Earning Rewards with Bad Credit: Dream or Reality?

Friday, November 22nd, 2019
Updated: November 22nd, 2019
The content is accurate at the time of publication and is subject to change.

Without a doubt, every credit cardholder is not averse to earning some rewards or other benefits while building their credit history. And everyone knows that almost all good or excellent credit credit cards can ensure this.

But what if you have a bad credit score? Can you count on any bonus offers, or should you forget about them and patiently improve your credit?

The answer is yes, you certainly can. The assertion that only those with a credit score of 700+ can collect rewards is a myth. In this article, we will discover the types of credit cards for bad credit that will help you to accumulate rewards.

  1. Secured credit cards.

  2. Secured credit cards are the easiest option for getting approval with bad and even limited or no credit. Although, such cards require a refundable security deposit, fortunately, some of them offer rewards. A good example is the Discover it® Secured card which has no annual fee, allows earning of 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter) plus unlimited 1% cash back on all other purchases, and even matches all of the cash back at the end of your first card membership year.

    Carrying a secured credit card don’t forget to make all payments before the due date so that not to pay high APRs. Anyway, secured cards can definitely help you earn rewards and build your credit into the bargain, as they report the account activity to the major credit bureaus.

  3. Store credit cards.

  4. Store cards have become very common. Most major retailers like Amazon, eBay, Macy’s, etc. issue their own co-branded credit cards. It’s a perfect solution for bad credit since such cards typically have lower credit score requirements than general unsecured credit cards and sometimes offer really considerable cash back or discounts. What is more, you can often count on guaranteed approval with no credit check.

    Of course, there are some pitfalls. The main one is that these cards are usually suitable only for online shopping and can be used to purchase items at a particular merchant exclusively. Moreover, they often come with big interest and fees. So you’d better be careful and try to pay off your purchases as soon as possible.

  5. Gas credit cards.

  6. Similar to store credit cards, gas station branded credit cards can only be used at particular gas stations and usually bring cash back bonuses. Anyway, they may turn out to be quite beneficial if you always refuel at the same station.

    Like with secured and store cards, it is extremely important to keep the balance on your gas card low and not to overspend.

  7. Student Credit Cards.

  8. If you are currently a student, you are lucky! Special credit cards for students rarely come without a worthwhile rewards program which sometimes may even be not inferior to those offered with credit cards for good credit. Besides this, student cards provide access to various perks that are so attractive to young people.

    For instance, in addition to 1% cash back on all purchases, the Deserve Edu card gives owners Complimentary Amazon Student Prime with lifetime value worth $59, cellphone protection, and extended warranty.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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