The Best Credit Cards for Poor Credit of 2012

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Obtaining a credit card when you have poor credit can be quite the challenge.  Often times, credit card issuers want nothing to do with your 600 FICO score because you’re seen as a risk.  Fortunately, if you look hard enough, there are a few unsecured credit cards tailored to consumers on the lower end of the FICO score ladder.

However, while you may be able to obtain unsecured credit, it will come at a price.  To compensate for the risk involved, card issuers generally charge high interest rates as well as mandatory annual fees.  Please find our favorite credit cards for individuals with poor credit below.  If you own a card with a low interest rate and low fees that hasn’t made our list, please let us know and we’ll gladly add it.

Capital One® Secured MasterCard®
	Get the credit you need with no processing fees or application fees Automatic reporting to the 3 major credit bureaus Track credit with access to your credit score and other tools Your refundable security deposit can get you a line up to $3000 You may qualify for credit line increases with no further security deposit required Use it like any MasterCard credit card, accepted at millions of locations worldwide
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed N/A* N/A* 22.90% (Variable)* $29.00* N/A* Bad Credit*

Orchard Bank Classic MasterCard – Second on our list are the Orchard Bank Classic MasterCards.  You won’t find a rewards program and the amenities that come with this card are limited but in terms of getting approved, Orchard Bank is very flexible.  Low FICO credit scores are routinely accepted but the annual fee for owning the Orchard Bank Classic MasterCard is $39 or $59 for the first year, or $0 – $49 Introductory the first year, then either $35 or $59 per year there after.*  You’ll also find an interest rate of 14.99% – 24.99%*.

Orchard Bank Visa Card – You won’t find much of a difference between the Orchard Bank Visa Card and Orchard Bank Classic MasterCards other than the logo in the bottom right corner.  Once again, you will be provided a small credit line to start and depending on your credit history you will be provided a purchase APR of between 14.99% and 19.99%* and an annual fee of $39 or $59 for the first year, or $0 – $49 Introductory the first year, then either $35 or $59 per year there after*.  I can tell you from personal experience that I own an Orchard Bank Visa Card and because of my long history with them, my annual fee is only $39.

First PREMIER Credit Card – If you’ve exhausted your credit options and are in desperate need of unsecured credit, find the First PREMIER Credit Card as your last option.  You might not believe the fees you see but here we go.  Annual fees are $75 for the first year and up to $123 for every year thereafter. The purchase APR is 49.99%!  Again, this card should be used only as your last option and only if you’re in a position to pay off the balance every month.

Walmart MoneyCardSM Visa® Prepaid Card
	No issuance fee online No credit check or bank account required No overdraft fees No minimum balance required Free Direct Deposit $10 bonus with qualifying Direct Deposit (for a limited time only) Use everywhere Visa debit is accepted, including shop online, pay bills, get cash at ATMs
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed N/A* N/A* N/A* $0.00* N/A* No Credit Check*

Published or updated May 5, 2012.