Credit Cards with $500 Limit for Bad Credit

Best Credit Cards with $500 Limit for Bad Credit

Below are our top picks for unsecured credit cards that target people with bad credit and have a $500 credit limit. Our best recommendations have low annual fees, no monthly fees and a couple even have no annual fee.

Upgrade Select Visa - $500 - $2,500 Credit Limit

The Upgrade Select Visa is one of 4 Upgrade credit cards and is targeted at those with credit scores ranging from 580 to 640. If your credit scores falls within this range, this is arguably one of the best unsecured credit card to get because it has a very low annual fee and a very good credit limit (for those with poor credit).

Why We Like and Recommend This Card? - We like the Upgrade Select Visa because it $39 annual fee is very low for an unsecured credit card that target those with bad credit. They also do not charge any monthly fee or any one-time program fee. The maximum credit limit of of $2,500 is also very generous for such a card.

Annual Fee - $39
Credit Limit - $500 to $2,500
FICO Score Needed - 580-660. You would need a FICO score of at least 580 to get approved.

Read our review of the Upgrade Select Visa

Arro Mastercard - No Hard Inquiries

. What is Arro Mastercard - The Arro Mastercard is an unsecured credit card that does not rely on your FICO score to approve you. It does not perform any hard inquiries. The only requirement you need is that you need a have a monthly income of at least $1,000 and that you link your bank account to Arro via PLAID. Arro looks at your bank account cash flow to verify your income and give you a credit limit based on your positive cash flow. Though the starting credit limit may range from $50 - $200, I am including this card on our recommmended list for credit cards with $500 limit because you can increase your credit lines very quickly. All you have to do is to take short financial literacy courses on their app and you will get credit limit increases.

Why We Like and Recommend This Card? - We really the Arro Mastercard because it is a very rare unsecured credit card that does not rely on FICO score for approval. If you do not meet any of the FICO score requirements of cards recommended on this page, then this is the card to get. The fees are very low for a card targeting those with poor credit. Arro charges a monthly fee of only $1/month during the first year ($12 annually) and $3/month thereafter ($36 annually). The APR is also very low at 16% and you can also get it reduced by taking online financial literacy courses on their app. Credit limit is also easy and determined by you rather than the whims of the issuer. The maximum credit limit is $2,5000 and though you only start with $50 - $200, you can increase it very quickly by taking those online financial courses.

Approval Requirements - Arro does not rely on FICO scores and there is no hard inquiry. You need an monthly income of $1,800 and a minimum bank balance of $50. You also have to link your bank account to PLAID. Your credit limits will be based on the cash flow in bank cash account.

Fees - $1/month for the first year, then $3/month.
APR - 16%.
Credit Limit - $50 - $200, maximum credit is $2,500.
FICO score needed - Arro does not look at FICO scores. You need a minimum monthly income of $1,800 and a minimum positive bank balance of $50.

Read our review of the Arro Mastercard.

Self Credit Builder + Secured Visa

What is Self? - Self is both a credit builder loan and a secured credit card. It is an ideal too for rebuilders who want to get a secured credit card to rebuild their credit scores cannot afford the security deposit required. Self allows you to take out a credit builder loan (minimum of $100 and maximum of $3,000). You do not actually get that loan in your bank account. Instead, you pay back the loan and once you have enough in your account, you can use that as a security deposit for the Self secured credit card. Both the Self credit builder loan and secured credit card does not perform any credit check or hard inquiry. There is also no annual fee for the Self secured credit card.

Requirements - You need to open a credit builder account with Self. After paying a minimum of three monthly payments and having saved enough for your security deposit (minimum amount is $100), you can then get the secured credit card and fund it with your savings from the credit builder account. Both the credit builder account and secured credit card require no credit checks and you will definitely be approved.

Why we like this card? - We like Self because they allow you to save up for a security deposit for their secured credit card and also help you rebuild your credit while you are paying the credit builder loan. There are no credit checks or hard inquiry for both the credit builder loan and secured credit card. The Self secured credit card also has no annual fee. If you want to have a $500 credit limit, then you simply have take out this amount or higher for your credit builder loan and get started.

Annual Fee: $0
Regular APR: 23.24%
Requirements - Open a Self Credit Builder account, make a minimum of three payments.
Credit Limits - Minimum of $100 and a maximum of $3,000.

FICO Score Needed - Self does not rely on FICO score for approval.

Read our review of the Self Secured Visa