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If your sole purpose is to build credit, the Assent Platinum MasterCard® Secured Credit Card can help you do it. Approval requirements are low, and it reports your card activity to all three credit bureaus.
- No annual fee for the first year
- No minimum credit score or prior credit history required
- Reports card activity to all three credit bureaus
- High annual percentage rate (APR)
- Annual fee after the first year
- Requires a security deposit
The Assent Platinum MasterCard® Secured Credit Card is a no-frills secured card that can help you build credit from scratch or rebuild after some credit missteps. You don't need a minimum credit score or even a credit history to get approved, and all your activity is reported to the three national credit bureaus (Experian, TransUnion and Equifax).
Low Minimum Security Deposit
Like other secured credit cards, this one requires a security deposit to get approved. The minimum deposit amount is just $200, though, which is on the low end. If you want more, you can deposit up to $2,000—your credit limit will be equal to your deposit amount. The deposit is fully refundable after you close your account.
Even with a deposit, some secured credit cards limit who can get approved for an account. With the Asset Platinum MasterCard® Secured, however, you don't need a minimum credit score or a prior credit history to get approved. This makes this card especially beneficial for consumers looking for their first credit card or for those who don't have a great credit history but are trying to turn around their situation.
And with the card reporting your activity to all three credit bureaus, you can improve your credit regardless of where you are right now. Just remember to pay your credit card bill on time every month. Because payment history is the most important aspect of your credit score, moving up to cards with travel rewards and other perks in the future will depend largely on how you manage the credit you have.
Low Introductory Fee
Many credit cards for bad credit come with a slew of fees. With the Assent Platinum MasterCard® Secured Credit Card, however, the annual fee is $0 for the first year, then just $29 after that. If you can manage to improve your credit enough in the first year, you can avoid the ongoing annual fee altogether.
Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. All information, including rates and fees, are accurate as of the date of publication.