Credit cards for bad credit

Bad credit credit cards

Bad credit credit cards are becoming more popular especially in this economic scenario.
The interest rates on these cards are a little steeper than for people with good credit.
The providers see it as taking a risk that those with bad credit may not pay them back, and have a higher APR, sometimes in the region of 39.9% to make it worth their while.
The good news is even with bad credit you can build up your credit even with a bad credit credit card.
Although bad credit credit cards don’t have some of the rewards associated with credit cards for people with good credit regular paying off more than the minimum payment every month, can cause your credit limit to be increased.
The main advantage of bad credit credit cards are that acceptance is usually instant, or not as much scrutiny is paid to your credit rating compared to standard banks.
It’s a good idea to try a bad credit credit card if one or two other standard credit cards have refused your application, as continuous applications will only hamper your credit score.
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Mastercard

Mastercards as well as Visa are two of the more popular credit cards, although Discover is also strong, the first two are used in 22 million outlets all over the world.
But the question for many consumers is which credit card to use, Mastercard or Visa?
Visa used to be the front runner, and for a time many outlets preferred Visa than Mastercard, but now things have changed almost everywhere you go to both Mastercard and Visa are accepted in equal measure.
In terms of which is the best, they are both similar in what they offer.
To determine which card you choose, it’s not so much dependent on if its a Mastercard or a Visa but the features offered by the offering bank, i.e. the interest rates, any cashback or rewards for utilising the credit card e.t.c
Credit cards like Visa and Mastercard make their money from charging retailers for accepting the card, and since they are both after the same business their rates are more or less the same, and in turn the issuing bank can add further benefits such as airmiles vouchers, money off grocery shopping, and points which can be redeemed via a variety of ways.
Although Visa is utilized more internationally than Mastercard, it’s not so much the type of credit card; unless ofcourse it’s a prepaid credit card, which really acts more like a debit card (as long as there is a balance on the card), but the features on offer.
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Best Credit Cards

Best credit cards can be confusing with so many options and choices available.
Credit cards have become a necessity in this day and age, and for those that can keep up with regular payments on their credit card, it can serve as a god send.
The best type of credit card to obtain is from your bank or building society, where you have a checking or current account and have been a customer for sometime.
The interest rates on these credit cards are a lot better than for pre-paid credit cards, which act almost like a debit card, but you can only use the balance on the card.
The good thing about credit cards from your bank is they normally have a 0% interest period, whereby any purchases made on the card has a 0% interest for a certain time (usually a year to 15 months).
What certain people do to benefit from this interest free period, is after the promotional period is over; to move the balance on the card to another 0% interest card offering another 12 – 15 months 0% interest, and pay the balance transfer fee (which usually has its own promotional rate along with the promotional period for the 0% interest).
As long as you can pay off the balance in full when required, and surpass the minimum payment each month, a credit crd can be a very nice financial alternative to having cash on your person.
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Credit Unions

Credit unions are a fantastic way for people who are desperate for a short term loan but don’t have the credit rating or score to obtain one.
Credit unions are a non profit organisation, but are regulated just as any bank, whose members are the share holders, and are entitled to a summary report of the company’s progress just as any share holder.
The fantastic thing aobut credit unions, since they are not aimed at making a profit like a standard bank, any porfits made is given back to the share holders as dividends.
Credit unions usually accept membership from people located in their local area.
It works by members agreeing to save a regular amount every month, it can be as small or as large as the member wishes, and they can with draw that money whenever they want with no penalities.
Credit unions also offer loans, which is the primary reason many people join them as their loan APR (Annual Percentage Rate) is significantly lower than you would find in any bank or building society, so it is very attratice for those desperate for a loan but do not want to pay extortionate rates.
Long term members are also entitled to a loyalty advance, a kind of short term loan, again at very low interest.
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Credit cards for bad credit

Credit card debts is one of the most difficult debts to get rid of, and is greatly emphasized to be consolidated as soon as possible.
Not only are there usage fees, but over limit fees, interest charges, and late payment fees, not to mention payments are not always paid in the order that most people assume, but are paid in such a way that your highest interest debts are cleared the last, it is no wonder credit card debts are the number one concern for many people.
As expected people who fall into this scenario find their credit rating very quickly diminishes, to the point that they are unable to obtain credit cards or any other standard loans
And are constantly stuck in a rut, where their credit rating spirals down, and their debts spirals up.
In this area it should come as no surprise that credit companies have risen that specialist in giving out credit cards to people with bad credit.
Ofocurse as to be expected the APR (annual percentage rate) of these credit cards are little higher than for people with good credit, and can go up by as much as 39.9%. People with good credit can expect an APR of about 9 – 15%. This avenue of providing people with bad credit with credit cards can obviously become very lucrative for the companies involved, and no doubt serves a need for those seeking the credit cards.
However credit cards for people with bad credit should not be seen as a means to get into more debt but should be used if you can clear the balance each month, as the APR can get pretty high.
Visit credit cards debt help, for credit cards debt and general debt consolidation.

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