Poor Credit Credit Cards May 19, 2009
Poor Credit Credit Cards
This type of money card is exactly what it says - a credit card for people with bad credit.
As with a regular credit card, this card has most of the same features and will be issued by one of the main providers such as Visa or MasterCard.
But while many credit cards are exclusively for people who have a healthy credit rating, poor credit credit cards will be easier to gain acceptance for. So, you may have been refused a credit card application with your regular bank - try applying for this kind of card and you are more likely to get a “yes”.
But hang on a second - surely getting a credit card when you have an unhealthy credit history could make matters worse? Well, that is a risk - and because you are a risk, the APR rate on this type of card can be much higher than norma. Some cards even carry a rate as high as over 100%. That means, you will need to be very vigilant in paying in time, or you could end up in a very awkward financial situation!
It would probably be wise to make sure you are prepared to take on the responsibility of a credit card if you have had problems in the past. Weigh up your options and see if there is an alternative way to access cash. If in any real doubt, seek independent financial advice to get a good idea of what is best for your situation.
The other option is to apply for a loan, and there are companies that specialise in getting loans for people with bad credit - so if it’s a lump sum you need, you can approach one of these lenders.