Credit Union

Georgia’s Own Credit Union offers a variety of credit cards all with low interest. The Visa® Classic from Georgia's Own Credit Union is positioned toward those who need to rebuild credit and boasts a low APR. When you apply for a credit card on Georgia’s Own website you are directed toward an application that is for all credit cards they offer. This means that depending on your creditworthiness, you may not be directed to the Visa® Classic from Georgia's Own Credit Union as an option. Therefore, if you want to apply directly for the card, the best bet is to speak with a loan officer who will tell you if you’re pre-approved for the Visa® Classic from Georgia's Own Credit Union.

Visa® Classic from Georgia's Own Credit Union

Annual fee
$0
Regular Purchase APR
11.99-16.99% Variable
Credit required
fair-credit

Magnify Glass Pros

  • Good chance of getting approved Georgia’s Own tailored this credit card toward those needing to rebuild or re-establish their credit history. This gives those with bad credit a greater chance of being approved. Also, if your score is above 620, you are more likely to be approved.
  • Fair APR This card has a fair APR ranging from 11.99-16.99% variable. This is significantly lower compared to other cards targeted to people with less than perfect credit, with APRs as high as 25% or more. Although your goal is to pay every bill in full and on time each month, if you keep a balance, this low APR won’t accrue as much interest as other cards.

Cons Cons

  • Have to join the credit union In order to get this card, you have to join Georgia’s Own Credit Union. Anyone can become a member regardless of residence. If you don’t qualify for Georgia’s Own free eligibility options, you will have to join the GettingAhead Association, which has a $5 annual membership fee. The best bet is to speak to a loan officer (404-874-1166) and see if you’re pre-approved for the credit card, and if pre-approved, you can join GettingAhead while completing your credit card application. All members will also need to keep $5 in a savings account that must remain in the account while you have the card open.
  • Foreign transaction fee of 2% of the U.S. dollar amount of each transaction Make sure to leave this card at home when you travel abroad as you’ll be charged a foreign transaction fee of 2% of the U.S. dollar amount of each transaction. This is slightly lower than most cards, which charge a 3% foreign transaction fee, yet high enough to increase your bill significantly if you make purchases abroad.
  • No rewards program There is no rewards program for this credit card. Georgia’s Own offers several other cards that have rewards programs, but you may have a harder time qualifying if you don’t have a good credit score.
Bottom line

Bottom line

The Visa® Classic from Georgia's Own Credit Union is a good option for people who have a bad credit score. If you don’t mind joining a credit union and plan on practicing proper credit behavior, you can rebuild your credit score. Later on, you’ll be able to qualify for other credit cards that have rewards programs.

Read our full review of the Visa® Classic from Georgia's Own Credit Union

Best for Cash: Personal Loans

If you’re looking to get some cash in your pocket, credit cards in general aren’t your best answer. Cash advances are not ideal, and putting a purchase you can’t currently afford onto a credit card with a high interest rate attributable to your not-so-great credit score is going to be an expensive venture.

Instead, you’ll want to consider personal loans. They’re admittedly a little more work up front with the application process, but the savings can be worth it. You can check to see if you are prequalified without impacting your credit score at most lenders. And LendingTree has created a tool that lets you compare rates from dozens of lenders at once, without impacting your score.

LendingTree

LendingTree offers a one-stop tool that could help borrowers find numerous personal loan offers. After entering some basic information, you may receive offers from up to five different lenders in a matter of minutes based on your creditworthiness. If you prefer to go directly to the lender’s site you can use one of the options listed below.

LendingTree

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

LendingTree

Loan Amount
up to $50,000
Term
24 to 60 Months
APR Range
As low as 2.49%
Origination Fee
Varies
Credit Required
Minimum 500 FICO®
Soft Pull
Compare offers without hurting your score.

LendingTree is not a lender. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. Terms Apply. NMLS #1136.



As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 2.49% (2.49% APR) on a $20,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected). Terms Apply. NMLS #1136

Magnify Glass Pros

  • Check Multiple Offers at Once You can check personal loan offers from a wide range of lenders including Avant, LendingClub and Best Egg. The entire process happens online for no-cost and is fast and easy.
  • Soft Pull on Your Credit LendingTree performs a soft pull on your credit in order to provide you accurate loan offers from lenders. This does not affect your credit score and can give you a good picture of what to expect if you’re approved for a loan.

Cons Cons

  • Need to Create an Account to View Offers The only way to view your personal loan offers is to create an account at LendingTree. This is a minor step, but it does allow you the ease of saving your offers so you can review them later.
Bottom line

Bottom line

LendingTree offers a great tool that lets you easily check your rates for a variety of lenders, all in a matter of minutes. This is a great way for you to see what rates you may get and allows you to shop around for your best offer, without the hassle of going to multiple websites.

Avant

Avant offers personal loans even to those with less-than-desirable credit. Because there is no prepayment penalty, you can pay off your loan before the end of your term without consequence.

Avant

Loan Amount
$2,000 – $35,000
Term
24 to 60 Months
APR Range
9.95%-35.99%
Origination Fee
Up to 4.75%
Credit Required
580 Minimum Credit Score
Soft Pull
Checking your Loan Options will not affect your credit score.

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More


*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

Magnify Glass Pros

  • Apply Online The entire Avant application process happens online. This saves you the hassle of filling out paperwork and visiting a local branch.
  • Check Your Loan Options Before You Apply Avant allows you to check your Loan Options that you would be offered with a soft pull on your credit. This will not impact your credit score. This is helpful if you’re shopping around for different rates and gives you a realistic picture of what to expect should you choose Avant.
  • Could Save Money over Subprime Credit Cards Depending on the interest rate and upfront fee percentage you are offered, a personal loan from Avant could save you money over putting purchases on a subprime credit card. The ability to preview your interest rate can also help you compare between personal loans and other possible options.

Cons Cons

  • High Interest Rates Because you’re a subprime borrower, you’re not likely to qualify for the lowest interest rate offered. You’re more likely to be offered something closer to the 35.99% rate. This is a very high rate, and will add substantially to your loan repayments.
Bottom line

Bottom line

While there’s only one con for Avant’s personal loans, it’s a pretty big one. The interest rate can be extremely high, so do your math before deciding if this is a good product for you. And be sure to take advantage of the fact that they’ll let you check your interest rate before officially submitting your application. Use this feature to shop around for best offers and check if you qualify for a better loan

OneMain Financial

Avant is easier to apply for as the application process will take place online, but if you’re willing to go somewhere in person, you can also apply with OneMain Financial. Its application is also online, but in order to be approved, you’ll have to show up at a local branch with documentation backing the information you submitted at home.

OneMain Financial

Loan Amount
$1,500 – $20,000
Term
24 to 60 Months
APR Range
18.00%-35.99%
Origination Fee
1.00%-10.00%
Credit Required
Not specified
Hard Pull
If you apply for a loan, a hard pull will occur, which will place a credit inquiry on your report and can lower your score.

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Magnify Glass Pros

  • Same-day funds when you get a prepaid debit card or check, up to $10,000
  • No prepayment penalties
  • Several locations across 44 states

Cons Cons

  • High APRs up to 35.99%
Bottom line

Bottom line

If you have a lower credit score and are limited in your options to take out a personal loan, OneMain Financial could provide you with a solution. However, be sure you understand the loan terms and the full cost of the loan.

Last Resort: Subprime Credit Cards

Subprime credit cards are those that lending institutions issue to those with “bad” credit. They are not a good solution to your credit woes. They almost always come with high interest rates and a litany of fees — both of which make it difficult to use this product responsibly.

For example, First Premier makes a business out of lending to subprime borrowers with bad credit. Most of their applicants are only awarded a $300 line of credit. That’s after they pay up to a $95 fee just to apply (which is not a common practice in the credit card industry) and a $75 annual fee. If you are approved for a higher credit limit, your annual fee for the first year may be higher ($79-$125). In the second year, the annual fee drops ($45-$49), but at this point you are charged a $6.25-$10.40 account servicing fee every single month.

The cherry on top? The card’s APR is 36%. Heaven forbid you are ever late on a payment — your balance will skyrocket with the insanely high interest rate. Don’t forget about the late payment fee — up to $39.

Another example is Credit One Bank — not to be confused with Capital One Bank, though their logos do look eerily similar. Not every Credit One Bank credit card comes with outrageous fees. But if you are a subprime borrower, you’re likely to qualify for higher rates.

Your credit may not be great, but that doesn’t make subprime credit cards a “fair” product. You may qualify for other, better options that aren’t as laden with fees. That’s why we recommend you first check if you’re pre-qualified for offers then look at store cards and personal loans before choosing a subprime credit card.

Bad Credit FAQs

Co-branded store cards can be used as payment anywhere the credit card company, such as Mastercard or Visa, is accepted. Private label cards can only be used at the company’s store. For example, if you get a private label card for New York & Company (meaning it is not co-branded with Visa or Mastercard), you can only use it for purchases at New York & Company. You would not be able to use it at any other store.

Your best bet is to ask. If you are applying online, pick up the phone and call or use the company’s online chat if available.

If you have a physical card in front of you, you’ll notice that store cards always have the associated credit card company shown on the front, whether that be Visa, American Express, Mastercard, or another.

Private label cards tend not to display this information, though a major financial institution that a lot of companies work with for their private label cards is Comenity. If you have a card associated with Comenity Bank, it is likely a private label card.

No. Most businesses have an online application for their store cards.

Personal loans are typically issued by more reputable lenders who aspire to more transparency than those in the payday loan space. Payday loans are often advertised as having interest rates somewhere between 10% and 30%, but that interest is charged over a short period of time, making their effective APR (annual percentage rate) much higher. Some payday loans have an effective APR of 400% or more.

The lender isn’t likely to tell you that, though. Many businesses in this space are predatory. Payday loans also tend to come with outrageous fees.

While rates and fees on personal loans for those with bad credit aren’t ideal, they’re more than substantially lower than those of payday loans. Make no mistake about it: despite enticing advertising promises of deceptive payday lenders, personal loans are an infinitely better option.

Borrowing cash from your credit card company often comes with a fee of 1%-5%. That may not seem terrible when you look at the upfront fees of many personal loans, but you also have to account for interest.

Unlike purchases you charge to your card, interest on cash advances starts accruing immediately. You do not get to wait for your next statement to be issued. The interest rate for cash advances is also often higher than that of regular purchases.

A personal loan is an installment loan with a balance that will go down if you pay the minimum payment each month. This makes it far easier to manage than debt accrued via a cash advance. If you only pay the minimum payment on a cash advance each month, your balance will go up at a quick pace, potentially spiraling out of control.

First of all, the less you charge, the easier it will be to pay back. Since you have a bad credit score, you may have had issues with charging too much in the past and being unable to pay it off.

Secondly, around 30% of your credit score is made up of your credit utilization ratio. You find this ratio by dividing the amount of credit extended to you by the amount you have borrowed. By borrowing only 20% of your available credit, you reduce the risk of having your current balance negatively impacting your credit score.

It can sometimes take a year or more to see your score improve by 100 points if you are doing everything correctly and responsibly.

Yes, but only if you use them responsibly, paying the balance off in full every month. Keep in mind your credit utilization ratio here, too.

Potentially. Ten percent of your credit score is made up of something called “credit mix.” You don’t need to have every single type of credit in your credit report, but you should have more than one type. Here are the five that count:

  • Credit cards
  • Installment loans
  • Retail accounts
  • Finance company accounts
  • Mortgage loans

Conceivably, if you have a mortgage or business debt tied to your Social Security number or EIN, you might be able to get away with rebuilding your score through a personal loan (which is an installment loan). The key is to manage all of those debts well — and to do so consistently — especially since you already have bad credit.

No. Transactions on prepaid debit cards do not get reported to the credit bureaus. Also, it’s important to remember that many prepaid cards come with a ton of fees.

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If you’re planning to make a large purchase and pay it off over several months, you should consider a credit card that lets you carry a balance for an extended period of time without paying interest.

There are currently several credit cards available that offer 0% introductory APRs on purchases for more than a year. When deciding which one is right for you, in addition to the length of the introductory APR, you should look at the ongoing interest rate, the annual fee and the card benefits.

Based on our research of cards available through MagnifyMoney, as well as top cards offered by major issuers and credit unions, we have compiled a list of credit cards that offer the longest introductory APRs on purchases.

20-month no interest credit card

U.S. Bank Visa® Platinum Card

The U.S. Bank Visa® Platinum Card offers the longest introductory APR on purchases currently available. Cardholders receive a 0%* intro APR for 20 billing cycles on Purchases*. After that, a regular APR of 13.99% - 23.99%* (variable) applies.

The card also offers a 0% intro APR for 20 billing cycles on Balance Transfers*, then an APR of 13.99% - 23.99%* (Variable).

Additional U.S. Bank Visa® Platinum Card benefits:

  • $0* annual fee
  • Cellphone protection
  • Free TransUnion credit score

What to look out for. The U.S. Bank Visa® Platinum Card does not offer a rewards program. However, that is typical for a card offering such a long introductory APR on purchases and balance transfers. Additionally, if you transfer a balance to the card, you will be subject to balance transfer fees of either 3% of the amount of each transfer or $5 minimum, whichever is greater.

18-month no interest credit card

Wells Fargo Platinum card

Not far behind the U.S. Bank Visa® Platinum Card, the Wells Fargo Platinum card offers an introductory APR of 0% for 18 months, then a regular APR of 15.49%-24.99% (variable) will apply to any remaining balance or new purchases.

Cardholders also receive an intro APR on balance transfers of 0% for 18 months on qualifying balance transfers, then an APR of 15.49%-24.99% (variable).

Additional Wells Fargo Platinum card benefits:

  • $0 annual fee
  • Access to your FICO credit score through Wells Fargo Online
  • Auto rental collision damage waiver
  • Travel accident insurance
  • Travel and emergency assistance services
  • Cellphone protection
  • Overdraft protection

What to look out for. The Wells Fargo Platinum card also does not offer a rewards program. Additionally, the card comes with a balance transfer fee of either $5 or 3% for 120 days, then 5% with a minimum of $5.

TruWest Visa® Signature Card

Along with an extended introductory APR on purchases and a sign-up bonus, the TruWest Visa® Signature Card offers rewards on every purchase and access to Visa Signature benefits. Cardholders receive a 0% introductory APR for 18 months on purchases. After that, a low, ongoing APR of 7.90%-8.90% variable applies. Plus, cardholders earn 1 point per dollar spent, and up to 10 extra points per dollar spent when you sign up for the Get Extra Points Program.

Additional TruWest Visa® Signature Card benefits:

  • 0% introductory APR for 18 months on balance transfers, then 7.90%-8.90% variable APR
  • $0 annual fee
  • Earn $100 when you spend $100 in the first 90 days
  • Earn up to 1.5% cash back with the TruRewards program
  • Visa Signature benefits, such as hotel upgrades and concierge services

What to look out for. This card is restricted to TruWest Credit Union members, which includes people who live, work, own a business or go to school in select Arizona and Texas counties, or who are related to a current TruWest Credit Union member. You can read more about membership eligibility on TruWest’s website.

TruWest Visa Platinum Card

Like the TruWest Visa® Signature Card, the TruWest Visa Platinum Card also offers a 0% introductory APR for 18 months on purchases, then a low regular APR of 5.95% - 19.95% variable.

Additional TruWest Visa Platinum Card benefits:

  • 0% introductory APR for 18 months on balance transfers, then 5.95% - 19.95% variable APR
  • $0 annual fee
  • Low starting APR on purchases and balance transfers

What to look out for. Unlike the TruWest Visa® Signature Card, the TruWest Visa Platinum Card does not offer a rewards program. Also, keep in mind that the card is only available to TruWest Credit Union members.

TruWest Platinum Points Visa Rewards Card

The TruWest Platinum Points Visa Rewards Card also offers a 0% introductory APR for 18 months on purchases. After the intro period, the regular APR is 7.90% - 14.90% variable.

Similar to the TruWest Visa® Signature Card, the TruWest Platinum Points Visa Rewards Card offers a sign-up bonus and rewards program. Cardholders automatically earn up to 1 point for every $1 you spend, and earn up to 10 extra points per dollar spent. Plus, earn $100 when you spend $100 in the first 90 days.

Additional TruWest Platinum Points Visa Rewards Card card benefits:

  • 0% introductory APR for 18 months on balance transfers, then 7.90% - 14.90% variable APR
  • $0 annual fee
  • Automatically earn up to 1 point for every $1 you spend, and earn up to 10 extra points per dollar spent. Also, earn up to 1.5% cash back with the TruRewards program.

What to look out for. While they offer the same rewards rate, the TruWest Platinum Points Visa Rewards Card does not offer the same exclusive Visa Signature benefits, including hotel upgrades, as the TruWest Visa® Signature Card. Also, as with the other TruWest credit cards, the TruWest Platinum Points Visa Rewards Card is only available to TruWest Credit Union members.

15-month no interest credit card

Chase Freedom®

The Chase Freedom® offers a generous amount of cash back in popular spending categories, with a slightly shorter introductory APR period. The card provides a 0% Intro APR on Purchases for 15 months, then an APR of 14.99% to 23.74% variable. Plus, cardholders earn the following rewards rate: Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

Additional Chase Freedom® benefits:

  • Earn a $200 Bonus after spending $500 on purchases in your first 3 months from account opening.
  • 0% Intro APR on Balance Transfers for 15 months, then 14.99% to 23.74% variable APR
  • $0 annual fee
  • Purchase protection
  • Extended warranty

What to look out for. The Chase Freedom® only allows you to earn the higher bonus rate on the first $1,500 in combined purchases each quarter. Still, if you max out the $1,500 cap, you can earn $75 cash back per quarter.

Chase Freedom Unlimited®

The Chase Freedom Unlimited® offers the same introductory APR on purchases as the Chase Freedom®, but with a flat cashback rewards rate. Cardholders receive a 0% Intro APR for 15 months on purchases, then a regular APR of 14.99% - 23.74% variable.

Cardholders also earn a Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.

Additional Chase Freedom Unlimited® benefits:

  • N/A on balance transfers, then 14.99 - 23.74% variable APR
  • $0 annual fee
  • Complimentary three-month DoorPass membership from DoorDash (activate by Dec. 31, 2021)
  • Purchase protection
  • Extended warranty

What to look out for. While the Chase Freedom Unlimited® also offers a long introductory APR on balance transfers, keep in mind that the card charges a Either $5 or 5% of the amount of each transfer, whichever is greater.

Blue Cash Everyday® Card from American Express

Blue Cash Everyday® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply |  Rates & Fees

Blue Cash Everyday® Card from American Express

Intro Purchase APR
0% on purchases for 15 months
Intro BT APR
N/A
Regular Purchase APR
13.99%-23.99% Variable
Annual fee
$0
Rewards Rate
3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases.

Along with an intro 0% on purchases for 15 months on purchases, then a regular APR of 13.99%-23.99% variable, the Blue Cash Everyday® Card from American Express offers an elevated cashback rate in everyday spend categories.

Cardholders earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. Plus, earn a earn 20% back on purchases at amazon.com on the card in the first 6 months, up to $200 back. plus, earn $100 back after you spend $1,000 in purchases on your new card within the first 6 months

Additional Blue Cash Everyday® Card from American Express benefits:

  • $0 annual fee
  • Car rental loss or damage insurance
  • Complimentary ShopRunner membership
  • Terms apply.

What to look out for. The Blue Cash Everyday® Card from American Express limits the amount of cash back you can earn at the higher rate, however. Once you spend $6,000, you will only earn the lower cash back at U.S. supermarkets. However, if you max out the $6,000 spend cap, you will earn $180 back on those purchases.

To see rates & fees for the Blue Cash Everyday® Card from American Express, please click here.

The Amex EveryDay® Credit Card from American Express

The Amex EveryDay® Credit Card from American Express offers an intro APR of 0% for 15 months on purchases. After that, a regular APR of 12.99% - 23.99% variable will apply. Plus, cardholders earn 2x points at U.S. supermarkets, on up to $6,000 per year in purchases (then 1x), and 1x points on other purchases

Additional The Amex EveryDay® Credit Card from American Express benefits:

  • Introductory 0% for 15 Months on balance transfers, then a 12.99%- 23.99% variable APR will apply
  • $0 annual fee
  • $0 balance transfer fee.
  • 20% extra points when you use your card 20 or more times on purchases in a billing cycle
  • Payment flexibility

What to look out for. The Amex EveryDay® Credit Card from American Express does not offer a welcome bonus or rewards on the purchases you make with the card.

To see rates & fees for The Amex EveryDay® Credit Card from American Express, please click here.

Chase Slate®

With the Chase Slate®, you can enjoy a 0% Intro APR on Purchases for 15 months, then an APR of 16.74% - 25.49% variable applies. Additionally, the card offers a 0% Intro APR on Balance Transfers for 15 months, then 16.74% - 25.49% variable APR. You also get a Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.

Additional Chase Slate® benefits:

  • $0 annual fee
  • No penalty APR
  • Free credit score access through Credit Journey

What to look out for. The Chase Slate® does not offer a rewards program.

Wells Fargo Cash Wise Visa® card

The Wells Fargo Cash Wise Visa® card offers a straightforward approach to earning rewards, as well as an intro APR of 0% intro APR for 15 months on purchases and qualifying balance transfers on purchases. After that, a regular APR of 14.49%-24.99% (variable) applies.

Cardholders earn unlimited 1.5% cash rewards on purchases. The card also offers a Earn a $150 cash rewards bonus after spending $500 in the first 3 months.

Additional Wells Fargo Cash Wise Visa® card benefits:

  • Intro APR of 0% for 15 months on qualifying balance transfers on balance transfers, then 14.49%-24.99% (variable) APR
  • $0 annual fee

What to look out for. The Wells Fargo Cash Wise Visa® card charges a balance transfer fee of either 5%. After that, up to 5% for each balance transfer, with a minimum of $5.

Additionally, cash redemptions are only available in increments of $25 by phone or online, and in increments of $20 from a Wells Fargo ATM. You must have a Wells Fargo debit or ATM card to redeem rewards at a Wells Fargo ATM.

American Express Cash Magnet® Card – $150 Welcome Offer

American Express Cash Magnet® Card

Apply Now Secured

on American Express’s secure website

Terms Apply |  Rates & Fees

American Express Cash Magnet® Card

Regular Purchase APR
13.99%-23.99% Variable
Intro Purchase APR
0% on purchases for 15 months
Intro BT APR
N/A
Annual fee
$0
Rewards Rate
Unlimited 1.5% Cash Back on your purchases
Credit required
good-credit
Excellent/Good

Similar to the Wells Fargo Cash Wise Visa® card, the American Express Cash Magnet® Card – $150 Welcome Offer lets you earn unlimited 1.5% cash back on your purchases, as well as an intro APR of 0% on purchases for 15 months. After that, a regular APR of 13.99%-23.99% variable applies.

Cardholders also earn a $150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership.

Additional American Express Cash Magnet® Card – $150 Welcome Offer benefits:

  • $0 annual fee
  • Payment flexibility
  • Car rental loss and damage insurance
  • Complimentary ShopRunner membership

What to look out for. With the American Express Cash Magnet® Card – $150 Welcome Offer, you can only redeem rewards as statement credits.

To see rates & fees for the American Express Cash Magnet® Card – $150 Welcome Offer, please click here.

PNC Core® Visa® Credit Card

The PNC Core® Visa® Credit Card is a basic card that offers an Introductory 0% APR on purchases for the first 15 billing cycles following account opening, then a 11.74%-21.74% variable APR will apply. The card also offers a 0% introductory APR for the first 15 billing cycles following account opening when the balance is transferred within the first 90 days following account opening, then a 11.74%-21.74% variable APR.

Additional PNC Core® Visa® Credit Card benefits:

  • $0 annual fee
  • Earn a $100 bonus after you make $1,000 in the first 3 billing cycles following account opening

What to look out for. While the PNC Core® Visa® Credit Card offers a sign-up bonus, it does not offer rewards on the purchases you make using the card.

Truly Simple® Card from Fifth Third Bank

The Truly Simple® Card from Fifth Third Bank comes with limited benefits and has no rewards program; however, cardholders can enjoy a 0% introductory APR for the first 15 billing cycles after your account is opened on purchases, then a regular APR of 11.99% - 22.99% variable. The card also offers a 0% introductory APR for the first 15 billing cycles after your account is opened on balance transfers, then 11.99% - 22.99% Variable APR.

Additional Truly Simple® Card from Fifth Third Bank:

  • $0 annual fee
  • No penalty APR
  • Access to Mastercard Global Service and Mastercard Priceless Cities

What to look out for. This card is limited to residents of Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia.

BB&T Bright Credit Card

The BB&T Bright Credit Card is a no-frills card that offers a 0% intro for 15 months on purchases, then 12.74% - 21.74% variable APR, as well as a 0% intro for 15 months on balance transfers, then a 12.74% - 21.74% variable APR.

Additional BB&T Bright Credit Card benefits:

  • Access to discounts through BB&T Deals
  • Travel and emergency assistance services
  • Auto rental collision damage waiver

What to look out for. The BB&T Bright Credit Card comes with balance transfer fees of 3% or $10 minimum on transactions greater than $10. Additionally, the card is restricted to residents of Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, D.C. and West Virginia.

Visa® Platinum Preferred Rewards from APG FCU

Offered by the APG Federal Credit Union, the Visa® Platinum Preferred Rewards from APG FCU comes with a 0% intro APR for 15 months on purchases, then 12.49% - 17.99% variable APR.

The card also offers the following sign-up bonus: Earn 1,000 free Welcome points at sign up and 2,500 free Thank You points at first purchase.

Additional Visa® Platinum Preferred Rewards from APG FCU benefits:

  • 0% intro APR for 15 months on balance transfers, then 10.99% to 17.99% variable APR
  • $0 annual fee

What to look out for. To qualify for this card, you must be a member of APG FCU and live, work, worship, attend school or volunteer in Harford or Cecil County in Maryland or certain areas in Middle River, Maryland.

KeyBank Latitude® Credit Card

The KeyBank Latitude® Credit Card offers a 0.00% Introductory APR for the first 15 monthly billing cycles on purchases. After the intro period ends, a regular APR of 9.99% - 19.99% variable applies.

Additional KeyBank Latitude® Credit Card benefits:

  • 0.00% Introductory APR for the first 15 monthly billing cycles on balance transfers, then 9.99% - 19.99% Variable APR
  • $0 annual fee

What to look out for. This card is restricted to applicants who live in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington. The card also comes with a balance transfer fee of either $10.00 or 3% of the amount of each transaction, whichever is greater.

When is a personal loan better?

Being able to avoid interest charges on a large purchase can save you a lot of money. So, if you can apply for a 0% intro APR credit card that doesn’t charge an annual fee, that will most likely be your best bet. However, there are a few circumstances where a personal loan might be a better option:

  • You need a longer period of time to pay off a large purchase. Personal loans are considered installment loans, meaning you can borrow one lump sum that you pay off in fixed monthly payments over a specific time frame. Depending on your credit, there are personal loans available with interest rates as low as 4% and payment terms as long as 84 months.By contrast, 0% intro APR credit cards offer interest-free periods on purchases for up to 20 months. If you don’t pay your balance in full within that period, you may be subject to interest charges often ranging from 12% to 24%. Keep in mind, though, you can find cards with lower interest rates in this post.
  • You need cash instead of plastic. For example, you might need to pay a contractor who does not accept credit cards. If you need cash, a personal loan usually makes more sense than a credit card, since credit cards often charge cash advance fees and high interest rates on cash advances. The Chase Slate® card, for example, charges a cash advance fee of Either $10 or 5% of the amount of each transfer, whichever is greater, and comes with a cash advance APR of 26.74% Variable.

If you’re considering a personal loan, you can compare and apply using our personal loan comparison tool, which allows you to check interest rates and see what your chances of approval are without hurting your credit score.

The information related to the Chase Freedom®, Chase Freedom Unlimited®, Chase Slate®, Wells Fargo Cash Wise Visa® card and The Amex EveryDay® Credit Card from American Express has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information. 

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