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Filing for bankruptcy can be helpful and necessary, but the negative impact on your credit can last for years. However, even if you have a low credit score, you may be able to get a new credit card after completing the bankruptcy process. Responsibly using the card could even help you rebuild your credit. Although your options will be limited, here are five top credit cards to consider.
3 Partner Offers
| Best Credit Cards After Bankruptcy | |
|---|---|
 The OpenSky® Secured Visa® Credit Card | $35 annual fee $200 minimum refundable deposit |
 Credit One Bank American Express® Card for Rebuilding Credit | Annual fee: $75 First year. $99 thereafter, billed monthly at $8.25 1% cash back on eligible purchases No deposit required |
 First Progress Platinum Select Mastercard® Secured Credit Card | $39 annual fee 1% cash back after making payments $200 minimum refundable deposit |
The OpenSky® Secured Visa® Credit Card
The The OpenSky® Secured Visa® Credit Card is a no-frills secured card that you may be able to qualify for regardless of your credit score. Although there's a $35 annual fee, applying for the card doesn't require a credit check—which means there's no minimum credit score and there won't be a new hard inquiry in your credit report.
When you open your account, you have to send a refundable security deposit of at least $200. But you can choose to send up to $3,000 (subject to approval) if you want a higher credit limit. You won't earn any rewards with the card, but Capital Bank N.A. reports your credit card to all three major credit bureaus (Experian, TransUnion and Equifax), which can help you rebuild your credit.
You may also qualify for a credit line increase after six months, which can help you maintain a low credit utilization ratio and improve your credit score.
The OpenSky® Secured Visa® Credit Card
on Capital Bank N.A.'s website
Recommended FICO® Score*
The OpenSky® Secured Visa® Credit Card
APR
25.14% Variable
Intro APR
Rewards
None
Annual Fee
$35
Card Details
- New feature! Earn up to 10% cash back on everyday purchases.
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months.
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Fund your card with a low $200 refundable security deposit to get a $200 credit line
- Apply in less than 5 minutes with our mobile first application
- Fund your security deposit over 60 days with the option to make partial payments
- Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
Credit One Bank American Express® Card for Rebuilding Credit
The Credit One Bank American Express® Card for Rebuilding Credit is an unsecured credit card, so you won't need to send a refundable security deposit to open your account. You'll receive a $300 minimum credit limit, although you may qualify for a higher credit line or get a credit line increase if you responsibly use your card. And Credit One Bank reports your account to all three credit bureaus.
Using the card, you earn 1% cash back rewards at eligible merchants, including gas stations, grocery stores (not including warehouse clubs or discount supercenters), and mobile phone, internet, cable and satellite TV providers. Terms apply. Plus, you can earn up to 10% cash back from select retailers. The rewards will automatically be redeemed to lower your account balance.
The card has a relatively high annual. There's also an 8% cash advance fee ($5 minimum), which could make using the card to withdraw cash especially expensive.
Credit One Bank American Express® Card for Rebuilding Credit
on Credit One Bank's website
Terms Apply
Recommended FICO® Score*
Credit One Bank American Express® Card for Rebuilding Credit
APR
29.24% Variable
Intro APR
Rewards
Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
Annual Fee
$75 First year. $99 thereafter, billed monthly at $8.25
Card Details
- Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
- With $0 Fraud Liability, you won't be responsibe for unauthorized charges
- Retail Protection covers you if an eligible item is accidentally damaged or stolen, terms apply
- Get deals on shopping, dining travel, and entertainment through Amex Offers
- Enjoy exclusive access to pre-sale tickets for some of the hottest nationwide concerts and events
- Know you're covered when the unexpected happens while traveling with Travel Accident Insurance, terms apply
- If you are a Covered Borrower under the Military Lending Act, you may get a different offer
First Progress Platinum Select Mastercard® Secured Credit Card
First Progress offers three secured cards with varying interest rates and annual fees, and the Platinum Select Mastercard® Secured Credit Card is the middle option. This card has a relatively low interest rate compared with some secured cards, and a modest $39 annual fee. Additionally, there's no minimum credit score requirement, and First Progress reports your account to all three major credit bureaus.
You can earn 1% cash back rewards with the card. However, unlike other rewards programs, you earn the rewards when you pay down your account's balance rather than when you make purchases. Once you earn 500 points—worth $5—you can apply them toward your account's balance.
As with other secured cards, you'll need to send First Progress a security deposit to open your card and set your account's credit limit. At a minimum, you can send $200—or choose to send up to $2000 if you want a higher credit limit. First Progress may also choose to increase your credit line after you open your account, but doesn't offer any guarantees.
Platinum Select Mastercard® Secured Credit Card
on First Progress's website
Recommended FICO® Score*
Platinum Select Mastercard® Secured Credit Card
APR
18.74% Variable
Intro APR
Rewards
Earn 1% Cash Back Rewards with First Progress! Make Payments, Earn Rewards.
Annual Fee
$39
Card Details
- Make Payment and Earn 1% Cash Back with First Progress Select!
- Have $200? Break Down Credit Barriers with the First Progress Secured Card Today!
- No Credit History or Minimum Credit Score Required!
- Secure your credit line with your refundable security deposit – choose from $200- $2,000 - with the ability to increase up to $5,000 over time!
- Choose the First Progress Select Card for a lower annual fee!
- Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
- Build your credit history across 3 major credit reporting agencies: Equifax, Experian and TransUnion.1
- All credit types welcome to apply!
- Get a Fresh Start! A Discharged Bankruptcy in Your Credit File Will Not Cause You to Be Declined.
- Apply to Add a First Digital Mastercard to your wallet after 6-months of on-time payments!
- 1 Account holders who pay their bill on time every month and keep their balance low relative to their credit line, may build or rebuild their credit.
FAQs
You will likely need to wait until your bankruptcy is resolved and your debts have been discharged before applying for a new credit card. Once you're eligible, look for options that have low or no fees and will be reported to all three credit bureaus.
You generally won't qualify for the best rewards or travel cards soon after bankruptcy. However, you may still have several options to choose from, including credit cards with rewards and cards that don't charge an annual fee. Consider how much you'll likely earn in rewards over the year to determine if you'll be better off with a no-fee card instead.
Responsible credit card use involves managing your balance and making your payments on time. As a general rule of thumb, you could try to use your credit card like a debit card—only use it to buy something when you have enough money in your bank account for the purchase. Additionally, make at least the minimum payment on time every month.
Ideally, you should pay your credit card bill in full each month. When you do, you can avoid paying interest on your purchases. Once you start carrying or revolving part of your balance, that portion will begin accruing interest and your new purchases will typically begin accruing interest immediately.
Realistically, many people need to occasionally carry a balance. If that happens, try to focus on paying down the balance quickly. Doing so can limit how much interest you're charged, and it can be good for your credit scores.
Rebuilding your credit after filing for bankruptcy will take time. A bankruptcy filing can remain on your credit report for and affect your credit scores for seven to 10 years, depending on the type of bankruptcy. The negative effect diminishes over time, but patience will be important.
Additionally, you can try to open and use credit accounts to build positive credit history. A credit card, such as one of the ones above, could be a good option—you could even have several credit cards if you can manage them responsibly and not fall back into debt. If you have loans that weren't discharged, such as student loans, continue making those payments on time. If not, you could look into opening a credit-builder loan or joining a lending circle.
However, try not to overextend yourself. Making on-time payments and paying down loan balances over time can improve your credit scores. But missing a payment can still hurt your credit score.
Check Your Credit Card Matches
Although the credit cards above are some of the best options for people who have recently filed for bankruptcy, there are additional secured and unsecured cards to consider. You can compare different credit cards with Experian CreditMatch™ and filter the results based on your preferences. After you create an account, you can also get matched with credit card offers from our partners based on your unique credit profile.
