Best Credit Card Offers for Rebuilding Credit in 2011
Update 2012: The Capital One Secured Mastercard is currently the best offer for rebuilding credit. (See below)
Attention! The offers shown below are 2011′s top deals for rebuilding credit.
Looking to rebuild your credit this year? We’ve found the best credit cards in 2011 to help you do just that! Many credit card companies have been designing cards aimed to specifically help those with credit trouble. Whether trying to establish credit for the first time or simply looking to boost up an unfavorable credit score, there are a number of solid credit card options available to help you achieve your goals.
Top 3 Credit Card Offers for Rebuilding and/or Establishing Credit in 2011:
1) Orchard Bank Visa Cards - This is our #1 pick for rebuilding credit. This card reports monthly to all 3 major credit card bureaus allowing you to rebuild your credit score quickly. It also has a convenient set of features to keep you notified of important due dates. You’ll also have on-call customer service assistants to help you with 24/7 access to updated account information. Plus NO Annual Fee!
2) Household Bank Rewards MasterCards - Attention: This card is no longer available. This is our second favorite credit card for rebuilding or establishing credit simply because it offers substantial rewards for those with less than ideal credit. Too many times this year we’ve seen cards issue their “bad credit” credit card with the same boring features. In fact, many simply function like a lack luster debit card, however, the Household Bank Rewards cards actually treat you like a premium credit card holder. Currently with the card you’ll nab a whopping 2% cash back on purchases PLUS new card holders get a 0% introductory APR for 9 months. The APR following the promotional period is a still reasonable 19.90%. There is automatic credit reporting the the 3 major credit bureaus which helps get your credit back on track fast, plus 100% protection for unauthorized use. You’ll also be able to manage the card easily by setting up text messaging or email notifications on upcoming bill payments and account info.
3) Public Savings Open Sky Secured Visa Credit Card – This is our third favorite card for rebuilding credit, although in our opinion, it comes in a distant second to the Orchard Bank Card and trails behind the Household Bank Rewards Card significantly. With this card you can also build your credit history with all three major credit bureaus. Plus, there is no credit check or checking account required for approval. You can choose your own credit limit (between $200 and $3000). You’ll have 24/7 online account access. The main thing we dislike about the card is it’s $50 annual fee and the inability to earn rewards.
4) Public Savings Bank Secured First Visa® Card – This card is designed for those with no credit history at all. Like the Public Savings Bank Card above, this one comes with no credit history or checking account requirements. It has a straight forward pricing and APR structure. APR of prime rate + 6.5% (not an introductory rate). There are 4 options available for funding this card. Follow the link above for details.
Want to see a complete list of options? Check out our complete list of credit cards for bad credit to view all offers available in this category.
Latest Credit Card Debt Data:
The Federal Reserve has reported that the rate of outstanding credit card debt has fallen for 19 of the last 21 months. Our nation’s cumulative consumer credit card debt (according the the FED Reserve) was sitting at $2.41 trillion as of October 2010. This is down from $2.57 trillion in January 2009 but still drastically above the pre-recession levels of $961.84 billion in 2007.
