It’s a fact of modern life that you must have at least one credit card in your wallet for emergencies. But getting a new credit card immediately after your case is finished isn’t always easy. Sure, there are many companies that are willing to offer you new credit cards, but on terms that are unfavorable.

Your first post-bankruptcy credit card should be a secured Visa or MasterCard. Many companies offer these credit card accounts, which are secured by a savings account held with the bank. These savings accounts earn interest, and will not be touched unless you use the credit card and fail to make one or more payments. Secured credit cards are widely available, but be sure to read the fine print to determine costs and terms of the credit agreement. Interest or Annual Percentage Rates (APR %) can be very high and penalties for late payments may be costly.