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Bad Credit Credit Cards

If you have CCJs or a bad credit rating there is no need to miss out on getting a credit card. See these 3 great cards. They are available for people with a poor credit history.

Credit Card
Balance Transfers
Purchases
Typical APR
Rewards
 
Rate
Duration
Captial One Classic
Captial One Classic
N/A
N/A
N/A
34.9% APR
(variable)
N/A
Low, easy-to-manage credit limit from £200

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Representative Example:

Assuming a credit limit of £1,200 and an interest rate on purchases of 34.94% p.a. variable, you will receive a 34.9% APR representative variable.

Vanquis Visa
Vanquis Visa
N/A
N/A
N/A
29.8% APR
(variable)
N/A
Representative Example: 29.8% APR representative (variable). Based on a credit limit of £1,000 and a purchase rate of 29.8% p.a. (variable).

If you get Bad Credit Credit Card itcan help you to build up your credit rating. This is useful for people who have a bad credit history, self employed people and people who live in a new address and are finding it hard to not only get a credit card, but other forms of credit. It also gives you more spending power. These 3 credit cards are designed for people just like you.

So look at what advantages you can get from bad credit credit cards and look at these great cards. There are others available. Search the net and see what you can find.

Understanding Bad Credit Credit Cards

Credit cards have often served a purpose in our society today of buying now, but paying later.  The result of this is bad credit for many people.  In a society where we buy now and pay later we are often finding that we still can’t pay later.  With the credit scores declining many credit card companies have begun to offer bad credit credit cards.  Bad credit credit cards allow a person with poor to bad credit to obtain a credit card.  There are a few reasons for this lucrative business to be put in play.  First the banks and credit card companies are still going to be able to make money off of the individuals who have bad credit, but if you know how to play the game then you can actually use the bad credit credit cards to your advantage.  Bad credit credit cards enable a person to rent a car, book a hotel, or purchase plane tickets.  Most companies will not take cheques any more and if you use your debit card they will hold twice the amount for the rental or hotel until a few days after you’ve checked out. This article is designed to help you find the bad credit credit cards to help you.

When you are considering a bad credit credit card you need to look at a few aspects of the cards available.  When you have bad credit one thing you want to do is use the credit card to increase your credit score.  A bad credit credit card can help you do this.  First the bad credit credit card will allow you to re-establish a consistent payment.  As long as you pay the credit card’s minimum payment on time you will be increasing your credit score over time.  You will also want to use the bad credit credit card only once a month.  For an example, if you use the credit card for a ₤2.00 purchase, then go home and immediately pay off the balance you are increasing your credit score.  You are also finding that if you pay the bad credit credit card off right away you are never paying interest.  Often individuals are hesitant to get a bad credit credit card because of the high interest, but if you know the system and only purchase what you can afford to pay before the statement arrives you will never have to pay that interest, as long as you pay the amount in full.  Instead you are allowing the credit card to work for you.

You should also note that bad credit credit cards have that high interest rate for a reason.  The credit card companies look at an individual with bad credit, who cannot get a regular credit card, as a risk.  This risk must be accounted for.  The credit card companies know that by having a higher interest rate you are more likely to pay off the balance, and be more careful regarding how you use the bad credit credit cards.  They also make sure that if you are not careful and you end up defaulting on the card that they have earned at least a partial amount of the money back through interest.

Know that we know how the bad credit credit cards work and that you can use them to benefit you let’s look at some of the credit cards that are available.  We will compare the different aspects to help you decide, which features are more important and can help you rather than the credit card companies.  Keep in mind that all the bad credit credit cards are going to be easy to obtain, and that most everyone with bad credit is approved.

The First Premier Bank MasterCard is one of the bad credit credit cards that are available to you.  They do not have an introductory APR, or purchase period.  You will find they have a 9.9% APR, a set up fee of $29, and an annual fee of $48. 

Orchard Bank Platinum MasterCard doesn’t have an introductory APR or purchasing period.  They have an ongoing APR between 8.9% and 14.9% depending on your credit scores.

Another bad credit credit card is the Continental Finance Gold MasterCard.  This credit card offers you an introductory APR of 9.75%, and an ongoing APR of 9.75%.  

The Tribute MasterCard is going to have an introductory rate between 14.99%- 19.5% with an ongoing rate between those numbers as well. 

These are just four of the bad credit credit cards that are available.  You will find that with these four credit cards they are all going to have a setup fee and an annual fee.  This is part of the reason you have such low APR’s.  For other bad credit credit cards you will find that they are going to have 33% APR with no annual fee.  While you may not want to pay the annual fee it is a better offer for the annual percentage rate than getting stuck with 33% interest if you are unable to pay the monthly balance.

There is another type of bad credit credit card that we have yet to discuss.  So far we have been looking at unsecured credit cards.  Unsecured credit card means that you are using the credit card to purchase items and paying later.  The other type of bad credit credit cards is the prepaid credit card or the secured credit card.  This type of credit card means that you have paid a certain amount to establish a balance and then you use the credit card like a debit card.  For some the secured credit card is a better option to increase their overall credit scores.  You will still have a set up fee as well as a charge every time you deposit money into the account.  You also have to have the money for the account, so that could make your decision easy regarding secured and unsecured cards.  Keep in mind that you really want to look out for the interest rates, and pay the entire balance off to avoid those interest rates.

Shannon our top financial writer wrote this about adverse credit cards

All of the above cards are unsecured bad credit credit cards so you don’t have to put up your home or any other property as security when you sign up for any of the cards.

The benefits offered by the different bad credit cards does vary so take a look at the table to see the key differences. The Vanquis credit card and the Aqua credit card both come with 0% interest on purchases which is not included with the Capital One bad credit card. However the Capital One credit card offers an attractive interest rate and comes from one of the most established providers of credit cards.

So if you need a second chance to re establish your credit rating or are looking to build your credit rating then one of the above bad credit credit cards is likley to be a very good option for you.

As with any type of credit card it is always important to use the credit made available to you carefully. If you do not pay off your credit card balance every month then the interest charged on your bad credit card can soon mount up and if you then fail to meet your minimum payment obligation you will damage your credit rating even further.

Here are some impartial websites that could be of use to those with debt problems or a poor credit history.

www.citizensadvice.org.uk
www.insolvency.gov.uk
Direct, The Government Website - Debt Section

How We Make Money From The Bad Credit Credit Card Section

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