Best Credit Cards For People With Bad Credit

There are times when we are unable to manage our finances and end up being in debt. In those times, it is not surprising that many people end up getting a bad credit rating. It happens to all of us as some point in time but does that mean, we can’t get our credit rating straight again? Maybe we can get the credit rating back to good but in the period when the credit rating is bad, most card agencies will deny a credit card especially platinum or a gold card.

There was a time, almost a decade back when it was difficult or almost next to impossible to find a bad credit card or a normal credit card if you had a bad credit rating. It has all changed considerably because of the highly competitive credit card market in the UK. Today even if you have a bad credit, you can still find a credit card. Here are some tips to find the best credit cards for bad credit:

Check the fee: Some credit cards offer a high fee but it is never mentioned outright. You will find it mentioned in the fine print. Some credit cards charge a monthly fee or a processing fee and sometimes even application fee and all this is apart from the annual fee. If you come across such a card then it is better not to apply for that card.

Secured credit card: Try to get a secured credit card even if your credit rating shows that you have a history of paying late. Secured credit cards are always safer.

Credit rating needs to be improved: Just because you have got a bad credit card doesn’t mean that you will not try to improve your credit rating. If you are able to improve your credit rating then in future you can apply for regular credit cards without any problem.

Financial Information: It is extremely important to identify your current or existing financial status before applying for a bad credit card. Perhaps you don’t like it but the credit card companies are doing their research about you. You need to ask your self the following questions to understand your financial situation better.

You need to consider your job status i.e., do you have a regular or full time job or are you working part time?
What is the existing credit that you have?
How much is your income?
What is the amount of time, you have spent at your current home?

One of the best or top of the line credit cards for bad credit is:

Barclaycard Classic Credit Card

Some of the features of this bad credit card are:

An introductory Balance Transfer of 0%
The monthly rate is 0%
The rate for introductory purchases is 0%
The standard APR is 14.5%
Cash advance APR: 18.7%
Minimum payment: 2.5% or £5
No annual fee
Travel accident insurance: £50,000
Purchase protection is free for 100 Days: £25-£500
Foreign usage: 2.75% fee

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