Best Credit Cards for Poor Credit Score

You can check your free CIBIL score online and adopt various methods to replenish it if it is poor. A low credit score presents hurdles when applying for a loan, rejection of a credit card application, higher interest rate than usual, and smaller loan amounts. Using secured credit cards is one of the easiest ways to boost your CIBIL score. 

What is a Poor Credit Score?

A credit score measures your creditworthiness in a range of 300-900. Check your free CIBIL score using your CIBIL score login credentials on the official CIBIL website. Your free CIBIL score can fall into any of the following categories:

• Bad: 300-500
• Average: 550-650
• Good: 650-750
• Excellent: 750-900

Therefore, you must strive to maintain your free CIBIL score as close as possible to 900. 

Best 5 Credit Cards for Poor Credit Score

The following list of credit cards contains some promising options for people with a low credit score. Consider the key features, interest charges and fee criteria before choosing one. 

• SBI Advantage Plus Credit Card

SBI offers this globally accepted credit card against fixed deposits. The credit limit amounts to 85% of the total FD amount. You can use this card to make cash withdrawals from ATMs across the globe. Moreover, you can convert your SBI Advantage Plus Credit Card spending into EMIs via Flexipay. Lastly, it makes applying for add-on cards for siblings, parents or children easier. 

Pricing:

• Renewal fee: ₹500 p.a.
• Annual fee: ₹500
• Add on charges: Nil
• Interest charges: 27% p.a. or 2.25% per month  
• Late payment charges: Up to ₹750 (depends on the spent amount)

• HDFC Money-Back Credit Card

You can apply for the HDFC Money-Back Credit Card on your salary. It is easily available. Therefore, it is a good option if you are trying to improve your free CIBIL score. The card offers two reward points for every ₹150 you spend. Also, you can convert the spent amount to EMIs via SmartEMI. Most importantly, there is no lost card liability if you report the loss of the card.

Pricing: 

• Joining fee: ₹500
• Annual fee: ₹500
• Add on charges: Nil
• Late payment fee: Up to ₹750
• Minimum amount due: 5% of total outstanding

• SBI Unnati Credit Card

If you are looking for a credit card with no annual fee, this SBI Unnati Credit Card is the right option. It is a secured card that SBI offers against a fixed deposit of ₹2.5 lakh and above. It enables contactless transactions and easy cash withdrawals from ATMs worldwide. Besides, you can also apply for add-on cards for children, spouses, siblings, or parents. Using Flexipay, you can convert your credit card transactions into easy instalments. 

Pricing

• Annual fee: Zero for the first four years, the first for years
• Renewal fee: ₹499 from the 5th year onwards
• Add on fee: Nil
• Interest charges: 30% p.a. or 2.50% per month
• Minimum amount due: 5% of the total outstanding amount

• Kotak Mahindra Aqua Gold Credit Card

You can opt for this credit card for readily available cash. Kotak Mahindra offers this credit card on FDs. The credit limit is up to 80% of the FD amount. Also, it is one of the best credit cards to revive your low free CIBIL score. It features interest-free cash for up to 48 days in a year. Additionally, you can benefit from a fuel surcharge release on fuel deals above ₹500. 

Pricing

• Joining fee: Nil
• Add on charges: Nil
• Annual fee: Nil
• Interest rate: 35.88% p.a. or 2.99% per month
• Late payment fee: Up to ₹700
• Over limit charge: ₹500

• Axis Bank Insta Easy Credit Card

Lastly, this Axis Bank Insta Easy Credit Card is a good option to uplift your poor credit score. You can take it on a fixed deposit or your salary. It requires minimum documentation and provides a credit limit of upto 80% of your FD. Additionally, you can enjoy a 1% fuel surcharge release on your fuel transactions.

Pricing

• Annual fee: Nil
• Joining fee: Nil
• Add on charges: Nil
• Late payment fee: Up to ₹700
• Interest rate 34.49% p.a. or 2.50% per month

So, if your free CIBIL score after the CIBIL Score Login turns out to be low, choose a suitable credit card and work on reviving your score.