Credit Building Cash Back Cards: Your Source For Credit Improvement and Cash Rewards

Credit Cards are available for all credit scores

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Welcome to Credit and Cents and to the world of Credit Building Cash Back Cards, where you can simultaneously enhance your credit history and earn attractive cash back rewards.

In just a mere 10 minutes, you can unlock the potential of our featured credit building cash back credit cards, tailored to various credit profiles. Credit and Cents is your partner in building financial awareness on your journey to financial freedom. 

Featured Credit Cards for All Credit Types:

Our careful selection of credit cards caters to individuals with diverse credit backgrounds, whether excellent, good, average, poor, or new to credit. These cards have been meticulously chosen to assist you in achieving your twin goals of earning cash back rewards and elevating your creditworthiness within a short timeframe.

Credit Card Wisdom:

At its core, a credit card serves as a powerful tool for credit rebuilding. Make informed choices based on your credit profile and financial preferences. Track your credit progress over time, emphasizing responsible card usage (keeping balances low and paying on time every month) as a key factor in credit building and improvement.

Compare and select from our leading credit card options offered by banks specializing in credit building and cash back rewards so that you can choose the right credit card for your credit journey.  All the cards below can be used to make purchases anywhere credit cards are accepted.

Credit Card	Ideal For	Highlights
Upgrade Triple Cash Rewards Visa® Apply Now or Learn More	Those with excellent, good or fair credit, looking for cash back or to pay for large purchases in installments Unsecured credit card for those with credit scores of 580+	·  No annual fee ·  Get up to 3% cash back on select categories ·  Pre-qualify with no credit impact ·  Credit limit: $500-$25,000 ·  APR: 14.99%-29.99% var
Upgrade Cash Rewards Visa® Apply Now or Learn More	Those with excellent, good or fair credit, looking for cash back or to pay for large purchases in installments. Unsecured credit card for those with credit scores of 580+	·  No annual fee ·  Get 1.5% cash back on your purchases ·  Pre-qualify with no credit impact ·  Credit limit: $500-$25,000 ·  APR: 14.99%-29.99% var
OpenSky® Plus Secured Visa® Card   Apply Now or Learn More	Those with poor/limited credit/ rebuilding (no credit check necessary to apply) No annual fee secured credit card with cash back	·  No annual fee ·  Up to 10% Cash Rewards ·  Credit limit: $300-$3,000 ·  Make smaller partial payments towards          funding your security deposit over 60 days ·  APR: 29.49% var
OpenSky Launch Secured Visa® Credit Card Apply Now or Learn More	Those with poor/limited credit/ rebuilding (no credit check necessary to apply)	·  Opportunity for graduation to an unsecured product ·  Up to 10% Cash Rewards ·  Low starting deposit of $100 ·   Annual Fee: $24-$36 ·   APR: 29.49% var
Reflex Mastercard® Credit Card Apply Now or Learn More	Those with fair/poor/bad/limited credit (all credit types welcome to apply for this unsecured credit card)	·   No deposit required ·  Pre-qualify with no credit impact ·   Credit limit: $300-$1,000 ·   Annual Fee: $75-$125 ·   APR: 35.90% Fixed
Surge Mastercard® Credit Card Apply Now or Learn More	Those with poor/fair/damaged credit (all credit types welcome to apply for this unsecured credit card)	·   No deposit required ·   Credit limit: $300-$1,000 ·   Pre-qualify with no credit impact ·    Annual Fee: $75-$125 ·    APR: 35.90% Fixed

Understanding FICO Credit Score Ranges:

• • Excellent credit:   800 – 850
  • Very Good credit: 740 – 799
  • Good credit:          670 – 739
  • Fair credit:             580 – 669
  • Poor credit:           300 – 579

Higher credit scores get lower interest rates (APRs)

If your credit score is over 580 we recommend:

• our exclusive Upgrade credit cards that extend rich cash back benefits – up to 3% cash back (generally requires a score of 580+ for approval). Scroll below to learn more and apply.

If you are new to credit or your credit score is in the low to mid 500s, we recommend:

• the no annual fee OpenSky Plus Secured Visa Credit Card, a rarity in its category by offering no annual fee and cash back.

We list credit cards below for everyone across the entire credit spectrum including several card options for those looking to build (or re-build) their credit history. Choose from Trusted Options to Establish and Improve Your Credit Score. Apply Now!

Credit Card Options for Different Credit Scores:

For cash back and for individuals with credit scores of 600+ we recommend the market leading  —  Upgrade Triple Cash Rewards Visa card. This no annual fee card offers unlimited 3% cash back on Home, Auto, and Health categories, and 1% on all other purchases.

Would you like to earn cash back for your credit card purchases?

For individuals with Good or Fair credit score (580 +), we recommend the industry differentiating no annual fee credit building cash back Upgrade Visa Cards that provide up to 3% unlimited Cash Back on select categories.

If you have already started building credit, then apply for the Credit Building Cash Back Cards from Upgrade that meets your goal of earning cash back and building credit at the same time. 

Credit Building Cash Back Cards option 1 — The Upgrade Triple Cash Rewards card combines credit building and cash back — earn a high 3% unlimited cash back on select categories.

Unlike typical credit cards, which allow you to carry a revolving balance indefinitely, accruing interest on the outstanding amount, the Upgrade credit cards operate more like a personal loan. While regular credit cards can lead to increasing debt due to variable interest rates, the Upgrade cards offer a fixed interest rate on your balance. You also benefit from the flexibility of making extra payments at any time without penalty. Depending on your approval, you’ll have the option to repay your balance over a set term of 24, 36, or 60 months, with automatic monthly payments directly from your bank account. This structure helps you pay down your debt in consistent, equal installments.

In addition to its low carrying costs, the Upgrade credit cards allow you to check your potential credit limit without triggering a hard inquiry on your credit report. This is especially beneficial for those with lower credit scores, as hard inquiries can temporarily lower your score. A hard credit check only happens once you accept the card’s terms. This ability to prequalify without affecting your credit score is a unique feature compared to the other traditional credit cards, making it ideal for those who want to explore their options without risking any impact on their credit.

Upgrade Triple Cash Rewards Visa® Card

Ideal for: Those with fair/average/good credit (and interested in earning  up to 3% unlimited cash back on selected categories). Upgrade cards are credit cards + personal loan – all in one. 

Apply

The Upgrade Triple Cash Rewards Visa® is an exciting credit card offering from the financial startup Upgrade. Similar to the Upgrade Cash Rewards Visa®, it combines the features of a credit card and personal loan while providing cash-back rewards.

• $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*

• Unlimited cash back on payments: 3% on Home (Lowe’s, Home Depot, Wayfair etc), Auto (Tires.com, Goodyear etc) and Health (Walgreens, CVS, etc.) categories and 1% on everything else after you make payments on your purchases

• Versatile Usage: This card can be utilized in two ways:

  • As a personal loan: Request funds to be deposited into your bank account, up to your credit limit, and repay the loan over a set period with a fixed interest rate and a 5% cash advance fee.

  • As a credit card: Make purchases wherever Visa cards are accepted, including Apple Pay or Google Pay. Unpaid balances convert into a fixed-rate loan with equal monthly installments.

• Building Credit with Ease: The Upgrade Triple Cash Rewards Visa® is ideal for those with fair credit (FICO scores of 580 and above). On-time payments are reported to the three major credit bureaus, contributing to the gradual improvement of credit scores

Key Features:

• Annual Fee: $0

• Credit Limit: Typically $500 to $25,000 (can be as high as $50,000 – See Terms)

• Rewards: 3% cash back on specific categories, 1% on other purchases

• APR: 14.99%-29.99%

• Foreign Transaction Fee: Up to 3%

• Balance Transfer Fee: Up to 5%

• You’re protected against unauthorized transactions with Visa’s Zero Liability Policy

Points to note:

• The cash back you earn will automatically be applied to your credit card balance each month upon making your credit card payment.

• The Upgrade Triple Cash Rewards Visa® doesn’t offer a purchase APR grace period. That is, once you swipe your card, you’ll begin accruing interest that same day.

Unique Benefits: No security deposit, preapproval without affecting credit scores, fixed monthly payments, and no prepayment penalty.

Who should consider it?

The Upgrade Triple Cash Rewards Visa® offers a unique blend of features, making it an appealing choice for those seeking enhanced cash back or looking to manage interest expenses on purchasing big ticket items, and desiring credit-building opportunities.

Apply Now or Learn More

*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer.

Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.

State Exclusions: Not available in DC, IA, WV, WI. The card is issued by Cross River Bank.

How much cash back can you earn per month using the Upgrade cards? Check out below our Cash Back Calculator.

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Application Process:

Applying for the Credit Building Cash Back Upgrade visa cards is a breeze:

1. Submit basic information

2. Once you are approved, select continue

3. Verify social security number and employment information

4. Review agreements

5. Link bank account for auto pay

6. Card is issued

Credit Building Cash Back Cards option 2 — The Upgrade Cash Rewards Visa card combines credit building and cash back — earn unlimited 1.5% cash back on credit card purchases. 

Upgrade Cash Rewards Visa®

Ideal for: Those with fair/average/good credit and interested in earning unlimited cash back on card purchases. Upgrade cards are credit cards + personal loan – all in one. 

Apply

The Upgrade Cash Rewards Visa® stands out for its potential to save you significant money compared to regular credit cards. This card offers appealing features, including a no annual fee, a 1.5% return on all expenses, and the option to deposit your credit line into a bank account.

• $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*

• Discover Savings: The Upgrade Cash Rewards Visa® stands out for its potential to save you significant money compared to regular credit cards. Your credit card debt is effectively turned into a personal loan with fixed monthly installments and a term limit between 12 and 60 months. This saves you on interest expenses compared to making minimum monthly payments with regular credit cards.

• Cash Back on all purchases – Earn 1.5% cash back on all your credit card purchases – simple and convenient.

• Unlock Financial Rewards and Build Credit: The Upgrade Cash Rewards Visa® can be a good choice for anyone with fair credit (defined by FICO as between 580 and 669) who has had problems being approved for other rewards credit cards.

• Versatile Usage: This card can be utilized in two ways:

  • As a credit card: Make purchases wherever Visa cards are accepted, including Apple Pay or Google Pay. Unpaid balances convert into a fixed-rate loan with equal monthly installments.

  • As a personal loan: Request funds to be deposited into your bank account, up to your credit limit, and repay the loan over a set period with a fixed interest rate and a 5% cash advance fee.

Key Features:

• Annual Fee: $0

• Credit Limit: Typically $500 to $25,000 (can be as high as $50,000)

• Rewards: 1.5% cash back on all credit card purchases every time you make a payment

• APR: 14.99%-29.99%

• Foreign Transaction Fee: Up to 3%

• Balance Transfer Fee: Up to 5%

• You’re protected against unauthorized transactions with Visa’s Zero Liability Policy

Points to note:

• The 1.5% cash back you earn will automatically be applied to your credit card balance each month upon making your credit card payment.

• The Upgrade Cash Rewards Visa® doesn’t offer a purchase APR grace period. That is, once you swipe your card, you’ll begin accruing interest that same day.

Unique Benefits: No security deposit, preapproval without affecting credit scores, fixed monthly payments, and no prepayment penalty.

Who should consider it?

The Upgrade Cash Rewards Visa® is a good fit for individuals with fair credit (FICO scores between 580 and 669), who face challenges getting approved for other rewards credit cards. This includes those individuals who are new to credit or with a history of credit blemishes.

Apply Now or Learn More

*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer.

Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.

State Exclusions: Not available in DC, IA, WV, WI. Cross River Bank issues the card. 

Upgrade, Inc. founded in 2016, offers credit and banking solutions, including fixed-rate credit cards and loans. If Upgrade’s credit building cash back cards aren’t the perfect fit for you, explore our secured credit cards, unsecured credit cards, and personal loan options.

Read our blog on Best Cash Back Credit Cards and how Upgrade Cards provide great value for cardholders.

Frequently Asked Questions (FAQs) – Upgrade Credit Cards

Is it difficult to secure approval for an Upgrade Cash Rewards Visa® or Upgrade Triple Cash Rewards Visa®?

Getting approved for Upgrade credit cards is not a difficult process. Even individuals with fair credit, falling within the FICO score range of 580-669, stand a chance of approval. Additionally, when you submit your application, Upgrade avoids conducting a hard credit inquiry unless your approval is confirmed.

What credit limit can I expect with Upgrade credit cards?

Upgrade specifies that the maximum credit limit for the Upgrade Cash Rewards Visa® is $50,000. However, the majority of approved cardholders typically receive credit limits ranging from $500 to $25,000.

How do Upgrade credit cards differ from other credit cards?

Upgrade credit cards uniquely combine a revolving credit line with a conventional personal loan structure. The significant distinction between Upgrade and regular credit cards lies in the payment structure. With Upgrade, your payments are organized to efficiently repay your balance on time. Essentially, your debt transforms into a personal loan featuring fixed monthly installments and a term limit spanning from 12 to 60 months.

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Unsecured Credit Building Credit Cards

Unsecured Credit Cards for bad/poor credit scores are available and suggested for those individuals unable (or unwilling) to put up the security deposit required for the Secured Cards. The unsecured cards listed below can help build credit without having to place a deposit. However, please note that most of these cards generally have higher annual fees (than secured cards) and are usually recommended as a “last resort” for use only for a short term for credit building (or rebuilding). 

Reflex® Platinum Mastercard® – Unsecured (No Deposit) Credit Card

Ideal for: Those with fair/poor/bad/limited credit (all credit types welcome to apply), and looking for a short term solution to build credit score without placing a deposit for secured cards.

Ideal Vantage 3.0 Score Range: 500 to 680. Average approved customer score is around 600.

Apply

Product Highlights:

·       Credit Limit Range: $300 – $1,000 ($300, $500, $750, $1,000)

·       AF: Varies between $75-$125 (See Terms)

·       APR: 35.90% Fixed

Product Description:

• Up to $1,000 Initial Credit Limit

• See if you Pre-Qualify with No Impact to your Credit Score

• Less than perfect credit? We understand. The Reflex Mastercard is ideal for people looking to rebuild their credit

• Unsecured credit card requires No Security Deposit

• Perfect card for everyday purchases and unexpected expenses

• Monthly reporting to the three major credit bureaus

• Access to your Vantage 3.0 Score from Experian (when you sign up for e-statements)

• Use your card everywhere Mastercard is accepted at millions of locations

• Enjoy peace of mind with Mastercard Zero Liability Protection for unauthorized purchases (subject to Mastercard guidelines)

• Checking Account Required

• See if you are Pre-Qualified with no impact to your credit score

Apply Now or Learn More

The Reflex® Mastercard® Credit Card and the Surge® Mastercard® Credit Card are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC under license from Mastercard International and serviced by Continental Finance Company, LLC. Applications cannot be accepted from MA, CO, WV, WA & IL at this time for Reflex and Surge cards.

Surge® Platinum Mastercard®  – Unsecured (No Deposit) Credit Card

Ideal for: Those with poor/fair/damaged credit (all credit types welcome to apply), and looking for a short term solution to build credit score without placing a deposit for secured cards.

Ideal Vantage 3.0 Score Range: 500 to 680. Average approved customer score is around 600.

Apply

Product Highlights:

·       Credit Limit Range: $300 – $1,000 ($300, $500, $750, $1,000)

·       AF: Varies between $75-$125 (See Terms)

·       APR: 35.90% Fixed

Product Description:

• Up to $1,000 Initial Credit Limit

• See if you Pre-Qualify with No Impact to your Credit Score

• Less than perfect credit? We understand. The Surge Mastercard is ideal for people looking to rebuild their credit

• Unsecured credit card requires No Security Deposit

• Perfect card for everyday purchases and unexpected expenses

• Monthly reporting to the three major credit bureaus

• Access to your Vantage 3.0 Score from Experian (when you sign up for e-statements)

• Use your card everywhere Mastercard is accepted at millions of locations

• Enjoy peace of mind with Mastercard Zero Liability Protection for unauthorized purchases (subject to Mastercard guidelines)

• Fast and easy application process; results in seconds

• Online account access 24/7

• Checking Account Required 

Apply Now or Learn More

Credit Building Credit Cards For Individuals With Poor/Limited/No Credit 

Secured Card options

While not everyone may be inclined to make a security deposit for credit access, it doesn’t diminish the appeal of secured cards compared to unsecured ones, especially when focused on credit building. If you have the means to provide the deposit, these cards serve as a stepping stone, helping you progress toward cards offering enhanced features.

Understanding Secured Credit Cards: What to Keep in Mind

Secured credit cards bring valuable features that may not be readily available with unsecured credit cards designed for those with bad credit. As you embark on the journey to find a secured card, consider these key factors:

1. Affordable Security Deposit: Begin your search by focusing on secured cards with a minimum security deposit that aligns with your budget.

2. Benefits for On-Time Payments: Look for cards that reward timely payments. Some secured cards offer opportunities such as credit limit increases or a pathway to graduate to an unsecured card.

Remember, the goal is to view your security deposit as more than just a requirement for credit access; it’s an opportunity for financial growth.

Our Approach to Selecting the Best Secured Credit Cards

In our selection process, we prioritized both accessibility and utility. Since secured cards involve a significant security deposit, we concentrated on options with a low minimum deposit for easier card opening or a high maximum deposit for accelerated credit building. Additionally, we considered cards offering “extras” beyond credit access such as low to no annual fees, pay deposit in installments, and the ability to earn cash back.

Among the credit-building secured cards, our featured OpenSky Plus Secured card has no annual fee, no credit check, and rich cash back. 

NEW! OpenSky® Plus Secured Visa® Credit Card – 88% average approval rate¹

Ideal for: Those with poor/bad/limited credit (no credit check necessary to apply). Now earn 10% cash back* on everyday purchases.

The application asks your name, address, date of birth, and other basic information. You may be asked to provide your driver’s license or other identifying documents. Once submitted, you’ll receive your approval in real-time.

Apply

If you have a credit score of 629 or lower, the OpenSky® Plus Secured Visa® Credit Card offers significant advantages. Unlike many comparable credit cards, it comes with a $0 annual fee, doesn’t require a bank account for application, and involves no credit check during the application process. This means your credit scores won’t be temporarily impacted.

For individuals who are unbanked or have faced challenges securing credit card approval, these features combine to create a compelling solution. Once your credit score has improved to the low to mid 600 with the OpenSky® Plus Secured Visa® Credit Card you can then apply for other unsecured rewards credit cards like the Upgrade credit cards.

The OpenSky® Plus Secured Visa® Credit Card comes with the following benefits:

• New feature! Earn up to 10% cash back* on everyday purchases

• No annual fee

• APR for Purchases: 29.49% (variable)

• Penalty APR: none

• No credit check to apply. Find out instantly if you are approved- Zero credit risk to apply!

• Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments

• Get considered for an unsecured credit line increase after 6 months – no additional deposit

• Monitor your credit progress with free access to your FICO Credit Score

• Reports to all 3 major credit bureaus monthly to establish and build credit history

• Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay

• Secure your credit line with a refundable security deposit – as low as $300

• Easy application, apply in less than 5 minutes right from your mobile device

• Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule

• Now you can make smaller partial payments towards funding your security deposit over 60 days

• Over 1.2 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit

• *See Rewards Terms and Conditions for more information

Is the OpenSky® Plus Secured Visa® Credit Card right for you?

The minimum security deposit requirement of $300 is slightly higher than other secured cards. However, the deposit can be paid in increments, as long as it’s paid within 60 days. You can get that deposit back once you’ve demonstrated responsible card use — such as paying your bill on time. If you are serious about building or rebuilding your credit, then this no annual fee secured card is a decent option. 

¹Based on Q4 2023, OpenSky Plus Secured Visa® Credit Card average approval rate is 88.5%. Individual results may vary.

Just answer a few simple questions, provide some basic information, and click “Submit” to send your form. You’ll receive your approval in real-time.

Apply Now or Learn More 

 For a secured credit card with a low security deposit and no credit check:

NEW! OpenSky Launch Secured Visa® Credit Card

 

 

 

The application asks your name, address, date of birth, and other basic information. You may be asked to provide your driver’s license or other identifying documents. Once submitted, you’ll receive your approval in real-time.

Apply

• This product offers the lowest upfront cost ($100 security deposit) for a secured card with no credit check

• APR for Purchases: 29.49% (variable)

• Penalty APR: none

• Annual Fee: $24 during the First Year, paid in installments of $2 per month. $36 after the First Year, paid in installments of $3 per month.

• Rewards: Up to 10% cash back rewards

• Minimum payment as low as $10

• No credit check

• Opportunities for credit line increases and graduation to our by invitation only unsecured product

Apply Now or Learn More 

Explore additional secured card options below from our affiliate partner specializing in secured credit cards.

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Top 5 reasons to apply for a secured credit card:

1. Building Credit History: Secured credit cards are ideal for individuals looking to establish or rebuild their credit history. By making timely payments and managing their credit responsibly, cardholders can demonstrate creditworthiness over time.

2. Limited Credit History: For individuals with limited or no credit history, secured credit cards offer a valuable entry point into the world of credit. These cards provide an opportunity to start building a positive credit history, which is essential for future financial endeavors like renting an apartment or applying for a loan.

3. Credit Score Improvement: Those with poor or fair credit scores can benefit from secured credit cards as a means to improve their credit standing. Responsible use, such as keeping balances low and making payments on time, can lead to an increase in credit scores over time.

4. Financial Independence: Secured credit cards can empower individuals to take control of their finances and move towards greater financial independence. With responsible use, cardholders can graduate to unsecured credit cards, access higher credit limits, and enjoy lower interest rates.

5. Learning Financial Responsibility: Secured credit cards provide an opportunity for individuals to learn important financial skills, such as budgeting, managing credit utilization, and understanding interest rates. These foundational skills are crucial for long-term financial health and stability.

Frequently asked questions:

How Long Does It Take to Build Good Credit?

Building good credit takes time and depends on your financial habits. Here’s a breakdown to help you understand the timeline:

1. Why Does Credit History Matter?
Your credit history makes up about 15% of your FICO score. A longer history gives lenders more information about how you’ve managed debt, such as making payments on time and keeping balances low.

2. How Long to Establish a Fair Credit Score?

• If you’re starting with no credit, you can achieve a fair credit score (600–699) in 1 to 2 years.

• Key habits to follow:

  • Pay bills on time.

  • Keep your credit utilization low (use less than 30% of your credit limit).

  • Avoid unnecessary hard inquiries on your credit report.

3. How Long to Build Good Credit?

• Moving from fair credit to good credit (700–749) usually takes a few more years.

• Maintaining responsible credit behavior, such as paying on time and managing debt wisely, is essential.

4. How Long to Reach Excellent Credit?

• Achieving an excellent credit score (750 and above) is a long-term goal.

• It typically requires 5–10 years of consistently good habits like:

  • Making on-time payments.

  • Managing various types of credit (e.g., credit cards, loans).

  • Keeping balances low.

5. What Else Should I Keep in Mind?

• Credit-building timelines vary based on individual circumstances.

• Focus on building good financial habits, such as consistent payments and responsible credit use.

• Your credit score is a snapshot of your financial behavior at a given time, and it will evolve as new information is added to your credit report.

By sticking to these principles, you’ll steadily improve your credit over time.

How do I apply for a secured credit card?

Although every issuer processes applications a bit differently, the steps needed for applying and receiving a secured credit card is typically as below. We recommend completing the application process in one sitting and having your debit card and bank information handy for any secured card deposit.

• Research your options and apply for the secured card that best meets your needs. The issuer will evaluate your application through their underwriting process to make the approved/rejected determination.

• Once approved, you will be required to fund the deposit. Before the issuer opens your secured credit card account, you have to pay your security deposit. With some applications, the issuer will request your bank account information to transfer the deposit from your bank if they approve you. Some secured cards like the OpenSky Plus will give you some time to pull together the deposit. It is important that you fund your deposit within the required time frame provided by the credit card issuing bank. If not, your application status will be changed from approved to rejected.

• Your secured credit card is mailed to you. Once you fund the security deposit, the issuer will mail you your card. You can then use it just like any other credit card. Make a few small purchases each month so that you can pay off the balances by your monthly due date. In general, to keep building your credit score, it’s best to use less than 30% of your available credit at any given time.

With the above 3 steps, you are on your way to building and improving your credit history.

How long does it take to receive my credit card after approval?

• Once you apply, and the card’s issuer immediately verifies your identity and ability to pay, they could approve your account right away (for unsecured credit cards). For secured credit cards, once they approve you, and you fund your security deposit, they mail your card to you in a few days.

• Generally, it takes about 7-10 business days from the time they approve your application (and you fund it for secured cards) to send your credit card to you.

 Is the secured credit card deposit refundable?

• The secured credit cards listed here offer a refundable security deposit. For the secured credit cards, the card-issuing bank holds the security deposit (equal to your credit limit) in case you don’t pay your bill. However, you do get your deposit back anytime you choose to close the card account in good standing.

Can I transition from a secured card to an unsecured one?

• When your credit improves from bad to average to good, you’ll find that you will be able to qualify for unsecured credit cards with cash back and other rewards.

• After 6-9 months of on time payment, some secured cards like the OpenSky Plus card may review your account for potential upgrade to an unsecured card. When your card program moves (graduates) you to an unsecured card, it returns your security deposit to you.

• Other card programs will allow an increase in credit limit without requiring an additional deposit (i.e. partially unsecured option) after 6-12 months of on-time payments.

• With most issuers, you may have to specifically request an upgrade. If your issuer can’t or won’t upgrade you — also keep in mind that not all secured-card issuers even offer unsecured cards — you can apply for unsecured cards separately with other issuers. The way that would work is that you will close your secured account and receive your security deposit back, and then open a new unsecured account.

 Are loan options available for various credit scores?

• Personal loans (or emergency cash) are available for all credit scores. You can use personal loans for almost anything you need, including debt consolidation, unexpected medical expenses, unforeseen emergency cash needs, or making a large purchase..

• It is important that you avoid personal loans that charge atrociously high interest rates. With the rise of fintech and peer-to-peer lending companies there are several lenders servicing various customers across the entire credit spectrum (from poor credit to prime credit), making personal loans cheaper, more accessible, and a tool to build credit with. Click here to see your hassle free Personal Loan options.

The Path to Credit Improvement

Whether you’re a credit newbie or on a path to rebuilding, our credit cards cater to all credit profiles. Our simple 3-step application process ensures a hassle-free experience, allowing you to swiftly embark on your credit building journey. Choose the card that best meets your credit needs. 

• Finish the application in one sitting and get approved

• Use your ATM card to fund your refundable deposit (for secured cards only)

• Receive your credit card in a few days and start building your credit history

Apply today for our diverse range of secured and unsecured credit cards, carefully designed to facilitate credit building and rewards accumulation. For ongoing credit building insights bookmark our site.

If you are interested in loan options (including receiving emergency cash within one business day or for loans for all credit scores including bad credit), please click here.

Small business owners seeking growth can find tailored loan offers here.

Click below to get up to 4 auto loan offers in just minutes for new and used autos or to refinance an existing auto loan (the average customer can save $1,900 on refinancing):

Want to save money on your auto insurance? Click below:

Along with secured cards, please click here for additional strategies that can be implemented to help build (or re-build) credit history fast.

 

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Sources Used: Issuer websites, ftc.gov.