SOURCE: MyRatePlan

MyRatePlan

November 05, 2013 15:00 ET

The Best Bad Credit Credit Cards of 2013, Ranked by MyRatePlan.com

NEW YORK, NY--(Marketwired - Nov 5, 2013) -  Today, credit card experts from MyRatePlan.com announced the top three best credit cards for bad credit of 2013. With the economic recession of the past few years, many Americans have found themselves with poor credit, and with very limited options for building their credit scores back up. A result of the bad credit scores affecting millions of Americans has been an increased degree of difficulty in being approved for a credit card. However, most credit card companies offer credit cards designed for people with bad credit with instant approval. While these credit cards don't offer the perks or rewards associated with credit cards geared towards customers with excellent credit, they do offer a great way to improve one's credit score.

With all of the noise surrounding the credit card industry, however, it can be tough to determine which bad credit credit cards offer the best terms. Since the year is coming to an end, the credit card industry experts from MyRatePlan.com analyzed all of the credit cards for bad credit on the market in order to rank the top three best cards. In creating their ranking, the analysts took into account several factors including APR, credit bureau reporting, possible rewards, credit limit, customer reviews, and their own expert opinions.

Here are the top three best bad credit credit cards of 2013:

1) First Progress Platinum Prestige MasterCard Secured Credit Card - The First Progress Platinum Prestige Secured MasterCard is this year's best credit card for bad credit according to analysts from MyRatePlan. With the First Progress Platinum Prestige Secured MasterCard, cardholders can receive a credit card without submitting any application or paying any processing fees. There is no credit check required for approval. The card reports to the three major credit bureaus (Equifax, Experian, and TransUnion) so that cardholders can start improving their credit scores just by using their credit card responsibly. The First Progress Platinum Prestige Secured MasterCard offers a fully refundable security deposit that can secure a line of credit of up to $2000. In addition, cardholders can qualify for additional credit line increases without placing additional money on deposit. Lastly, the card offers cardholders simple online tools to track their credit score.

2) Credit One Bank Gas Rewards Credit Card - The Credit One Bank Gas Rewards Credit Card also makes this year's list of the best credit cards for bad credit. The card allows potential cardholders to get pre-qualified without affecting their credit score. The Credit One Bank Gas Rewards Credit Card reports to the three major credit bureaus, so cardholders can increase their credit score with responsible use. The Credit One Bank Gas Rewards Credit Card is also one of the only bad credit credit cards on the market that offers a rewards program. The card offers 1% cash back on all gas purchases.

3) First Progress Platinum Select MasterCard Secured Credit Card - The First Progress Platinum Select Secured MasterCard rounds out this year's list of the best bad credit credit cards. With the First Progress Platinum Select MasterCard Secured Card, cardholders receive a card that reports to the three major credit bureaus, and no credit history or minimum credit score is required for approval. The card also offers a low ongoing APR of 14.99%, and 24/7 online account access. There's no setup fee required, and the card offers a credit line of up to $2,000 with a fully-refundable deposit.

"Bad credit credit cards are a great way for people with poor or no credit history to begin building that credit back up, and eventually get approved for the type of loans they will need for better credit cards, home loans, and auto loans," explained Logan Abbott, President of MyRatePlan.com.

People interested in applying for credit cards can compare credit cards using MyRatePlan's comprehensive credit card comparison tool here: http://compare.myrateplan.com.

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