Best Credit Cards for a 500 Credit Score (or Below)

If you have a bad credit score in the 500s or lower, you’ve likely struggled to get loans of any kind (or had other credit card applications rejected). It may have left you wondering if it’s possible to get financed at all.

While it’s very possible to get a credit card with scores in the 500s or below, you should think deeply about your rationale for getting one. It’s usually for one of two reasons:

1. To help rebuild your credit (a wise reason).
2. To get access to an unsecured, high-limit credit card to help you pay off existing debts or buy necessities (a dangerous reason).

Getting a high-limit credit card with bad credit is dangerous because you’ll most likely displace your existing debt onto this credit card. And any credit card you can get with a credit score around 500 is almost guaranteed to have an extremely high interest rate, making your struggle with debt even worse.

With that said, you can have access to both secured and unsecured credit cards with a credit score in the 500s or lower. Just be sure you’ve mapped out your financial strategy before applying.

Unsecured credit cards for a 500 credit score (or lower)

It’s more difficult to get approved for an unsecured (no deposit) credit card when you have a bad credit score in the 500s or lower. Your low credit score indicates that you’re less likely to repay your debts, which means the credit card issuer takes on a significant amount of risk when they extend credit to you.

To offset that risk, any cards you’re eligible for with a 500 credit score will have very high interest rates. So while there are unsecured cards for bad credit on offer, you should beware of the inherent risks of getting one.

Warnings aside, here are some of the best unsecured credit cards you can get with a 500 credit score:

Petal 1® Visa®

Credit One Bank® Platinum Visa® for Rebuilding Credit

Total Visa® Card

Secured credit cards for a 500 credit score (or lower)

Secured credit cards are designed for people with bad credit, so it’ll be easy for you to get one if your score is in the 500s (or even lower). While they’re not very exciting (having no or very limited credit card points or rewards), they are excellent tools for rebuilding your credit.

With a secured credit card, your credit limit is determined by how much you deposit. So while you could have a secured card with a $10,000 credit limit, you’d need to deposit that amount first, and then be prepared to lose it if you don’t pay your credit card bills.

It’s a better idea to deposit enough money to use the card semi-regularly. When you pay on time (and in full) each month, you’ll gradually build up a positive payment history on your credit report, improving your score over time.

Here are the best secured credit card options for a 500 credit score (or lower).

Discover it® Secured Credit Card

Capital One® Quicksilver® Secured Rewards Card

OpenSky® Secured Visa® Credit Card

Capital One® Platinum Secured Credit Card

How to choose a credit card for a 500 credit score

• Map out a financial plan: If you want to perform a balance transfer, make sure you understand how much you’ll pay in fees over time to find out if you’ll actually save money. If you want an unsecured and high-limit credit card, make sure you know how you’ll pay it off later on.
• Keep an eye out for fees: Credit cards with rewards frequently come with annual fees. Be sure you’ll be able to earn back more in rewards than what you pay in fees.
• Apply based on your spending habits: Certain cards emphasize different kinds of rewards. For instance, if you’re frequently filling up at the gas station, get one that rewards you for gas payments.

FAQs

Can I get a credit card with a credit score in the 500s or lower?

Yes—even with a bad credit score in the 500s, you can get approved for unsecured (no deposit) and secured credit cards. However, they’ll have much higher interest rates and limited rewards. Credit cards you’re eligible for in this range are better thought of as tools to rebuild your credit that you use sparingly and always pay off in full and on time to help boost your score.

Over time, as your credit score improves, you can apply for upgrades or cards from other issuers.

Should I get a credit card with a bad credit score in the 500s?

As long as you’re prepared to use your card in a responsible and disciplined manner, you should get one, despite your bad credit score. In fact, getting a credit card is one of the easiest ways to help you recover from a 500 credit score and get you back into the fair or even good credit range quickly.

We recommend getting a secured card to ensure that you remain financially disciplined, but receive all of the associated benefits of using a credit card to generate a positive payment history on your credit report.