Credit Cards Offers For Bad Credit

Having less than perfect credit does not cancel out your credit card options. In fact, just the opposite is true. These days, banks issue plastic for every need under the sun. This includes cards designed specifically for those with poor credit. By taking advantage of bad credit credit card offers, you can get back on your financial feet in no time. Read on to learn more about these offers.

Prepaid Debit Cards

If you have trouble getting approved for a traditional card, a prepaid debit card is a smart alternative. With this option, you first deposit money into your account. You can then use your card to make purchases. To help you stay on track, your line of credit is limited to the amount you have deposited. By putting money into your account and making purchases, you will rebuild your credit. For two great prepaid options, check out the All-Access Visa Prepaid Card and the Wired Plastic Prepaid Visa Card.

Secured Credit Cards

Another option for those with bad credit is a secured card. This type of card requires you to open a savings account. The account serves as security for the line of credit. The credit available to you is a percentage of your deposit. This usually ranges from 50 to 100 percent. If you pay off your balance consistently, over time your line of credit will increase. A secured offer usually includes an annual fee and high interest rate.

First Premier and Orchard

Perhaps you plan to occasionally carry a balance on your card. If this is the case, there are various bad credit credit card offers available. First Premier Bank issues cards designed for those with poor credit. First Premier Bank offers low interest rates and the chance to improve your rating. You can be approved instantly for one of their cards. Check out the First Premier Bank Gold MasterCard/Visa to get you started.

Orchard Bank also caters to those with a poor credit history. The Orchard Bank Platinum MasterCard offers a low interest rate on purchases. It also regularly reports to credit bureaus. This gives you a chance to use your card, pay off balances, and have creditors take notice.

Both First Premier and Orchard Bank cards include a number of fees. First Premier Bank charges initial fees of $29 and $95, as well as a monthly participation fee and annual fee. Orchard Bank requires a high annual fee.

These expenses may seem high. However, it is important to remember that these companies are offering cards to those with poor credit. Most bad credit credit card offers include extra fees due to the risks involved. Yet these cards are designed to help you improve your credit rating. Once you show that you can handle these cards wisely, you can apply for other offers.

Don't let poor credit get you down. There are many offers available to you. Choose the option that's best for you and then apply online. With careful planning, you can improve your credit score. Soon you'll be in good standings once again with lenders. This can open many more financial doors in your future.

About the author: Kent Parker is a contributing editor for www.CardGuys.com. Visit his website to apply for a Bad Credit Credit Card.

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.

Low Interest Credit Cards For Bad Credit

Is it Possible to Get a Low Interest Credit Card With Bad Credit?

Due to global economy crisis, many people are suffering from bad credit. Having poor credit history is unfortunate. In order to rebuild it, you need to put in extra effort. One of the constructive ways to improve your credit history is through obtaining a new credit card. In general, this specially designed card charges the card users higher interest rate compared with the normal cards.

It is reasonable for the card providers to request for higher interest because it is always riskier to offer credit card for people with low credit score. However, it is still possible for you to obtain a card with low interest rate. Although it is a challenging task, with the right technique, you will be able to get a card with very reasonable interest rate. Let me tell you the secrets:

• First thing first, you are advised to open a saving account with a local bank or a credit union which you are familiar with. You are required to set up direct deposit for your monthly pay check, if possible.
• Secondly, after opening a saving account, you have in fact established your financial trustworthiness with your "potential" lender. You can start submit your credit card application with your bank or credit union. You stand a high chance of getting a card since your potential lender has got your record with them.
• Thirdly, the total amount of your saving may not be a lot. Hence, the lender will normally offer you a very low credit line. You are advised not to reject but to accept the low credit limit with open arms. In actual fact, a card user is able to enjoy a good interest rate if he or she has a lower spending limit at initial stage. Don't be upset with the credit line. If you make your monthly repayment promptly every month, your card provider is more than willing to increase your credit line gradually.
• Before you make your final decision, you are reminded to read all the terms and conditions carefully. Make sure that you are able to enjoy normal grace period like normal card users.
• If you are not being offered a good interest rate, don't be disappointed. In my personal point of view, you should accept the offer as long as it suits your financial needs and you can really afford to pay. Again, by making your payment consistently, sooner or later your card provider will still reduce your interest rate.

Last but not the least, if you think that you can't afford the high interest rate, don't apply for credit card. There are debit cards and prepaid debit cards waiting for you!

Credit Cards For Bad Credit Rating

Credit Cards For Bad Credit Rating - Rebuilding Your Credit Rating With Bad Credit Cards

It is said, "Humanity is at the crossroads of the most serious economic and social crisis in modern history." There are many people who are overwhelmed by their mounting credit debts. They fall prey to companies that promise initial low cost balance transfers at an unfavorable long term interest rates while looking for a lower cost way of reducing their debt. Over the time, they find that their monthly payments end up only at paying off the interest accrued on the debt.

It is quite sure that financial problems will put you under difficulty and you may find hard keeping up with your financial responsibility. Your rating will be very low for many years. In such cases, it is difficult to get a it to repair your credit. But there are ways to get cards even if you have bad credit.

Applying for bad credit cards

People who have less than prime history have an opportunity to apply for bad credit. These cards are designed for such purposes and companies know that many people who have a bad credit rating still need credit cards. They entice their customers by offering these cards overlooking their history.

Credit cards for bad credit customers carry higher fees and interest rates when compared to other cards. And the line of credit offered will also be low. Nevertheless, you get an opportunity to build your credit again by repaying the debts promptly at the end of each month.

Getting a secured card

If your application for unsecured card is declined, you are still left with an option of getting a secured credit card by showing some of your assets as collateral security. This type helps you to improve your rating at the expense of extra fees.

Getting a prepaid card

This type is easy to get as it is issued against the amount of money deposited in your bank account. The prepaid card works more like a debit card because you can use your card only up to the amount of money you have deposited.

Thus, bad credit will not hold you back when it comes to credit card.

About the author:
Chris is the writer of this article, you can visit www.granitecard.co.uk for more information on credit card for bad credit rating.

Credit Cards For Really Bad Credit

A new card designed to give people with bad credit history a new chance at again owning plastic has been created. These credits cards are called Bad Credit Credit Cards.

Basically, what the individual has to do is open an account with the credit card supplier and maintain some cash balance in the account. They then will be issued a card with between 50 to 100 per cent of their account balance as credit limit. This is also known as secured credit cards, obviously because the card companies are given securities in the way of the cash in the bank account that they are holding for the cardholders.

The Poor Credit Credit Card acts more like a debit card because the purchases are directly debited to the cash account of the cardholder and less of a card that provides credit because no actual credit was extended to the cardholder. With this system is it is hoped that the cardholder will again learn to control their spending habits.

The things to consider when deciding on which Bad Credit Credit Card to get are the following:

* The required minimum balance that you have to maintain in the bank account.
* The credit limit you are allowed on your card. Look for the higher percentage on your maintaining balance.
* The fees or charges incident to acquiring the card. The less charges, the less expensive for you.
* The rate of interest they apply to your bank balance. The higher interest will give you more return for your cash balance.

The bad credit credit cards are really very beneficial to people who feel that they can again, responsibly hold a credit card. These cards will give them the start that they need to slowly build a better credit reputation.

Go to www.getacreditcardrightnow.blogspot.com to get a credit card right now, regardless of your credit history

Pre Approved Credit Cards For Bad Credit

Understanding Pre Approved Credit Card Offers

Pre-approved credit card offers are quite tempting. Most try to lure consumers in with extremely low interest rates. In some cases, there is no rate at all. This is known as the 0% APR offer. For some situations, such an offer can get a person's credit back on track; for others it could lead them to financial ruin. To determine which side you are on, there are a few things you need to think about.

First, you need to evaluate your credit score. Pre-approved credit card offers are sent to two parties: those who have a good financial history, and those who are struggling. The latter often centers on people with bad credit or individuals who just filed for bankruptcy.

If you fit into either category, you may not get approved for the interest rate being advertised. This is because legally credit card companies are not obligated to a particular set of terms when sending out pre-approval offers. The deal presented through your mailing may not be what you end up with.

This leads to a second element of concern. If you have bad credit, you must weigh the risks of applying for a pre-approval offer. In addition to possibly getting a higher interest rate, you may suffer a lower credit score due to the inquiry process. For those who are trying to re-establish their credit history, these risks may be worth it. However, if you are trying to buy a house, the lowered score may hinder your mortgage application.

Finally, whether you have good credit or not, you must think about how you are going to use your credit card. If you got approved at 0% APR, now is the time to transfer your highest balance and make as many payments as you can to remove it from your financial history. It is best to do this before the introductory APR ends, so you do not get charged interest. Do this enough times and you will eliminate your debt while still establishing credit. This will help offset any negative effects your credit experienced during the inquiry process.

In conclusion, pre-approved credit card offers can be helpful for the right situation. For those who get 0 percent interest, these cards present an opportunity to pay off debt without incurring more fees. In other cases, such offers do not provide anything special. Still, for those recovering from bankruptcy, such cards still give them a chance to clean up their financial history. In either case, make sure you carefully read the terms and conditions before committing yourself to any offer.

Are you interested in balance transfer credit cards and other special offers? visit www.bestcreditquote.com for information you need for successful credit card applications.

Credit Cards For Rebuilding Bad Credit

Credit Cards For Rebuilding Bad Credit

It is said, "Humanity is at the crossroads of the most serious economic and social crisis in modern history." There are many people who are overwhelmed by their mounting credit debts. They fall prey to companies that promise initial low cost balance transfers at an unfavorable long term interest rates while looking for a lower cost way of reducing their debt. Over the time, they find that their monthly payments end up only at paying off the interest accrued on the debt.

It is quite sure that financial problems will put you under difficulty and you may find hard keeping up with your financial responsibility. Your rating will be very low for many years. In such cases, it is difficult to get a it to repair your credit. But there are ways to get cards even if you have bad credit.

Applying for bad credit cards

People who have less than prime history have an opportunity to apply for bad credit. These cards are designed for such purposes and companies know that many people who have a bad credit rating still need credit cards. They entice their customers by offering these cards overlooking their history.

Credit cards for bad credit customers carry higher fees and interest rates when compared to other cards. And the line of credit offered will also be low. Nevertheless, you get an opportunity to build your credit again by repaying the debts promptly at the end of each month.

Getting a secured card

If your application for unsecured card is declined, you are still left with an option of getting a secured credit card by showing some of your assets as collateral security. This type helps you to improve your rating at the expense of extra fees.

Getting a prepaid card

This type is easy to get as it is issued against the amount of money deposited in your bank account. The prepaid card works more like a debit card because you can use your card only up to the amount of money you have deposited.

Thus, bad credit will not hold you back when it comes to credit card.

Chris is the writer of this article, visit www.granitecard.co.uk for more information on credit card for bad credit.

Credit Cards For Bad Credit Scores

I can still remember seven years ago when I applied for an American Express card online. It took more than one month for me to get approved. Nowadays it's a lot different. With instant approval, you usually receive notice via email of your acceptance within seconds of completing an online card application. If you have a good to excellent credit record you can even get an easy approval credit card with guaranteed 10,000 limit or an easy instant approval student card, but what happens if have a bad credit score? Are you doomed to pay all your purchases in cash? Certainly not so don't despair.

The first alternative for people with bad credit score is to get a "secure card." There are some major card issuers which requires applicants to make a deposit or what we call "secure cards." If you have a bad paying history, the most logical thing to do is save a little money to be used later on to "pre pay" a card. A secure card is a no credit card because the amount you can charge against the card is determined by the amount of your deposit. If you deposit, for example, $5,000, then you can charge up to $5,000 only. Hence, there is no actual "credit" being extended. Typically, these cards are marketed as no credit credit cards because of the fast, easy instant card approval.

The second alternative is to search for a "bad credit credit plastic" and find an easy approval unsecured credit, but they should try to resolve their bad credit issues and prevent further damage to their credit score.

While there are plenty of bad credit credit plastic choices available, they can do more harm than good if not used wisely. This is one way for a consumer to repair his damaged reputation by making up to date payments on his bad card and eventually upgrading to the real credit card in the future. And also a bad card charges a higher interest rate because of the increased risk to the issuer.

The third option is to apply for a debit card. Debit cards are cards that can be used depending on how much money the user transfers to the specific card. Consequently, the risk of running up credit card debt is nil. There are also no finance charges to contend with, only minimal fees for application, start-up and ATM card.

Credit cards for bad credit score were designed to rebuild credit that had been damaged. For those with no credit or poor credit there are secured credit cards, bad credit credit cards and debit cards but there are also unsecured cards that can be used for this purpose. These cards generally come with low credit lines (around $300) and additional fees. This kind of card will not allow you to on shopping sprees but it will certainly help you restore your damaged credit history. If you're disciplined and pay all your bills on time you can ask for a credit increase after a while with an end goal of upgrading to an easy approval credit card with guaranteed 10,000 limit. Isn't that wonderful? But in the meantime let's concern ourselves with finding easy approval credit card applications with bad credit score.

Gas Credit Cards For Bad Credit

Gas Credit Cards For Bad Credit

Gas credit cards offer rewards to their clients just like other credit cards do. The lending institutions realize that most consumers are looking to the possibility of getting more gas for their money and that is why the credit card lets them build up points that they can use toward their gasoline purchases. This is a great idea and most customers like it but to make the rewards even more tempting a lot of the oil companies want the customers to be able to use their reward points towards the purchases of other items while they are shopping at the station

The idea behind rewards is to give the customer something back for using their gas credit card on gasoline purchases. The service station makes more sales, the oil refineries can keep the prices a little higher and the lending institutions are making money from the credit they are extending so it stands to reason that the consumer should not be left out of the loop. The consumer is the one who is actually making the profit for everyone with a gas credit card. The consumer is also getting the benefits of having buying power without cash up front. Still the consumer feels that they should be able to get some rewards for their line of credit. That is why the gas credit card reward system is now including other things like oil, transmission fluids, batteries, spark plugs, oil changes and smaller vehicle parts. In some cases since the service stations often provide food products the card can be used to buy these items as well.

About the author: Tom Tessin is an author for www.findgascards.com that is geared toward people looking to save on gas with gas credit cards

Instant Approval Credit Cards For Bad Credit

Most credit card companies offer instant approval, when applying online. Credit cards for bad credit are designed for people who are unable to qualify for a regular credit card due to their bad credit history. Days are gone when a bad credit rating on a credit report prevented you from obtaining a credit card.

Today, you need to have a credit card for all purchases and transactions. If you have a bad credit rating, you would probably be attracted to marketing strategies, such as 'credit cards with bad debt' and 'credit card for bad credit history,' etc.

Most instant approval credit cards for bad credit are unsecured credit cards. Though you may not have to pay a down payment, these credit cards carry high interest rates. However, if you have a bad credit rating, obtaining credit cards with bad debt and then using them wisely may boost your credit rating.

To maintain a good credit here onwards, you must maintain good discipline and make smart credit decisions. Begin by maintaining low balances. Credit cards are not free money and so do not spend money frivolously. To avoid accumulating unnecessary debts, pay off the balance each month.

Bad Credit Cards Improve Credit Score

Companies providing bad credit credit cards provide monthly reports to four major credit bureaus. These credit bureaus maintain the credit history of millions of people around the country. Most credit card companies contact these bureaus to verify the credit rating of credit card and loan applicants. You can enhance your credit rating by timely paying your bad credit credit card dues for some time and after some time you become eligible for normal credit cards.

Tips for Selecting Bad Credit Credit Cards

People with bad credit are always on a lookout for offer of bad credit credit cards. These days you will find hundreds of offers such as bad credit instant guaranteed credit cards, instant bad credit loan approvals, credit card instant approval bad credit, instant approval credit cards bad credit, instant credit card approval for bad credit and many more.

Such offers are a big temptation for the persons with bad credit. However, you have to be careful in selecting any of such offers for credit cards and loans for bad credit because a wrong selection of Credit cards for bad credit could land you in a bigger financial mess.

When selecting instant approval credit cards for bad credit, ensure that you are not unscrupulously being charged for program fee, account set up fee and annual card fee, etc. You may be able to identify unsecured credit card companies that would charge an annual fee and little or no set up fee etc.

Secured Credit Cards For Bad Credit

Secured Credit Cards For People With Bad Credit

Everybody goes through rough patches in their financial life. Sometimes there are circumstances that lead to getting behind on your bills, missing a few payments to your debtors. All kinds of things can happen that make it impossible for you to keep up. It could be a layoff or a slowdown at work. Lots of people have unexpected medical bills or car repairs they weren’t planning on. Cash starts to get tight, you have to make tough choices about which bills to pay and which to ignore. The worst case scenario happens and you miss a couple mortgage payments. Why can’t the credit bureaus just let a few slider right? Wrong. Just one or two 30 day or 90 day lates on your report can wreck your score. I guess a credit score is kind of like trust. Have you heard the saying? It takes a lifetime to build trust and only five minutes to lose it. You’ll understand what that means when you don’t send the mortgage check a couple of months in a row.

Luckily, these little financial slip-ups are temporary for most people. Your job will pick back up or you’ll find a new one. Pretty soon you’re sending all the checks in on time and you’re sleeping a little better at night. Once you get your finances in order again you’ll want to get your credit rating back on track as quickly as possible. One solution is secured credit cards for bad credit.

Credit card companies and banks are wary of anyone that has missed payments in the past; they think you’ll miss payments again. They don’t want to lend money that’s not going to be repaid. In other words, your good intentions aren’t enough for these guys. Go figure.

Rebuild with Secured Credit Cards

So here’s what you do – remove their risk. They’ll give you a credit card as long as you put something at stake – your cash. Show them you can handle a little piece of plastic with a logo on it, and if you consistently use the card and make payments on time you crawl out of the hole you got yourself in. That’s the best way to use secured credit cards to rebuild very bad credit.

It’s probably not a bad idea to open a few of these cards, and use them for your every day purchases – gas, groceries, clothes – the credit companies will like the fact that you’re handling the credit well.

Credit Cards For Bad Credit History

Credit Cards For Bad Credit History - How to Get One

A Bad credit history credit card can easily provide access to credit for anyone who will not qualify for a standard charge card due to a poor credit history. Most charge card companies do not want to deal with customers who have poor credit because of the risk of future default. However, there is a growing sector of special high risk charge card providers. A bad credit history credit card will work much the same way as traditional cards, but the interest rates and fees will be higher so as to help underwrite the risk. Although, if you pay the card off each month and do not go over the credit limit many of these costs can be avoided.

These Cards Will Help to Repair Bad Credit

There is one thing to keep in mind; a guaranteed acceptance credit card will only offer you a low charge amount. These amounts are usually only in the 200 to 300 dollar range. Remember, if you pay your monthly charges off in a timely and consistent manner you will greatly improve your credit score. Charge card companies and traditional lenders report to the leading credit reporting agencies, such as Experian, Equifax and Trans Union at the end of each month. Bad credit is not a forever condition, so using and paying on a bad credit history credit card to rebuild your poor credit may mean that you can become eligible for traditional charge cards relatively quickly.

Guaranteed Acceptance Card

A prepaid card or a guaranteed acceptance credit card does work differently than cards for poor credit. These ones have no charge limit, because the consumer fills a card with his/her own money to the amount that they desire. It does work in all the same ways as a traditional card, which is very convenient in itself. Another factor to remember is that no interest will be accrued because it is your money you are putting on the card. The down side is that there is usually a fee for using and re-loading the card. These types of cards do not report to the credit agencies as do the ones above because it is your own money you are using.

What are the Benefits of a Bad Credit History Credit Card

A charge card for poor credit provides you with more than just a way to pay for goods and services. They are also an excellent way to repair your score. Yes the annual percentage rate and fees will be higher than a traditional card, but making the payments on the card in a timely manner means that you will become eligible for traditional lower rate cards in as little as six to nine months. These types of cards do report to the credit monitoring agencies, so if you pay on time consistently your credit score greatly improves.

Wendell and Charmayne Vannatter are writers and bloggers who frequently write about the new best credit card offers. You may also want to check out their article on How to Apply for a secured Credit Card.

Credit Cards For People With Bad Credit

Credit Cards for People with Bad Credit - Where To Start?

How can you get credit cards for people with bad credit? Well, a great place to start is right here on this vast expanse we call the internet. The internet is full of many different offers for credit cards for people with bad credit, that you should have no real problems in finding them. Just visit your favorite search engine, such as Google or Yahoo and type in the keywords "Credit Cards for People with Bad Credit", you will be surprised at how many result you come up with.

After that, the choice is yours as to which credit cards for people with bad credit you will choose to apply for. Here are a few things to keep in mind when deciding which credit card you should choose:

Interest Rates

While it is true you will have to pay higher rates interest than someone with great credit, it does not mean you will have to take the most expensive one. Shop around and look for credit cards for people with bad credit with an interest rate that appeals to you or that you can afford. There is really no point in getting a credit card that has an outlandish finance charge that you would not be able to afford.

Opportunities

While looking for credit cards for people with bad credit, make sure you choose a card that offers you opportunities or rewards for improving your credit rating or paying your bill on time. Some credit cards for people with bad credit might offer a grace period in which if you pay your balance in full, you will not be accessed the finance charge, which will save you a great deal of money.

Another credit card might offer that if you pay the minimum payment on time each month for some many months, they might drop your rate of interested. Many will offer to decrease your interest rate and increase your credit line if you improve your score or make all payments on time for a specific period of time. Most credit cards for people with bad credit companies review your credit report every six months to a year, if you are showing improvement, you may find yourself back on the right financial road.

The author Blake Hendrickson is owner/operator of several financial sites including sites specializing in bad credit credit cards. Visit his website at www.americaschoicecredit.com for more information about credit cards for people with bad credit.

Balance Transfer Credit Cards For Bad Credit

Understanding Balance Transfer Credit Cards for Bad Credit

Balance transfer credit cards for bad credit made it possible for a cardholder to transfer balances from high interest (APR or annual percentage rate) cards to 0% introductory APR cards. This in turn gave the cardholder the chance to reduce the debt burden since the money, that was paid in lieu of interest, could be used to reduce the balance on the new credit card. Credit card companies allowed this practice on account of the following reasons:

• Credit card companies could charge a balance transfer fee for allowing the cardholders the privilege of transferring the balance to a low or zero percent APR card.
• Low or no interest rate feature was not permanent and it eventually made way for higher interest rates.
• If consumers had balances that bore different interest rates, payments in excess of the minimum amount could be applied first to the balance with the lowest interest rate.
• Interest rates could be hiked by the credit card company without giving prior notice to the consumer.
• The credit card company could apply the principle of universal default and increase the APR on the credit card if the consumer defaulted on other payments.

It's evident that allowing credit cards for balance transfers (for bad credit consumers) benefited the credit card companies in more ways than one. However, today consumers cannot hope to procure balance transfer credit cards, for reducing credit card debt, with the same ease because of the following reasons.

Are Balance Transfer Credit Cards Still an Option?

Credit Cardholders' Bill of Rights was signed onto law in May 2009. Although, most changes will be enforced from 22 February 2010, the first provision of this law came into force on August 20, 2009. The new credit card law has curtailed the freedom of credit card companies in more ways than one.

• As per the new law promotional offers, like low or 0% APR that encourage balance transfers, have to last for a minimum period of 6 months.
• Excess payment made by the consumer have to be applied towards balances with higher interest rates prior to reducing balances that carry a relatively low rate of interest.
• The principle of universal default is no longer applicable.
• The credit card company has to give 45-day notice before hiking the interest rate on the card.
• Consumers have the right to opt out of increases (stop using their cards), on account of an interest rate hike provided the hike was not triggered due to the following reasons: The consumers delayed payment, that was due, by more than 60 days or the card was a variable rate credit card.

Since, credit card companies can no longer increase the rate of interest on the cards, they may end up offering balance transfer cards with zero/low APR only to consumers with good credit rating. They may also increase the set-up fees and the annual fees for people with bad credit. This is because credit worthiness and absence of annual fee go hand in hand.

The article, ''Are There Credit Cards For Bad Credit With No Fees?'', deals with the different types of credit card fees and the consequences of the new legislation in great detail. It's evident that the new law will usher in an era when balance transfer credit cards for bad credit consumers will become a rarity.

Credit Cards With 0 Interest On Purchases For 12 Months

Credit Cards With 0 Interest On Purchases For 12 Months. What is the best 0 interest credit cards..

0 Interest credit cards allow you to purchase items or services on credit without having to pay costly interest. Some banks also offer 0 interest credit cards on balance transfers which some banks don't. Which is why it is important to recognize the purpose for which you plan to use your credit card so that you can apply for the one that suits your needs best.

For those of you who plan to use their cards on both purchases and transfers, Capital One Platinum Credit Card offers 0 interests on both. The duration of their 0 interest offer lasts for 12 months for both purchases and transfers. After the 0 interest offer expires, the regular interest rate is at 14.9%. This interest rate can be a little steep on the pocket but at least you won't have to pay annual fees. Another disadvantage though is that they do not offer rewards with this card.

The Chase Freedom MasterCard also offers 0 interest credit card for both purchases and transfers. However, the 0 interest rate on purchases only lasts 6 months. After which, you will need to pay a regular interest rate of 12.99%-22.99 % depending on the economic trends. However, they do have an advantage over the Capital One Platinum Card because they offer Cash Back rewards to their clients.

The Citi Platinum Select MasterCard also offers 0 interest credit cards on both purchases and transfers and this offer lasts from 7-18 months. Although the promo duration may be a little less than what others offer, they do have a relatively lower regular interest rate at around 11.99%-19.99%. An additional bonus is that they also offer Cash back rewards.

Another credit card offers even more rewards than the rest. The Citi Diamond Preferred Rewards Card is also a 0 interest credit card whose 0 interest offer lasts 7-15 months. What's great about this card is that you can collect points every time you use it. They also give you 6,000 points as an initial bonus which will keep you motivated to keep on earning those points. When the 0 interest offer expires, the regular rate you will have to pay is 12.99%-20.99%. This is 1% more than the regular interest rate of their Citi Platinum Select MasterCard.

Besides points, there are also other credit cards that offer miles as rewards. The Miles by Discover Card offers 0 interests on purchases and transfers up to 6 months only. However, despite the shorter duration of their promo, you can take advantage of their rewards system that offers you mileage. They also give an initial 12,000 miles as a bonus when you apply for one. This card is also great since you don't have to pay annual fees and the regular rate is pretty affordable at 11.99%-19.99%.

Another card also offers miles. The Escape by Discover Card offers 0 interest for 6 months after which you have to pay the regular rate of 11.99%-18.99%. The maximum rate for this card is 1% lower than the Miles by Discover Card plus it offers an initial bonus of 25,000 miles, this is 13,000 miles more than the Miles by Discover Card. This makes you think it's a better deal but this card comes with annual fees of 60 dollars.

Thank you for reading, good luck..

Is it Safe To Try Credit Cards For Bad Credit ?

Is it safe to try credit cards for bad credit?

Question : I am trying to get my credit back on track and I would like to know if it is safe to do so with credit cards for people with bad credit?

Answer from my friends : I'll give you an example of a bad one.
First Premier.
Annual fee $100 - charged upfront.
Processing fee about $75
If you want to pay a bill onlline $3 monthly fee
Oh, and they can increase your limit at any time for a $25 fee.
(they usually do this when you are close to your limit to put you over and whack you with an over the limit fee).
All in all, you get a card with about a $250 limit but $230 worth of fees.
To get good credit, you must pay this in full each month.
If not, you are officially maxed out, according to the FICO and you are destroying your score.
And the best part:
Interest rate of 59.99%. If you are late can be raised to 79.99%
For you doubters, it's on their site.

Have you considered a secured card instead?
Or could you get a parent to co-sign on a card with you?
If you do this, make sure you pay in full each month.
Absolutely no games of carrying balances.

Thank you for reading & Good Luck!

Credit Cards For Bad Credit

Credit Cards For Bad Credit Information. If you're the kind of person who has a bad credit rating, finding someone to give you credit can be tough. True, there are certain types of loans (called Bad Credit Loans) out there, but a loan is often seen as a 'big deal' - if it's only small purchases or spending you want to cover, credit cards can certainly seem like an easier option. Thankfully, there are a number of credit cards for bad credit holders available that could not only provide the credit you're after, but even help improve your bad credit rating if used properly.

While most companies have restrictions on who they give credit cards too, three companies - Capital One, Vanquis and Aqua - offer special credit cards for bad credit holders. The good news is that providing you've not been registered bankrupt in the last 12 months, are on the electoral roll and have some form of good credit in your history, you could be approved for one of these cards relatively easily. All three companies have extensive experience working with people who have a bad credit rating, so it's likely that could help you if you're need of some quick and simple credit.

Not surprisingly though, such credit cards come with a few catches. As already mentioned, there are criteria that need to be met before you can consider applying and sometimes, it's things like not having a permanent address or not being on the electoral roll that can be responsible for a poor credit history forming in the first place. More importantly, however, is the interest rate tied to these cards - clocking in at between 35 and 40%, they're substantially more expensive than more traditional cards which can potentially create more problems than solutions in terms of debt. That said, the credit limits on such credit cards are often restricted to between £150 and £1,000, making it difficult for you to go overboard with spending and get into trouble further down the line.

As well as being a good source of quick cash for people with bad credit though, these credit cards can actually help repair a bad credit rating if used responsibly - regular payments can raise your credit rating and leave you with more options to get credit elsewhere. What's more, the card providers often lower the interest rate and raise the spending limit if you can show responsible use of the card, so there's the option for it to be a long-term source of credit rather than just a quick fix.

In Summary, Credit cards for bad credit:

• Are offered by a select number of lenders
• Have higher rates of interest than regular credit cards
• Tend to have lower credit limits initially
• Have restrictions on the types of applicants they accept
• Can have their rates lowered and credit limits raised if you use them responsibly
• Are easy to apply for and can be approved quickly if you fit the criteria

Thank you for reading & good luck!