The best credit card for building credit appears to be the Petal 1 No Annual Fee Visa Credit Card, according to several sources from February 2024. This card is designed for those with low credit scores in the 500s or below and does not require a security deposit. It offers a variable APR of 25.24-34.74% and reports to all three major credit bureaus. Additionally, it has no annual fee and provides cash back rewards on purchases.
Another top-rated option for building credit is the Capital One Quicksilver Secured Cash Rewards Credit Card. This card requires a refundable security deposit, but it offers cash back rewards on purchases and has the potential for a higher credit line after making five monthly payments on time. The variable APR is 29.99%, and there is a $39 annual fee. The card also provides access to a higher credit line after making five monthly payments on time, without requiring an additional deposit. It also reports to all three major credit bureaus.