Bad Credit Cards
If you have a history of not paying your credit card debt on time, your credit rating takes a hit and it becomes difficult to get another credit card. However, there are banks which offer credit cards for bad credit.
Whereas normal credit cards offer a number of benefits to people to acknowledge their good credit rating, bad credit credit cards do not offer those benefits such as 0% APR for some introductory period, balance transfers and cash advances. In fact, banks will charge you more APR and more annual fees for having a bad credit card history. Here is a list of some credit cards for bad credit.
- : This is an instant bad credit card with an approval decision in 60 seconds. There is a low APR of 9.9% on purchases and a $48 annual fee. Your payment history is sent to 4 credit bureaus.
- : This unsecured bad credit card does not have any annual fee or any hidden charges. And you can get name brand products from Fingerhut at low monthly installments.
The cards mentioned above are bad credit unsecured credit cards. However, many times banks do not offer credit cards for bad credit people. In such cases, you can apply for a secured credit card. In this, you need to deposit a security amount in your account in order to get a credit card. In most cases, the banks will offer you a credit limit of 50% more than your security deposit.
As you demonstrate your ability to pay on time, the bank may return your deposit and increase your credit score. But if you default on your payments, the bank will use the amount from your deposit. Here is a list of the best secured bad credit cards.
- : This card charges you an APR of 19.5% and an annual fee of $59. In addition, you get facilities like emergency cash transfers and insurance.
- : This card requires a minimum of $200 as security deposit and charges you $9.99 APR with a maximum credit limit of $5000. There is an annual fee of $50.
- : This is a unique card with a facility of credit on demand. It also offers reward points on a number of airlines like Southwest, American airlines and jetBlue.
In some cases, banks will not even offer bad credit cards but instead offer prepaid cards which you can use only after depositing money in your account. For a prepaid card, there is usually no credit check done. Here are the best prepaid credit cards for people with bad credit.
- : There is no activation fee, only a monthly fee of $9.95.
- : You can use this to pay bills online and you also get a 5% APY savings account.
Having a bad credit card is not a cause for worry since it is an opportunity to build up your credit rating by promptly paying your dues every month. If you are shopping for a credit card for bad credit, you can compare the best bad credit card offers on Credit Card Offer Online.com.
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