Credit Card with $500 Limit Guaranteed Approval

Are you looking for Credit Card with $500 Limit Guaranteed Approval? If yes, you are at the right place.

When you have a bad credit score, finding a $500 credit card is hard, but it’s still possible. When you have a low credit score and need help getting approved for a higher credit line, this type of credit card is usually the best choice. If you want to avoid the temptation of a high credit limit, a low-limit credit card is a great way to build your Credit without worrying about overspending.

If you want to improve your credit score, you must try No Credit Check Credit Cards with Instant Approval No Deposit. These cards offer a unique opportunity to build or rebuild credit without the upfront financial commitment typically required by traditional credit cards.

In this article, we share all the information about Credit Cards with $500 Limit Guaranteed Approval.

What is a Credit Card with $500 Limit Guaranteed Approval?

A Credit Card with $500 Limit Guaranteed Approval can help people with bad Credit build their credit score and gain access to more traditional forms of Credit.

It usually comes preloaded with a small amount of cash, has a low-interest rate, and minimal fees to make it more accessible. Even though completing one should take a bit of time, it is important to review all terms, conditions, and fees before applying.

The “Credit Cards with $10000 Limit Guaranteed Approval ” credit card is another credit card that offers guaranteed approval. These cards may have higher interest rates and fees than other types of credit cards, but they are a good option for people who need help getting approved for traditional credit cards.

5 Best Credit Card with $500 Limit Guaranteed Approval

With a bad credit score, what is the best credit card with $500 limit guaranteed approval?

Many issuers help those with bad balances, but how do you know which one to choose? Your account history cannot be erased, but you can devise a solution and deal with it. Here are some options to help you choose wisely. 

Our list of the best secured and unsecured credit cards for a bad credit score is done for you, so you don’t need to research. It’s all about selecting the one that fits your needs best. Would you like to forget about cash? Let’s check out the top 5 options and get into the list.

Petal® 1 Visa® Credit Card

If you’ve affected your credit score with previous mistakes in the past, it’s time to get free access. The Petal 1 Visa Credit Card meets all requirements.

So what’s great about it? There are no deposits or annual fees.

Let’s learn more about payments: 

• Credit limits range from $300 to $5,000, letting you request money for large, expensive purchases. 
• It will be an excellent fit for those with a low or fair score. 
• APR can vary from 23.74% to 33.24% (variable). 

With Cash Score, you don’t have to make a deposit. This means no annual fees, no security deposits, and no rewards programs. However, it doesn’t offer balance transfers.

Petal® 1 Visa® Credit Card Pros and Cons

Pros	Cons
No annual fee	High variable APR (25.24% – 34.74%)
2% – 10% cash back at select merchants	Limited rewards program and perks compared to some other cards
High credit limit ($300 – $5,000) depending on creditworthiness	Late fee up to $40
No foreign transaction fees	No intro APR offer for new cardholders
Reports to all three major credit bureaus
No security deposit required
Useful financial management tools via the mobile app

Navy Federal Credit Union nRewards® Secured Credit Card

With bad Credit, the Navy Federal Credit Union nRewards® Secured Credit Card is your only need. You get no annual fees, three major credit reports, or credit limit. You can build a decent credit history if you meet the requirements. So, what’s the deal with secured credit cards? Here’s what’s behind the fancy name: 

• You can use 18% APR. 
• No fees are required from users of this secured plastic. 
• You will get reports from the three major bureaus. 

There aren’t many requirements to become an applicant, but it has many benefits, like zero balance transfer fees and no foreign translation fees.

But there are a few things you need to remember. You’ll need a $200 cash deposit and a member or customer account.

Navy Federal Credit Union nRewards® Secured Credit Card Pros and Cons

Pros	Cons
No annual fee and no foreign transaction fees, making it cost-effective for international use	Membership requirement: Only available to Navy Federal Credit Union members, which is limited to military members, their families, and Department of Defense employees
Reports to all three major credit bureaus, aiding in credit building	Security deposit required, with a minimum of $200, which may be a barrier for some
Ability to earn rewards on every purchase (1 point per $1 spent)	High APR at 18.00%, which can be costly if balances are carried
Opportunity for the card to graduate to an unsecured card, allowing for a transition to better products without a hard pull
Earns interest on the security deposit, a unique feature not offered by many secured cards
The security deposit can be added to without a hard pull, allowing for an easy credit limit increase
Card doesn’t report as a secured card, which may positively impact credit perception
Low fees compared to other cards, with no balance transfer fees or cash advance fees
Offers a variety of valuable perks such as cellphone protection and auto rental collision damage waiver

OpenSky® Secured Visa® Credit Card

Are secured credit cards required to have a mobile app and bank account? The OpenSky Secured Visa Credit Card allows people to get in line without having poor credit scores or a credit check. This option has pros and cons, but it will be an excellent choice if you have difficulties paying bills or applying for secured credit cards. 

• The interest rate is 29.99%. 
• You will have your reports sent to the three major bureaus. 
• The recommended limit is relatively low, so customers with no credit histories are the perfect applicants. 

This is a good option if you cannot deal with cash or apply but are willing to cover fees and deposits.

OpenSky® Secured Visa® Credit Card Pros and Cons

Pros	Cons
No credit check required to apply, making it accessible for those with bad credit or no credit history.	Charges an annual fee of $35, which could be a drawback for some users.
Reports to all three major credit bureaus, aiding in building or improving credit scores with responsible use.	No rewards or cash back programs, limiting its benefits compared to other cards.
No bank account required for application, offering flexibility for unbanked individuals.	Foreign transaction fee of 3%, which could add up for users who travel internationally.
Allows for a credit line increase without an additional deposit after six months of responsible use.	High APR of 25.64% Variable APR, which can be costly if carrying a balance.
Provides standard Visa protections, including the Visa Zero Liability Policy against unauthorized transactions.

Tomo Credit Card

With Tomo, you can build an excellent credit score and stay out of debt without paying an annual fee, deposit, or credit check. It’s a mobile app, too. Doesn’t that sound the most suitable choice for people with bad Credit? So, what’s it like to get an unsecured credit card? It’s easy. But it would be best if you thought about everything. 

• You can apply with a bad or fair score below 600. 
• It will let you borrow up to $10,000. 
• Cash-back rewards and additional perks are part of the benefits system. 

You won’t get charged a monthly fee, security installment, or APR; you can use a mobile app.

However, you’ll need a bank account linked to your name, and even though you don’t need to pay interest rate fees, you’ll have to pay interchange fees, which could be a hassle for many.

Tomo Credit Card Pros and Cons

Pros	Cons
No credit check required, making it accessible for those with no or limited credit history.	Charges a monthly participation fee, which acts as an annual cost.
Reports to all three major credit bureaus, aiding in building or improving credit scores.	Requires automatic weekly payments, which may be inconvenient for some users.
No security deposit needed, offering easy access to credit.	Limited perks compared to other credit cards, with no sign-up bonuses or extensive rewards programs.
Initially offered 1% cash back on purchases, though rewards offerings can change.	Some users have reported issues with customer service and user experience.

Surge® Platinum Mastercard®

Surge Platinum Mastercard limit increases can happen within 6 months if you stay disciplined and try your best.

This is a great option if you need to increase your credit limit quickly and have a poor credit history.

• The regular APR is 29.99%. 
• Your reports will be sent to the major bureaus on time. 
• No need to provide a security deposit when requesting up to $1,000. 

If you use cash responsibly, you can easily increase your limit, while no security deposit is required for requests under $1,000. A bad credit history is fine, but the unsecured issuer will charge quite a high fee (from $75 to $99), have a high APR, and offer no perks.

Surge® Platinum Mastercard® Pros and Cons

Pros	Cons
Reports to all three major credit bureaus, aiding in building or improving credit scores.	High annual fee ranging from $75 to $125 in the first year, then $99 to $125 thereafter.
Offers a chance for a credit limit increase after making the first six monthly payments on time, potentially doubling your credit limit.	High ongoing APR of 29.99%, which can be costly if carrying a balance.
No security deposit required, making it accessible for those with poor or no credit history.	Monthly maintenance fees applied after the first year, adding up to an annual cost of up to $120.
Pre-qualification available with a soft pull on your credit, not affecting your score.	Limited perks beyond basic credit card benefits, offering less value compared to other cards.
	Lack of a clear upgrade path to a better card even after credit improvement.

What Difficulties Can I Face With Bad Credit?

If you have a bad credit score, you’ll have problems everywhere. You’ll have trouble finding credit cards, and you’ll have trouble finding jobs and apartments.

No employer, landlord, or bank wants to work with someone who doesn’t handle money responsibly (or has little history due to their young age). 

• To start, you’ll need help finding a credit card that charges you a higher interest rate. 
• You’ll have to overpay for your car loan since you need a good credit history. 
• If you want to buy an apartment, be prepared for a lower mortgage limit. You may face higher rates and a steep search process. 

You can’t ignore that a low account score can negatively affect your life in more ways than one.

However, there are ways to improve your account history and get Credit for a bad score, like applying for a job, getting insurance, or starting a business.

What Should I Look For in $500 Credit Cards for Bad Credit?

You know how frustrating it is to have a poor credit history. Fortunately, there are ways to avoid the consequences.

Getting a $500 credit card for bad Credit can save you from getting into even more debt. It can also help build a better credit history.

There are some drawbacks to these credit cards, however. First, you may have to pay a security deposit or minimum credit installment. Sometimes, these requirements are hidden from the bank’s clients, so consider this before you apply.

It’s easier to apply with a bad score, but there’s also a higher interest rate or fees to cover. Credit cards for a poor history give you more benefits and opportunities. But there is still a price to pay.

How To Apply For a Credit Card with $500 Limit Guaranteed Approval

If you need a better account history, you can apply for these cards. Just check out the details and choose the ones you want. But it’s not the end of the world. You need to go through the application process to get approved. 

When you’re guided correctly, it’s an easy task. We know how crucial it is to go mindlessly through the application procedure, so in the following paragraphs, you’ll find a way to overcome this hurdle. 

Check Your Credit Score

The first thing you should do before you apply is check your score minimum limit and see if you meet the requirements. Here’s how you can check your score: 

• There are three big bureaus where you can get your score. Contact Equifax, Experian, and TransUnion and ask them to send you a monthly report on your balance. It’s the most accurate way, but it will cost you. 
• Another option is to go to a free-scoring site. You can find them for free or join and pay a monthly fee. 
• Lastly, you can check your loan statement or your financial institution’s website. These should have info on clients’ scores. 

Move on to the next point once you know your credit score.

Choose a Credit Card That Fits Your Credit Score

When you know your exact balance, it’s time to hunt for the plastic. We have covered our top 5 options for those struggling with a poor account payment history in our list. And if you’re reading this article, you must be in the same boat. Therefore, knowing your cash score before focusing on specific plates is imperative.

Note: Ensure you know the minimum credit score required when choosing a credit card.

Before choosing, you should consult the company’s website for more information. It’s important to learn what other benefits the issues offer before choosing one.

Apply for a Credit Card

After you’ve checked your account score and compared the offers, it’s time to apply. You can complete the application form on the company’s website if you know the basic steps.

You’ll need to answer questions about your life or financial situation, but there’s nothing to worry about. Many people need to be more apprehensive about this process. The questions vary but generally include your address, income, expenses, Social Security number, cash balance, and limit.

Provide a Security Deposit

Getting a secured credit card requires you to provide a security deposit. It’s the same process as paying a deposit to a landlord. This payment helps you open an account and gain the issuer’s trust. 

You should find out how much your security deposit will be based on your credit score or type. It may be a small amount you can easily cover. Or you may have to pay a higher deposit than usual.

Get a Credit Card

Ultimately, it’s high time to get your plate in your pocket. If your application has been approved and the money has been sent, you should receive your charge plate within two to five working days. In case of any issues, the waiting time can be extended. 

Should you receive your plastic after time, you should contact the issuer and find out why.

You should always contact the issuer if your delivery has been delayed. Sometimes, the issuer needs to double-check your information. Or there are other account problems to resolve, so it’s better to call or email the issuer.

How to Get a Credit Card with $500 Limit Guaranteed Approval

What are the best ways to get credit card approval even if you have a poor history of paying your bills? Unfortunately, it depends on whether the issuer gives you a chance. 

The key tip is to research well and find the company with the minimum requirements for the applicants, which will speed up the application process. The second tip is to take care of your payment history ahead of time unless you require plastic urgently. 

When applying with a bad account, try to prequalify. People with different limit points often do this process.

Generally, two types of prequalification processes are soft checks and hard checks. Hard checks can negatively affect your credit score, while soft checks will not affect your credit score that much.

How To Improve My Bad Credit with Credit Card with $500 Limit?

Sometimes, you wonder how to improve your credit score fast when you have bad Credit. It’s not easy to erase the mistakes you made in the past due to irresponsible relationships with money. However, you can still improve your account score. Here are a few ways: 

• You should always pay your bills on time. Although it sounds simple, not doing so can greatly affect your credit score. 
• Request that your family and friends add you as an authorized user if they can participate in this initiative. 
• It’s a smart move to request a higher credit limit. By doing this, you will improve your balance in the long run. 
• Occasionally, mistakes occur in your credit reports, so it’s no surprise you can also encounter them. If you encounter an error, dispute it immediately, or the error will negatively impact your credit score over time.

It is important to be stable and timely with your payments to improve your score.

How To Use a $500 Credit Card to Build Credit

Once you’ve managed to get credit cards with poor payment histories, it’s time to get back on track and start managing your money more responsibly.

According to FICO, overdue bills account for 35% of your score. You should limit your credit applications because they account for 15%.

Make sure to increase your credit limit and use the charge plate regularly. It’s an easy way to build your credit score.

FAQs For Credit Card with $500 Limit Guaranteed Approval

What is the Usual Credit Limit for a First Credit Card?

The usual credit limit for a first credit card often ranges between $500 and $1,500. This amount can vary based on the issuer, the type of credit card, and the applicant’s income and credit history. The lower end of this range is more common for students or individuals with no credit history.

What is the Highest Credit Card Limit You Can Get?

The highest credit card limit you can get varies widely and can exceed $100,000 for certain premium cards targeted at high-income individuals with excellent credit scores. Such high limits are typically associated with luxury credit cards that offer extensive perks and benefits.

Can I Increase My Credit Card Limit?

Yes, you can request to increase your credit card limit. This can be done by contacting your credit card issuer directly, usually through their customer service line or online portal. Issuers may require a good payment history and perform a credit check to decide on your request.

How to Find the Credit Limit of a Credit Card?

You can find the credit limit of your credit card by checking your credit card statement, accessing your account online through the issuer’s website or mobile app, or by calling the customer service number on the back of your card. Your credit limit is typically listed prominently in your account details.

Conclusion

In wrapping up this discussion, obtaining a Credit Card with $500 Limit Guaranteed Approval emerges as a prudent strategy for individuals striving to navigate the complexities of rebuilding or initiating their credit journey. This financial instrument not only affords a safeguard against the temptation of excessive spending but also carves a path toward enhancing one’s creditworthiness. Through judicious selection, disciplined expenditure, and timely payments, users can leverage these cards as foundational tools for financial rehabilitation, thereby unlocking the doors to greater credit facilities and fiscal stability in the future.