Bad credit get a credit card
There are a number of people who suffer from bad credit or would have either filed for bankruptcy. These people need to rebuild their credit in order to qualify for any kind of credit in the future. Having bad credit does not mean that you cannot get a credit card. There are a number of options available that help people with bad credit get a credit card.
Options for credit cards
When you wish to get a bad credit, credit card then you can either go in for a secured credit card, a pre paid credit card or an unsecured credit card with a low limit. Usually people go in for secured credit cards that help them in keeping away further bad credit and also in improving their credit score.
When you wish to take secured credit cards you are supposed to give an initial deposit that would act as a collateral for the credit card and your limit would be the amount that you have deposited. Initially you are required to put down a deposit of 100-15% of the total amount of credit that you wish to have. These cards are mainly used by, people to rebuild their credit.
There are many people who go in for unsecured credit cards that have lower limits. Such credit cards when used carefully can help people improve their credit score when they make their payments towards the card on time.However, if you are not able to make payments towards these cards on time then they can worsen your credit status.
The other option is a pre paid card. These are similar to credit cards and can be used at all places where a credit card is used. They are commonly called as debit cards.This is a good option as you can have low interest rates on the card and the limit on the credit card is the amount that you have in your bank account. As and when you use the card the amount gets deducted from your bank account.
Before you take the credit card
Before you opt to take a bad credit, credit card you should realize that these credit cards are meant to improve your credit score and should be used wisely. You should also make sure that your financial condition permits you to use these cards.
You should also make up your budget and follow it strictly and make sure that the expenses towards your credit card also fall into the budget limit. It is also important that you don't use these cards to make luxury purchases, as you are the one who would have to pay back the amount with the interest rate charged your purchases.
It is also important that you first decide on which would be the best offer for you and make sure that you would be able to meet the payments towards this credit card as the interest rates charged on these cards are higher than those charged on average credit cards.You should compare offers from different credit card providers and then decide which offer to go with so that you have to pay the least amount.
Rebuilding your credit
There are a number of credit cards made available by well-known companies for people who wish to rebuild their credit. You can select the one that you feel would suit your condition the best. Some of these credit cards are mentioned below.
New Millennium Bank Platinum Visa or MasterCard: They do not carry out any credit check and would approve your credit card without any hassles about your credit standing. Your credit limit will be up to $10,000.You can also have features like cash transfers, auto rental insurance, $100,000 travel accident insurance, extended warranty protection and special high introductory savings rate.
Orchard Bank Gold MasterCard: With this credit card you can manage your account online and they accept all types of credit problems. They charge you an annual fee of $79.00 and you can get a number of benefits with this card.They report the payments to all the credit bureaus and your limit would increase after sometime.
Orchard Bank Secured MasterCard: This is a secured credit card offered by Orchard Bank.They report your payments to all the three bureaus and you can have 24-hour access to your account. You can set your own limit and re charged an APR of 14.90%. They allow balance transfers and you are charged an annual fee of $39.00 - $79.00
New Millennium Bank Secured Platinum Visa or MasterCard: They provide guaranteed secured credit cards.They do not carry out any credit check and approve your credit card regardless of the income or the credit history. You can manage your account and payments online. They report to all the major credit bureaus. They charge an APR of 19.50% and allow balance transfers. You are also charged an annual fee of $59.
All-Access Visa Prepaid Card:This card offers free unlimited purchase transactions and do not carry out any credit check for approving your card. There is no upfront payment and no minimum balance requirements. There is no APR and annual fees associated with the card.
All-Access Prepaid MasterCard :There is no monthly fee associated with this card and also no upfront costs.There is no bank account required for the issue of this card and you are approved without any credit check. There is no APR or annual fee associated with the card.Other Articles
