According to Creditnet.com, people with bad credit can benefit from opening up a new, bad credit account for several reasons, the most important being an improved credit score.
There are a number of bad credit credit cards available for consumers serious about improving a damaged score, many of which include high interest and a multitude of fees.
However, Creditnet has identified three credit cards for bad credit this winter that include low ongoing interest rates, can help improve scores and keep fees at a minimum.
1. Capital One Secured Mastercard
This secured credit card from Capital One is a legitimate credit-building tool since it reports a consumer's usage to the three major credit bureaus - Equifax, Experian and TransUnion. Creditnet points to its low annual fee - just $29 - plus its inclusion of the credit monitoring tool CreditInform as significant factors in rating this bad credit card above the rest.
The ongoing APR on this card is a 22.9% variable, and cardholders must secure a credit line with a fully-refundable security deposit. However, there are no monthly fees and, after several months of responsible usage, members may qualify for credit increases without an additional security deposit.
Creditnet.com considers this the very best secured credit for bad credit this winter, 2013.
2.) First Progress Platinum Prestige Secured MasterCard
Another exceptional secured card according to Creditnet.com, the Platinum Prestige Secured MasterCard from First Progress has a low ongoing APR - an 11.99%* variable APR - and its annual fee is just a tier higher than the aforementioned Capital One card at $44. This card also reports to all major credit credit reporting agencies.
The minimum security deposit required on this card is $300 submitted with application. While this First Progress credit card does not include credit monitoring tools, it does offer consumers with bad or no credit history the opportunity to begin building - or rebuilding - credit.
3.) Open Sky Secured Visa Credit Card
Finally, yet another secured credit rounds out the list of Creditnet's best bad credit cards for winter, 2013.
A popular card for consumers interested in building credit at a low cost, the Open Sky Secured Visa Credit Card includes reporting to all three major credit bureaus. The annual fee attached to this card is $50, and the ongoing APR is a 14.25% variable.
The minimum security deposit due on this secured card for bad credit is $200, and as with the aforementioned cards it is full refundable.
Overall, these are three credit cards for people with bad credit that for a small, refundable cost can set consumers on the journey towards fair-to-good credit with responsible usage and on-time payments.
Creditnet has been a leading authority on all things related to credit since 1995. Home of the Credit Talk Discussion Forum and the Creditcents Blog, Creditnet provides a free service for comparing credit cards and learning about credit repair methods.