Credit Card Debt Relief

Friday, March 16, 2012

Instant Decision Credit Cards For Bad Credit

What are 'instant decision credit cards'?

An instant decision credit card is a card you apply for online, where the provider gives you a decision about whether you will be offered credit very quickly, usually within 60 seconds.

Credit providers make these decisions using an automated check, which is why it is so quick. If you meet the requirements exactly you can be accepted instantly, but if your credit rating is very bad then it is highly likely that you will be rejected.

However, many people won't fit neatly into either of these categories, in which case your application will have to undergo further checks and will take a little longer.

Am I eligible?

To be approved for most instant decision credit cards you will need a good credit rating. You may still be approved if your rating is not 100% clean, but it's unlikely that this decision will be instant, as your application will have to be reviewed further.

Additionally, you will be required to have fully functioning bank account, be over 18 years old and be registered on the electoral roll.

What are the benefits of an instant decision credit card?

It does what it says on the tin. You get a very quick decision on whether you can get credit from that provider or not, and your card arrives soon afterwards.

They can be good if you need to pay for something urgently up front, such as travel expenses. They're also suited to people who don't have time to spend a long time filling in forms and responding to follow up calls and emails from the credit company.

Additionally, you get all the benefits that normally come with a credit card, such as protection if your card gets stolen or cloned and cover on any purchases between £100 and £30,000.

What are the cons of an instant decision credit card?

Credit providers know that when you apply for an instant decision card, your priority is the speed at which you can get it, rather than making sure you have the best possible deal. As a result, the deals offered with instant decision credit cards typically have higher rates and fewer benefits than their slower decision counterparts.

How do I know which is the best provider?

In the past, comparing offers meant hours of research and drawing up tables, but thanks to comparisons sites this is no longer the case. Online searches will highlight exactly what each provider is offering in terms of APR, interest and additional benefits (such as cashback and points schemes on certain purchases), making it easy for you to find the best card for you.

However, as with any credit application, it's important to check the small print to ensure you're not signing up for something which will leave you in financial trouble or with a poor credit rating later down the line.

At you can compare instant decision credit cards online. Whatever your individual credit card needs, we can help you find the best deal.

Credit Cards With No Security Deposit For Bad Credit

How to Get a No Security Deposit Credit Card Despite Bad Credit:

When it comes to giving credit to people with bad credit there are a few options. Back when credit cards were gaining popularity you had to fit certain criteria to get them. Things like a stable job, enough income to meet the company's specific requirement and a good credit history were standard. If you had bad credit you were most certainly denied. There are now many more options and we will look at the differences here and help you find the best one.

Nowadays it's a bit easier to find a credit card even if you have bad credit but they are usually prepaid or secured credit cards. There are also secured loans which require collateral. Secured credit means that you are suppose to make a deposit, put money into a designated savings account or in the case of loans, assign something of value as collateral. When you miss your credit card payment, the provider will just withdraw it out of the deposit you had. When you qualify for unsecured or close your account then they will give you your money back.

If you don't want to make a deposit then you have to look at prepaid cards. Prepaid means just that what it says, you load the money in advance. Anyone with a bad credit history is guaranteed, you typically pay a small per transaction or monthly fee. However, you now can do all the things you did with a regular credit card like shopping online, renting cars and hotels, etc. When you want to use it again just load it.

It is a great way to still have a credit card regardless of your bad credit. The only thing is, it doesn't count towards your credit history. If you can, get yourself what's called a bad credit card instead. Cards like the First Millennium Platinum Card. They don't take your bad credit history into account as they do not do credit checks.

Some providers take days to process your application and get back to you about approval. First Millennium Platinum Card has a sixty second approval process you can access through their website. No more long waits for approval! Remember, I also said no credit check. Providers who issue cards to those with bad credit understand that sometimes honest people run into to problems and their bad credit history doesn't mean they are irresponsible.

If you need cash in a pinch, First Millennium Platinum Card can provide you with an instant cash advance as well. At some point in time we all have some sort of emergency in which we can use a little up front cash. Unlike payday loans which are very popular these days, First Millennium Platinum Card offers zero percent APR so you won't get gouged every time you take some cash to get you through to payday.

Always remember to make on time payments with your new credit card. There is no better way to improve your credit score. Use your new First Millennium Platinum Card just as you would any other card and enjoy the freedoms that come with credit cards, all the while rebuilding your good credit back to where it once was.

This Article is related to the subject of bad credit. If you are looking for first millennium platinum card then is the greatest place for you.

Credit Cards For Bad Credit and Unemployed

How To Settle Credit Card Bills For Less - Credit Card Solutions For the Unemployed

Unemployment is a big problem for any economy. When People become jobless, they find various sources to earn money whether these resources are good or bad. Using credit card is also one of the source through which a person fulfils his desires by purchasing things on credit. Before the World economic recession, American citizens used to make their purchases through credit cards and then follow the schedule of regular payments. But after the down turn in economy, these people have become jobless and have no option to pay back the loan amount. Here are some Credit Card Solutions for Unemployed people of America.

Credit card companies have two responsibilities, one is to distribute the loan and other is about the collection. After economic recession, these credit card companies have more focus on the collection rather than distributing more cards. So first of all the unemployed people do not need to worry about paying the whole amount because in these bad days, the creditors are not looking for the whole amount but they are going for whatever the debtor can pay. The debtor should consult its credit card company and ask for leniency. The creditors have realized that people have no earning powers so they are not in a position to pay back the loan. They also do not want the debtor to file for bankruptcy because in that case they would get nothing.

Another Solution for Unemployed people is to hire the services of Debt Settlement Company. Sometimes, a common man does not want to indulge himself in the legal procedures and activities. There are some financial institutions that help the poor debtors to get rid of the loan burden. These companies negotiate with creditors on behalf of borrowers and try to minimize the debt amounts. These companies help to settle the debt amounts up to 50%. If they get successful in minimizing the due amount, they charge fee in return of the services provided.

These Credit Card Solutions for Unemployed people are also beneficial for those who have their jobs but their credit card debts are far more than their earnings. If a person settles the debt amount through a settlement company, he only needs to be careful that he should not pay any services fee until he gets satisfactory results.

If you have over $10,000 in unsecured debt it may be a wise financial decision to consider a debt settlement. Due to the recession and overwhelming amount of people in debt, creditors are having no choice but to agree to debt settlement deals.

Thursday, March 15, 2012

High Credit Limit Credit Cards For Bad Credit

In the early years, applying for a credit card is really tedious. You need to pass all the background checks done by credit card companies in order to get rid of some applicants who already have a tarnished credit card history. But today, credit card application is as easy as one-two-three.

Even credit card holders with bad credit history are given the chance to apply and be approved in the credit card application. There are even applicants with bad credit who can avail of the high limit credit card. All you need is proper information in order to enjoy the benefits of bad credit high limit credit card. If you want to have a high limit credit card, read on and familiarize yourself of the ins and outs in the credit card industry.

After the application, the credit card companies will review your all your papers to make sure that you have stated the right information about you. This is actually a standard procedure exercised by all credit card companies in order to determine the real identity of the applicant. Aside from all the personal information, credit card companies will also monitor your credit score in order to assess your credit limit. Applicants with excellent credit score have a higher chance of getting approved and availing of higher credit limit. But those who have bad credit must not lose hope as the credit score is not the only determining factor in giving the credit limit.

Apart from the credit history, there are still some other variables that credit card companies delve into. Your source of income is also important to credit card companies in order to assure that you have the ability to pay all your debts. Those who have higher incomes despite the poor credit history can still avail of the bad credit high limit credit card. Just make sure that you will now pay your debts on time.

By doing this, you will not only free yourself from too many debts but you can still clean your previous record as a delinquent credit card user. But there are cases when credit card applicants cannot show a proof of income since they are not working on the typical office environment.

Mostly, these applicants are self-employed or are working online. This kind of applicant is required to present a tax presentation showing their real income. By proving the credit card company your ability to pay your debts on time, you can now have access to the bad credit high limit credit card that you long wanted.

But once your credit card is released, avoid all those unnecessary expenses to spare you from paying high credit card bills. Mostly, credit card owners are tempted of buying anything that their eyes can appreciate. After all, it also takes a single swap and then presto! They can now have the item they are drooling about. Though they may enjoy having a credit card for a while, they may soon experience troubles once their bills arrive. As a lesson, buy only the necessary things to avoid great debts in the future.

References for high limit credit cards with bad credit:

Non Prepaid Credit Cards For Bad Credit

Normally if you have a bad credit, it is quite difficult to get approval for a credit card. However, you can procure a credit card for people with bad credit in the United States. These credit cards are the unsecured credit cards, especially designed to help people like you, who have bad credit. With a record of bad credit history, you may not be able to secure an average credit card. An unsecured credit card would usually offer you a lower credit limit, and a higher rate of interest, but with a really bad credit history, you may still be unable to procure one.

Unsecured Credit Cards for Bad Credit People

Many companies can help you out of your desperate situation by offering you unsecured credit card for bad credit people in the United States. They take out ads guaranteeing to approve your application for a credit card, even if you have a very bad credit. This is all fine, but you may save yourself a whole lot of grief by first reading between the lines, and going for the company that offers the best terms.

Do not accept the first offer that comes your way, just because you are desperate. This could land you in a bigger soup than you were in, to begin with. Check with a few companies offering you unsecured credit cards for bad credit. Go through their fees and charges, and other terms of agreement. Ensure that you do not land up paying more than you thought you would. Check out the kind of fees they charge. Reputed companies offering unsecured credit cards would probably charge an annual fee, and little else.

Check out the track record of the companies offering you unsecured credit cards with bad credit.

Unsecured Credit Card - A Sound Option

After sifting through all the confusion that the ads from the credit card companies create, obtaining an unsecured credit card with bad credit may be quite a sound option. Terms, such as, 'non prepaid credit cards for bad credit,' and 'guaranteed credit card approval' are just promotional strategies, and you need to look beyond the hype.

Some companies may offer you unsecured credit card with bad credit in United States that come with a higher credit limit, but it may be a 'shopping' card - which you can use to purchase from a particular vendor, or a catalogue, only. It does not matter as long as you are able to shop for your needs, and that too with a higher credit.

Ensure you make timely payments on your unsecured card to enable you to improve upon your credit rating.

Credit Cards For Bad Credit No Credit Check

Get a Credit Card For Bad Credit - No Credit Check Required

If you have bad credit getting approved can be difficult, but you can get a credit card with no credit check today. Getting a credit card, no credit check required is easier than you might think, and these credit cards for bad credit can approve you instantly after a secure online application, often guaranteed.

There are various reasons you could need a credit card, no credit check required. If you have a bad credit history it can destroy your ability to get traditional credit cards, and the declined applications can become disheartening. Your past financial mistakes should not prevent you from attaining and rebuilding your credit reputation with new financing forever. Luckily there are credit cards for no credit available that offer a second check and a means of building your credit back from it's current score.

No Credit Check Credit Cards Offer a Second Chance

These no credit check credit cards offer a second chance to rebuild your credit score and reestablish your credit reputation, but at a cost. If you are looking for an unsecured credit card, no credit check required, you will have to steel yourself to what are very high APR rates and a stiff finance charge for your credit line. Secured credit cards, no credit check needed, often offer better programs with lower costs and fees, but you will be required to make a deposit of funds into the account for approval as collateral.

Both of these credit card programs, whether secured or unsecured, will allow you the opportunity to rebuild your credit reputation. They are the first step towards improving your credit score by making a series of documented on time payments and showing the credit bureaus your ability to meet your financial obligations. Many hard working, honest individuals, like yourself find themselves in this situation of recovering from financial hardship and looking to rebuild. Credit Card, no credit check, offers provide that second chance needed.

Some no credit needed credit cards have guaranteed approval programs, and your optimal credit line terms will vary depending upon your unique financial needs. Whether you choose a secured credit card or an unsecured credit line use these no credit cards for what they are designed for, improve your credit score with these financial tools and then you can change to lower APR card offers once your need for the no credit program is gone. Use these credit programs as a stepping stone towards reestablishing your good credit rating and ability to qualify for better offers.

So browse the various no credit check card offers that are available online, and consider all that your new credit line means towards your future. It is not just a matter of being able to make the purchases you want, but building towards the credit future you deserve.

About the author:
Ariel Pryor is a consumer credit expert who helps people with Bad Credit to find financing with loans and or credit card offers despite their credit history. Check out for more information about credit cards for bad credit no credit check, and help you rebuild your finances and get back on track to the financial rewards you deserve.

Credit Cards For No Credit or Bad Credit

Credit Cards For No Credit or Bad Credit:

Finding cash is tough, but there are credit cards for people with no credit available online that offers secured and unsecured credit lines and easy qualifications. Finding credit cards for people with no credit is not so difficult if you know where to look and apply for the right offers that provide no credit check approvals and easy qualification requirements.

Many Americans find themselves with bad credit these days. The financing crisis and current economic woes have hit many honest individuals hard, and has turned many honest people and borrowers into people with bad credit. Bankruptcies, foreclosures, repossessions and seizures are on the rise as people find themselves unable to make their current payments because of job loss, downsizing or income impairment.

With a declining credit score you are like many who have found your financing and borrowing options limited. Credit cards are a way of life today, required for online purchases and can be a vital source of capital when you need to money until your next paycheck, but with the financial meltdown, credit card companies have become more stringent in their qualifications for new applicants.

Credit Cards - No Credit Check Required

Whatever your personal finance situation, relying on your credit score for approval of a new credit card is both nerve wracking and a hassle. Getting declined for a new credit card is never fun and it can lead people to believe that they are unable to get approved any longer. This is not the case, and luckily for us there are credit cards for people with no credit.

These credit card offers allow people to qualify with other factors taken into consideration for approval. These factors vary from program to program but some check your current employment, others require deposits to secure your credit line, but whatever the case may be, they equal easy approvals for a new credit card. Lenders of these cards are looking for honest individuals that are in need of a new credit card but are in need of a second chance because of previous financial stumbles.

For People Who Need to Get Approved Fast

Credit cards for people with no credit commonly offer secure online applications and the ability to apply from the comfort of your home computer using the internet. Filling out a few financial details you can complete an application in a matter of minutes and have an approval for your new credit card. What does this mean for you the consumer? Cash for you fast and money you can spend for pressing emergencies without problematic qualification delays and issues.

It Benefits to Apply Today

With drastic changes on the horizon for the credit card lending industry it benefits you to apply today for credit cards for people with no credit, as these programs may be discontinued in the future. For now, we have these second chance opportunities that can help build credit and get you cash fast when you need it, so take advantage of these credit cards while they last and apply today.

Visit can help you get approved regardless of your credit history for credit cards for no credit or bad credit and find financing top credit options for fast approvals.

Wednesday, March 14, 2012

Online Credit Cards For Bad Credit

Types of Online Credit Cards For Bad Credit

So you have bad credit, is it really a big deal? Your credit history is basically a snapshot of your previous debts and payments. It records all the late or absent payments reported by your creditors and keeps a score. That score tells future lenders what kind of borrower you may be and helps them decide how much to lend, or if they should lend to you at all.

In the early days of credit cards, having a bad credit score was pretty much a death sentence where lending is concerned. These days it is almost common place. With a huge part of the population holding between one to six credit cards and the recession leaving a chaotic trail behind it, I'd say a very large of the population of consumers have what is considered bad credit.

Not to say bad credit should be taken lightly or obtained on purpose, you will need a good credit history for any major loans, mortgages and automobile purchases. As far as credit cards go, bad credit can be a burden but there are cards that are issued regardless. With a little online research and discipline, you can use these cards to reverse the damage already done.

So which cards are best for those with bad credit? Well prepaid cards are one example. You get automatically approved, load them then spend until the balance you loaded is gone. They don't do a credit check on you and they don't report good or bad payments to your credit bureau either.

Prepaid cards solve the problem of trying to purchase with a credit card, but that's about it. Secured cards are like the ones you get from banks and financial institutions, only you have to put a deposit down. You'll find lots of these online.

Unsecured cards are hard to come by when you have a poor credit score. You could try the First Millennium Platinum Card. They don't do credit checks either and will consider those with bad credit. The First Millennium Platinum Card application only takes a minute to fill out, plus a sixty second approval. Check out their website online.

When you're looking at credit card providers and lenders, check out the terms and interest rates. Generally you'll pay more interest because you are technically a higher risk to them. However, it is very possible to pay little or no interest. First Millennium Platinum Card offers zero percent APR. It's pretty simple, charge your purchases and make payments on time so you don't pay any interest.

Also ask if they offer cash advances. Most retailers nowadays accept credit cards but it doesn't hurt to have access to a little cash when you need it. Be very sure to make your payments on time. Your good payment history with First Millennium Platinum Card will ensure that should you need more credit down the road, you will have access to it.

This is your shot at fixing your bad credit so make the most of it. First Millennium Platinum Card can be your second chance. They understand that even honest people accumulate bad credit. There are plenty of resources online to help you budget your money and ensure you get your payments in on time.

This Article is related to the subject of bad credit. If you are looking for first millennium platinum card then is the greatest place for you.

Easy Credit Cards For Bad Credit

Even people with bad credit can be approved for a new credit card if they know where to look. If you have very poor credit, you may have to apply for a secured credit card, as opposed to an unsecured card. Secured cards require a security deposit, usually equal in amount to the line of credit you receive. Properly maintaining your new card will help you begin rebuilding your credit score.

Easy Credit Cards For Bad Credit

American Octane Black

The American Octane Black credit card has a 100 percent approval rate, no matter how bad your credit is currently. You will receive a line of credit between $1,000 and $10,000. Owning the American Octane black will allow you to help rebuild your credit, as they report whether you make payments on time to the three credit bureaus. The downside to choosing this card is that there is a one-time $99 activation fee, and a $9.95 fee charged monthly.

Public Savings Bank Classic

If you are looking for a credit card that does not have any fees, consider the Public Savings Bank Classic by Visa. This card charges no activation or monthly fees. Additionally, there is no credit check performed, so your current credit score does not matter. For the first six months, you will receive a 0 percent APR; afterward, the rate increases to 11.24 percent. Your performance with the card will be reported to the three credit bureaus, so you can fix your credit score over time.

Centennial Secured

Another credit card option for those with poor credit is the Centennial Secured card by Mastercard. To apply for a card, you do not need to have any established credit history. The card carries a $50 fee every year, so determine if you are willing to pay this fee before applying. The APR for the Centennial Secured credit card is 19.9 percent.

0 Balance Transfer Credit Cards For Bad Credit

0% Balance Transfer Credit Cards For Bad Credit

One is in a position to apply for a credit card for bad credit online. You will have to do some research in order to find the best firms. There are different rates that are being charged by different financial institutions. It is important that you go for one that you can afford. This will be highly determined by you monthly income.

You will be in a position to transfer your finances from one account to the other without any payment. The interest charges will be removed and this will make it even more affordable. There will be some charges for some few months, but after that, you will not have to make any payments.

One of the things that you have to take note of is the fine you will pay because of late payment. You will also have to make some credit card payment every month. Because of this, it is important that you budget your income well to take care of these charges. There will be some expenses that you will have to do away with.

Before you apply, it is important that you go through the application form before applying. This will let you know of any charges that will be required. You will also be in a position to know their interest rates. You should also ensure that that is exactly the card you are planning to apply for. Also ensure that you make your payments on time to avoid penalties.

The other thing you should keep in mind is the membership fee. You will think that you will not be required to make any payments when transferring your cash. You will then be surprised when you get charged.

But not all financial institutions have a membership fee. You will be required to make some research to find them. Ensure that you go through the reviews and this will guide you to the best ones. A number of credit cards for bad credit are so tempting to have, and you should not jut apply for any. It is advisable that you go for one that you need and can afford it.

Please visit for more information about credit cards for poor credit.

Top 10 Credit Cards For Bad Credit

Top 10 Credit Cards For Bad Credit

1. Centennial® Secured MasterCard and Visa Credit Card

  • Convenient 24-hour account access by phone
  • Use your card everywhere MasterCard® cards are accepted (subject to available credit)
  • Monthly reporting to major consumer reporting agencies
  • Reasonable credit limit can help you spend smarter (subject to available credit)
2. First PREMIER Bank Classic Credit Card
  • Nearly 3 million credit cardholders
  • Easy and fast credit card application
  • This is a credit card, not a debit card or prepaid card
3. Orchard Bank Classic MasterCard
  • An excellent credit card for rebuilding credit scores; reports to 3 major credit bureaus monthly
  • Acceptance at millions of locations worldwide, including website purchases and reservations
  • Account information is updated and at your fingertips 24/7 so you can manage it your way
  • Email and text messages to remind you of your upcoming payment due date with online enrollment
  • On-call customer service representatives to assist you with questions or concerns
4. Aventium Classic Credit Card
  • For people with bad credit
  • May be able to help build, rebuild, or reestablish your credit history if you make on-time minimum payments with all of your creditors and maintain your account balances below the credit limits
  • Reports monthly to the major consumer reporting agencies
  • Access your account by phone at any time, day or night
  • This is an unsecured, fee-based product
5. Capital One Secured MasterCard
  • Automatic reporting to the 3 major credit bureaus
  • Track credit with access to your credit score and other tools
  • You may qualify for credit line increases with no further security deposit required
  • Use it like any MasterCard credit card, accepted at millions of locations worldwide
6. Account Now Gold Visa Prepaid Card
  • $0 Monthly Fee*
  • Higher daily and monthly limits
  • Borrow money and build credit history*
  • Free credit builder and bill pay
7. Public Savings Bank Classic Visa
  • Build credit history - report to all 3 major credit bureaus
  • 0% APR on all purchases for the first 6 months
  • No annual fees or monthly maintenance fees
  • No credit check or checking account required
8. Applied Bank Secured Visa Credit Card
  • 12.99% Low Fixed APR - Rate won't change even if you're late
  • Choose your credit limit - from $200 and up to $500
  • Monthly credit bureau reporting
  • Genuine Visa credit card - not a prepaid or debit card
  • Accepted worldwide at millions of locations
9. The Mango Mastercard Prepaid Card
  • Free Prepaid MasterCard®
  • $0 activation fee
  • Free direct deposit
  • Free account management online or with your mobile phone
  • Send money with your mobile phone
  • No credit check, no bank account needed, no overdraft fees
10. GreenDot Prepaid Mastercard
  • Reload at nearly 50,000 retailers
  • No overdraft or penalty fees
  • No credit check
  • Free ATM withdrawals
  • Free online. Save $5 over retail price
  • $10 credit and free loading with direct deposit

For more detailed information please visit

Other credit cards for those with bad credit we recommend:
  • Ace Pink Visa Prepaid Debit Card
  • Centennial Unsecured Credit Cards
  • Household Bank MasterCard
  • New Millennium Bank Credit Card
  • Next Millennium Credit Card
  • Platinum ZeroTM Secured Visa® Credit Card from Applied Bank®
  • READYdebit® Visa Prepaid Card
  • RUSH prepaid visa card

Tuesday, March 13, 2012

Low APR Credit Cards For Bad Credit

Bad credit will follow you not just in your finances, but also when you are applying for jobs and seeking housing. Improving a credit score can be challenging, but it is essential. If you currently have a poor credit score, you can still get a low-interest credit card to begin improving your credit history. It can be difficult--especially if you are relying only on your credit report.

How To Get a Low APR Credit Cards For Bad Credit:
  1. Pull a recent copy of your credit report. Visit this website: This will give you access to a free credit report. You should also pay for your credit score, also called a FICO score. This is the three-digit numbers lenders use to assign rates and fees on credit accounts. Scores above 720 are excellent, but scores below 600 are poor. In general, the higher your score, the lower your credit card interest rate. Regardless of your credit score, however, if you pay late companies will almost invariably raise your rate.
  2. Look at the programs offered at your bank. Some lending institutions will look favorably on credit applications if you already do business with them. If you have a long banking history with a checking or savings account at your local bank or credit union, ask a loan officer about low-limit, low-interest cards for current customers.
  3. 3. Apply for a secured credit card. These accounts are secured with your own money in a separate savings account. The credit limit is determined by the amount of money in this "collateral" account. While fees and rates on these accounts are traditionally high, you may be able to negotiate a lower rate once you make several consecutive, on-time payments.
  4. Ask a friend, family member or colleague to be a cosigner on a credit card. This must be done delicately. A cosigner is as obligated to a credit account as is the primary signer. If you fail to make the payments, your cosigner must pay or suffer the same credit consequences.
  5. Ask a family member or friend if you can be an authorized user on a credit card. As an authorized user, you will not be obligated to the credit account but will have access to funds. The credit history on the card is reflected on the credit reports of both the primary signer and authorized user. If you become an authorized user, you can enjoy the benefits of a low-interest credit card account (presuming the co-signer has good credit).

Good Credit Cards For People With Bad Credit

When you have bad credit, you can get stuck in a vicious cycle. You need a credit card to help rebuild a good credit history, but your history prevents you from getting one. Fortunately, there are some good credit card options for people with bad credit. Some will help you build up your credit rating, while others are mainly for convenience or budgeting. Even if your credit rating is low, you should be able to find one that fits your situation.

Bank Cards

Many banks will be reluctant to give you a credit card when you have bad credit. If you have had a savings or checking account with one bank or credit union for a long time, and if you've maintained a reasonably good financial history with that financial institution, it may be willing to give you a credit card. Many issuers who give credit cards to people with bad credit charge high interest rates, annual fees and even monthly service charges. Your own bank or credit union is more likely to give you a card with favorable terms, even if your credit is bad.

Secured Credit Cards

Secured credit cards are good for people with bad credit because virtually anyone can get one. The main requirement is having a deposit with which to secure the card. Many banks will accept a deposit of as little as $100 to $300. Once you make it, you will receive a credit card with a limit that is equal to the deposit. This will help you stay on a budget by limited your spending power. It will also help rebuild your credit if you make the payments on time every month. Jessica Seubert of says many secured card issuers will let you open an unsecured account if you maintain a good payment record for a year.

Pre-Paid Credit Cards

Pre-paid credit cards are good for people with bad credit because they force you to stick to a budget. Even though the pre-paid card will have a Visa or MasterCard logo, it doesn't actually give you a credit line. You load it up with money, and this allows you to use it at any website or merchant where credit cards are accepted. Once you spend all the money, you cannot use the card until you load it up again. This prevents overspending because you can only spend money you already have rather than digging yourself into debt with a traditional credit card company. The Credit Card Guide warns that some pre-paid cards have high fees, so you should shop around for the best deal.

See also

Cheap Credit Cards For Bad Credit

Want to find cheap credit cards? Your best source for information on cheap credit cards is a Web site that not only lets you view the offerings of a variety of credit card companies but also gives you reviews of the various cards by cheap credit card users.

Let's take a look at one site that gives us a glimpse into more than 70 credit cards, some of them cheap credit cards, from many countries of the globe.

The first, the American Express Blue credit card, was reviewed ten times (score is from one to ten, with one being the worst and ten being the best.) Interestingly enough, this credit card had ratings that ran the gamut from one to ten. Overall, its valuation as a cheap (as opposed to more costly) credit card was 7.9, which is quite good. Customer service rating on this card was not quite as good, but better than average at 6.2. 90 percent of the reviewers, or nine out of ten, recommended this as a good buy if you're looking for quality but cheap credit cards.

33 cheap credit cards users reviewed the Aspire Visa credit card. This didn't look to be a good choice for cheap credit card, according to these reviews. Only nine percent of the Aspire cheap credit card users recommended its use, and for overall value as a good buy in cheap credit cards its rating was one out of ten.

Accucard credit card, however, even with only two reviews, was a strong recommendation if you're in the market for cheap credit cards. Both reviewers gave this cheap credit card a rating of ten out of ten. What could be better? One reviewer said that this credit card has great rates and low annual fee (making it a top notch choice when comparing cheap credit cards) and, in fact, you have a lot of variety with this card, actually choosing your rate and credit card, and changing that choice as your needs or budget changes.

The second Accucard reviewer said that it was the best of the cheap credit cards, currently offering 1.6 percent cash back the first six months you use the card.

Virgin credit card, according to the twelve cheap credit cards reviewers that rated it on this site, doesn't seem to be the best choice in cheap credit cards. The overall rating is a very low 1.8 out of ten. At first glance it looks like some pretty extensive accounting and customer service errors on the part of this cheap credit card company. One reviewer talked about a nightmare
experience, especially if you've chosen this card because you need cheap credit cards. First they overcharged the interest, and then they corrected it but overcharged again. Another reviewer said the interest rate on this allegedly cheap credit card went to over 24 percent without any notice.

For customer service the Virgin cheap credit card earned a 1.4 out of ten from these reviewers. The same rating was given for value (not one of the cheap credit cards, according to these folks.) Its overall value was a two, with recommendations to purchase from only 17 percent of the reviewers.

For more information about finding the best cheap credit cards visit

All Credit Cards For Bad Credit

All credit cards offer many benefits and features. Some come with a few disadvantages. To convey my point I will leave the disadvantages for others to write about. All credit cards are good in their own way for their own purpose and for that specific applicant. There are many credit cards for applicants with good credit, bad credit or with no credit at all. There are the so called "bad credit cards" and the "good credit cards." Bad credit cards fit consumers looking to build "good credit." Good credit cards fit consumers with good credit looking to take advantage of benefits that suit their daily lives. So are all credit cards good? Yes, because in some cases you have to start somewhere and sometimes, it comes at a price.

Consumers with good credit attract the credit cards that would better suit their income, credit history, spending habits and paying habits. Many credit cards that approach consumers with good credit tend to offer great transfer rates and lower interest rates on future purchases as long as the consumer's credit doesn't change in the wrong direction. Everyone has their individual needs and perceptions of their credit. So the only challenging factor for someone with good credit is to maintain the good credit status and keep a close eye on your credit limit to credit debt ratio. In my opinion, your ratio should be at around 25% to 40% because it is a responsible level to be proactive in managing your credit cards. A 25% credit limit to credit debt ratio would be $250.00 balance on a $1,000.00 credit limit. Investing in a credit monitoring service also helps to keep a third eye on your credit so you can focus on your busy life.

Consumers with bad credit attract the credit cards that seem to be outrageous because of interest rate, credit line or terms of the agreement such as annual fees and processing fees. In my opinion, their is no such thing as a bad credit card as long as they report the account to Experian, Transunion and Equifax (CSC Credit Service). Instead of them being called bad credit cards they should be called credit building cards. If you cannot get over yourself by accepting a credit building card, maybe a secured credit card from your bank would be the best choice as long as they report to the credit bureau. Never think bad credit is forever or that it can't ever improve, it can with responsible steps.

If you get a so called bad credit card then make sure you fulfill your end of the agreement, and don't make excuses for not paying on time or letting it charge off because it was only $300.00. I think one factor that makes that type of card good is that the credit lines are usually no more than $500.00. That low of a credit line is a good thing because worst case scenario your minimum payment is between $15.00 - $25.00. Not bad for establishing a credit line that will be worth dividends in the long run. Yes, it will benefit you as time is established behind the credit card. Credit building cards are only short term because once you have began to establish yourself with 2 - 3 credit building cards your score will reflect the responsible habits and your score will begin to rise. So are bad credit cards good, of course they are.

Whether you have good or bad credit cards the responsibility is the same. Make your payments on time and watch your credit limit to credit debt ratio. These two simple steps, if followed consistently, will keep your credit cards as the good benchmark for your credit score to be based from. I have only referenced your credit cards that allow minimum payments and not any other types of credit cards or other credit lines on your credit report. I have also not referenced the impact of derogatory items on your credit report that would affect the establishing of your credit. All cards have benefits and features that are advantageous to consumers or contain hidden value, even if the card does not seem very desirable. When you decide to get any credit card base it on your own financial need and on the advantages that will benefit you and your credit profile. Credit is life and life is credit, understand it wisely.

Monday, March 12, 2012

Credit Cards For People With Bad Credit History

Credit Cards For People With Bad Credit History

It is a fact that credit cards are one of the most important tools in today's society. With it, you will be able to purchase the things you need even if you still don't have the cash for it. The way this works is that the credit card company will let you borrow the cash for the purchase. You will then pay it back monthly with an interest if not paid fully. Just make sure that you pay it back on time and also with the minimum payment required every month in order to avoid outstanding credit card debt that can accumulate a lot of interest.

Life without a credit card may be hard to imagine, having a bad credit history, can take a toll on your life. If you are in need of a credit card you might not be qualified for one due to your poor credit history. Most of the credit card lenders ignore customers with poor credit due to the possible risk of default, which may arise in future. however, if you do not score for a standard charge credit card, you do have. Some card providers are now showing interest in providing special high-risk charge credit cards, and customers like you no doubt can take the advantage of this.

According to the functionality, a credit card for bad credit history is more or less same as the traditional cards of standard charges. The only differences are the rate of interests and the fees. a card for poor credit history has much higher charges than the standard ones. in the interim however, if you continue to pay your bills off each month and do not spend beyond your credit limit, you will be able to avoid these easily. If used wisely, these cards can even be used to repair your poor credit. Usually, at the end of each month, different charge card companies and traditional lenders need to report to the leading credit reporting agencies, such as Experian, Equifax and Trans Union. So, by remaining consistent in paying off your fees, you will raise your credit score.

A guaranteed acceptance credit card or prepaid credit card is slightly different from a bad credit history credit card. It comes with some great advantages like no charge limit, works like a standard card etc. no interest is be added with your money as these cards are based on the principle that you are putting your own money on your own card. These are excellent features for an individual with bad credit, these cards does however have a drawback. a fee is charged for using or re-loading these guaranteed acceptance credit cards.

Generally we use our credit cards for paying prices for the goods and services we are using. It is true that these cards bear higher interest rates and fees than the normal credit cards with comparatively lower interest rates. to make the most of your special card, you need to be confident enough to pay your monthly charges in a timely manner. This is the only possible way to raise your credit score with the help of your credit card for poor credit. The fact that these card providers directly report to the credit agencies adds extra advantage to this. It gives you the opportunity to improve your credit history within six to nine months. just grab the best one for you, and restore your credit rating.

Top Credit Cards For Bad Credit

There are several Top credit cards for bad credit, including secured and unsecured cards.

1. Household Bank

Household Bank offers a Mastercard for people with bad credit. Some may qualify for the unsecured card, while others might have to pay a security deposit to secure the card. The annual fee ranges from $39 to $79, and the interest rate is 7.9 percent to 14.9 percent.

Household Bank offers a pre-screening service to determine (before pulling a credit report) the appropriate card for which you might qualify.

2. Orchard Bank

Orchard Bank is affiliated with Household Bank (HSBC owns both), but Orchard Bank's credit guidelines are more lenient. The annual fee can be $35 to $79, and there is a processing fee that varies between $0 and $39. The interest rate is between 14.9 percent and 28.9 percent.

Orchard Bank also offers a secured card. Generally, you can't have both an Orchard and a Household card at the same time.

3. Capital One

Capital One offers secured and unsecured Mastercards for qualified applicants, along with a pre-screening process. The card's annual fee runs between $0 and $39, with interest rates between 19.8 and 24.9 percent.

4. Public Savings Bank

The Public Savings Bank secured Visa has neither an annual fee nor monthly maintenance fees. You set the credit limit with a deposit between $300 and $2,000. The bank offers a 0 percent APR for six months, after which the APR goes to 11.24 percent. The bank reports to credit bureaus monthly.

5. Applied Bank

The Applied Bank secured Visa allows you to choose your limit by depositing between $200 and $500. The APR is 12.99 percent and doesn't increase if your payments are late. Applied Bank reports to credit bureaus every month.

6. Platinum Zero

The Platinum Zero secured Visa card is also issued by Applied Bank. The credit limit is $500, secured by your deposit. There is no APR, zero fraud liability and identity-theft protection. Applied Bank reports to credit bureaus monthly.

7. Centennial

The Centennial secured Mastercard requires a minimum $200 deposit. The bank charges a set-up fee of $50 and an annual fee of $50. The APR is 19.99 percent, with penalties for late payments. Reports are made to credit bureaus each month.

8. GreenDot Prepaid Mastercard

GreenDot Mastercard is a prepaid credit/debit card with no credit check. There is no fee to activate the GreenDot card, and the monthly fee of $5.95 is waived--if you make at least 30 transactions or add $1,000 or more per month to the account. GreenDot does not report payment history to the credit bureaus.

9. Rush

The prepaid Visa Rush card doesn't require a credit check. The activation fee is less than $20, and the monthly fee is $9.95. You can opt for direct deposit to the card or load the card with money, as needed. There is no APR. This card doesn't report payment history to credit bureaus.

10. First Premier Bank

First Premier Bank issues a few unsecured cards: Aventium Classic Card, the First Premier Mastercard and the Centennial Mastercard. The lender has lenient credit requirements, but it also has high fees.

The bank may require you to pay $95 before it processes your application. If you aren't approved, your money is refunded. The interest rate varies. First Premier Bank usually charges around $225 for maintenance and set-up when you open the account, with a typical credit limit of $300. This leaves only $75 of available credit. As a result, many people decide that a secured card is a better option.

Major Credit Cards For Bad Credit

Review of Three Major Credit Cards For Bad Credit

As you search for cards to rebuild your credit, it's important to find one that helps your increase your FICO score. Secured cards like the Applied Bank Card, Public Savings Bank, or the New Millennium Bank Platinum can be used to establish a positive payment history. These cards functions just like any normal card. They report your payments to the three major bureaus so you can rebuild your score. These cards can also be used for car rentals, travel, online purchases, and works great for students looking to establish their credit. Let's compare the unique features of each card:

Applied Bank Card

This card has a minimum deposit of $200 to open an account, but you can deposit a maximum of $5,000. Your initial card limit is equal to the amount you deposit but over time, you'll have the opportunity to increase your limit with special promotional programs. This card doesn't pay any interest on your deposit, but your deposit is FDIC insured. The annual fee for this card is $50. When your card is first set up, they'll bill the annual fee to your account so be aware that your initial credit line will be decreased by $50. If you sign up for any optional benefits such as Applied Advantage, your credit line will also be reduced accordingly. Account related fees continue to accrue on this card, even if you're over the limit.

There is no grace period for purchases and the minimum finance charge assessed is $0.50. This card features a low fixed APR of only 9.99%. Finance charges are computed using the Average Daily Balance, even for new purchases. Another important feature to know is your annual APR won't increase, even if you're late.

Public Savings Bank Visa Card

To open an account, you can deposit as little as $300 to as much as $1,500. The lifetime deposit limit of this card is $10,000. For deposit balances between $5,000-10,000, your account limit is 90% of the deposit amount.

New purchases incur a 0% introductory APR for the first 6 months. After the introductory period, your APR changes to 7.99% + Prime Rate. As the Prime Rate changes your APR changes. This card offers you a 25 day grace period for new purchases. If you pay your balance off each month, you won't incur interest charges. There is a minimum monthly finance charge of $10 or 2% of the total balance on the card, whichever is higher. This card has no annual fee, but you do have to pay a one time setup fee of $79.

New Millennium Bank Platinum Card

Your minimum deposit to open an account is $300. Maximum deposit is up to $5,000. As you make responsible payments, you'll have the ability to increase your limit by depositing more money. Your account limit is equal to the balance you deposit.

This card features a fixed APR of 19.5% for purchases and cash advances. The Average Daily Balance method is used to calculate finance charges, including new purchases and cash advances. The minimum finance charge is $.50/month. This NMB card features an annual fee of $59. When you first apply, you'll have to cover a $99.95 processing fee for one card or $129.95 for both Visa and Mastercard.

One feature you need to be aware of is there is no grace period for new purchases or cash advances so finance charges accrue immediately.

Canadian Credit Cards For Bad Credit

An Overview of Canadian Credit Cards

Canadian credit cards for bad credit
are very similar to those offered in the United States. All of the major credit card companies offer credit cards to Canadians and some major retailers do as well. There may not be as many choices, but there are still plenty to choose from. It is just as important for a person to compare Canadian credit cards as it is for those in the United States. Credit problems can arise no matter which country you live in.

Visa and Mastercard are the most common credit cards. There are a couple popular choices in Canadian credit cards for each. The Horizon Plus Mastercard is a secured card, which means a person has to deposit money into a savings account which becomes the balance for the card. The Horizon Plus Mastercard is designed to help those suffering from bad credit or bankruptcy. It requires a minimum deposit of $500 and includes a processing fee and a monthly fee.

It is also not available to residents of Quebec. Another Mastercard choice is the Petro-Points Mastercard. This Mastercard offers rewards for discounts on gas purchases. The discount only applies to select Petro stations. Visa offers the Home Trust Secured Visa. This secured card can be opened for any amount between $1000 and $10,000. It also earns interest on any amount left unspent. This card in not available to residents of Quebec. Another Visa option is the TD Green Visa. This card has no annual fee and offers rewards on car rentals. These are only a sampling of some of the secured and unsecured Visa and Mastercard credit cards available in Canada.

As mentioned, it is important for every person to control their credit card debt. With the secured cards that is made easy since a person can not spend more than they have deposited in a savings account. However, unsecured cards offer the potential for careless spending. All balances need to be paid off and the longer a person takes to pay them off the higher their balance due becomes. To avoid the risk of credit troubles or bankruptcy a person needs to charge responsibly.

Canadian credit cards offer the same benefits as American credit cards. Canadians may be more limited in their choices, especially when it comes to reward programs, though. As far as having charging power, though, Canadian credit cards are still good wherever Visa or Mastercard is accepted.

About the author:
Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Canadian Credit Cards, including assistance with MBNA Canada Credit Cards Get the information you are seeking now by visiting

Sunday, March 11, 2012

Credit Cards For Bad Credit With No Security Deposit

Are you in need of a new credit card but don't wish to make a deposit as is often required? Finding credit cards for bad credit with no deposit required can often be difficult, but if you know where to look there are offers that can help you avoid putting money down as collateral. Let's explore some of the basics on how to find these credit cards and how to avoid a deposit.

When it comes to credit cards for people with bad credit there are a couple options that are traditionally offered, and it is important to know the difference to avoid any up front deposits for approval. Generally, when your credit rating is extremely bad, you are reduced in options to either prepaid credit card offers and bad credit cards. Let us explore the difference between the two and find out where to find the best offer for your situation.

When searching online, prepaid credit cards for bad credit are a very common program that are easy to get approved for and do not require much in the way of a good credit history. These prepaid credit cards can provide easy approvals because they require you to fund, or deposit, cash into the account as collateral into the account before you are able to use them. These card offers are also sometimes called secured cards because of the requirement of up front deposits to offset the risks.

Some consumers stop their search for credit cards for bad credit with no deposit required right there, thinking there are no other alternative programs offered.

With a more in depth search one can also find that there are bad credit cards that offer programs that will fund that deposit directly from the credit line you get approved for, thereby making them no deposit credit offers for bad credit. Let us look at how these offers work.

These no deposit credit card offers will approve you for a credit line and instead of requiring a deposit will begin your credit line with this amount deducted from your total credit limit. In this way they can offset the higher risk of approval but still provide you with a credit card for bad credit with no deposit required. When faced with few other available options, this program can often provide the second chance required for you to reestablish a good credit history.

In summary, to find the credit cards with no deposit, you need to confine you search to programs that offer unsecured credit lines for people with bad credit. Secured cards and prepaid cards inherently require the deposit you are looking to avoid. Remember to maintain on time payments with your new credit card as there is no substitute for improving your credit score and the benefits that come from your rebuilt good credit history

About the author: Ariel Pryor is a consumer credit expert who helps people with Bad Credit to find financing with loans and or credit card offers despite their credit history. Check out Rebuild your finances and get back to the financial rewards you deserve.

Credit Cards With High Limits For Bad Credit

Having a credit card is really a huge responsibility. You need to properly pay all your dues in time in order to prevent bad credit records. Having bad credits gives you limitations of enjoying all the perks in having credit cards. Some also say that people with bad credit records could not avail of the high credit limits. However, many credit card companies today now offer high credit card with bad credit.

Though the credit score is crucial in your credit card application and in assessing the credit limit, some credit card companies also consider other things in order to determine one’s credit car limit. Hence, it is important what these factors are monitored in order to score high limit credit card with bad credit.

When determining the credit card limit, there are many factors that credit card companies take into consideration. As mentioned earlier, credit background is still an important factor when applying for a credit card. But it is your income that would first determine your credit limit.

To be sure, credit card companies also have some background check on your performance in paying for your bills if you have other credit cards or loans. In most cases, you can avail of higher limit if you already have an existing account with the company. Aside from your credit score, credit card companies also look through some external variables.

Though this considered as a standard operating procedure, you can still take advantage of this if you know their scheme. Since there is an ongoing stiff competition among all credit card companies, credit card applicants can benefit from this competition by contacting the credit card companies and spilling to them the offers and rates of the other companies.

Through this, credit card companies will do great measures in making their rates a lot more competitive and attractive to the public. There are also other credit card companies that offer high limit credit card with bad credit but they also come at a relatively high interest rate.

Also, credit cards companies depend their credit limits on the applicant’s ability to pay the debt on a specified period of time. For this, companies have to know the income of the client before giving the amount of money one can borrow as the credit card limit.

So, if you want to have a high limit credit card with bar credit, you need to present a proof of income to these credit card companies so they can grant you a high credit limit. However, the self-employed credit card applicants must ensure that their tax presentations would reveal their high income in order to apply of a high credit card limit.

Even if you have a bad credit history, you can still avail of a higher credit limit if you know first all the things mentioned above. But if you want to guarantee that you are applying in a reliable credit card company, you need first compare their offered rates and credit limits. And the most important thing you should remember: always spend your money wisely so you won’t have troubles in paying your debts.

References for Credit Cards With High Limits for Bad Credit:

Credit Cards For Bad Credit No Annual Fee

The credit card consumer bill of rights and the recent credit crisis are changing the rules for credit companies so it is essential to act now to find credit cards for bad credit with no annual fee. The credit consumers bill of rights will be leading to a credit card industry overhaul that will force the industry to seek their profit in different ways, and make no mistake they will find it with annual fees and additional costs attributed to your extended credit.

Soon will be gone the days of multiple offers for credit cards for bad credit with no annual fee attached, I'll explain why our time is running out. The additional regulation that experts expect in the credit card industry, quickly summarized, will be restricting the penalties, fees and rate hikes associated with missed payments, late payments and bad credit individuals. Score one for the consumer, one would think, but the truth is more insidious.

The juicy profit that the credit card industry is able to reap from people with bad credit who do not meet their credit line term agreements amounts to millions of dollars annually. This loss of a revenue stream for the credit card industry will need to be replaced to keep the shareholders happy, and the ideas that are being discussed by the insiders consist of passing the costs along to the consumers who are not incurring these fees, through responsible credit practices, and increasing the up front costs for people with bad credit.

Where as before the industry changes you would be able to get credit cards for bad credit with no annual fee programs with the idea being that if you stumble financially and do not make your payments as agreed you will be subject to these fees, soon you will not even be given the chance to be a responsible borrower. These annual fees will be assessed to all borrowers to spread the losses that the additional restrictions will force the lenders to incur.

So how does this affect you in your search for credit cards for bad credit with no annual fee? Simple, soon you will not be able to find these no annual fee offers, they simply will no longer exist. Grab what offers you can, while you can, as the drastic changes the industry will be undergoing will leave little the same as we know it when we think of our convenient credit card programs.

It remains to be seen whether these credit cards for bad credit with no annual fee will be subject to changing their terms during the life of your relationship, but you can at least enjoy the benefits of no annual fee while you can. As with any credit decision we recommend you read the fine print of your bad credit card agreement carefully, as the only protection is to be an informed consumer.

About the author:
Ariel Pryor is a consumer credit expert who helps people with Bad Credit to find financing with loans and or credit card offers despite their credit history.
Check out Credit Cards for Bad Credit. Let rebuild your finances and get back on track to the financial rewards you deserve.

Secured Credit Cards For Bad Credit Instant Approval

Looking for bad credit credit cards? Having trouble getting approved for a new credit card?

Bad credit credit cards are designed for people who are unable to qualify for a regular credit card. There are many reasons why a person is denied for a credit card. Possessing a credit card is very useful. However, if you have no credit history, and you are hoping to establish credit, many credit card companies place you in the same category as a person with bad credit. Why? If you have no credit history, lenders cannot judge creditworthiness.

There are two types of bad credit credit cards. Secured credit cards ask applicants to submit an application with a down payment. With an unsecured credit card, a down payment is not required. However, these credit cards carry a high interest rate, and steep penalties for late and
missed payments.

Our recommended credit cards for bad credit, secured credit cards, and prepaid debit cards are specifically designed for people with less than perfect credit. If you have bad credit, limited credit history, or no credit history at all, read our expert reviews below and choose the best credit card to help you begin reestablishing your credit history.

Even if you have horrible credit, it's never too late to get your credit back on track. The credit card offers on this page, both secured and unsecured, will help you build your credit as long as you maintain all balances below your credit limits and make your monthly payments on time. It's as simple as that. Live within your means, use credit sparingly, pay your credit card bills on time, and your credit scores will continue to improve.

Bad credit credit cards are for consumers with FICO credit scores below 650. If your credit scores are above 650 but below 700, try comparing credit card offers in our Credit Cards for Fair Credit section instead.

There are three main types of cards we show on this page that can help you if you have bad credit: Unsecured credit cards, Secured credit cards, Prepaid cards.

If you're having a tough time deciding which credit card to get or how credit cards can help you rebuild your credit, read our "How to Rebuild Credit with Credit Cards for Bad Credit" section below.

For more information please visit

Catalog Credit Cards For Bad Credit

Catalog Credit Cards - What Exactly Is It?

A catalog credit card is an unsecured card for those people who have a very low FICO rating. This tends to be people who have had financial trouble in the past, have filed for bankruptcy, or have a history of not meeting their agreed upon payments.

As with a traditional card, this type will give you a designated limit, which can range from a couple of hundred dollars to several thousand dollars. The main difference with this is that it is usually only accepted for buying products with the issuing company, either online or through a catalog.

This means that you are not able to use this in any store of your choice. However, you may be able to use it to order products from a store owned by the same group as the issuing company, and sometimes you will be given an introductory discount as an incentive. Members will also occasionally be informed of special offers and discounts that they are eligible for - for example 10% off your next purchase.

A downside is that it usually only reports to one of the credit bureaus. This means that even if you are managing your finances well, the other two primary bureaus will not be getting this information, and subsequently your future applications will not take this into account.

There are other problems with this type. The interest rates are often high, over 30% APR is not uncommon. You may also have to pay a monthly membership fee or a down payment when you apply, and sometimes you will incur extra costs on the merchandise that you are purchasing. Another point to consider is that the prices of the items in the catalog may already be higher than those in the retail stores.

Make sure you are aware of all of the relevant terms and conditions when applying. This card is easier to be approved for than a regular one, as it has lower approval requirements, but there are the usual minimum stipulations, such as you need to be over a certain age, have a social security number and can verify your identification.

Due to the costs and high interest rates involved, only consider this if you have exhausted all other options. Ask yourself whether you will buy products from the specified merchants, and whether you will be able to meet your payments on time. It is also essential that you are aware you don't just have to wait seven long years for negative items to be removed from your bureau reports. Therefore you are not doomed to a life of paying the high cost just because you made a few financial mistakes.

For more about Catalog Credit Cards or Damaged Credit Cards visit

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