Credit Cards For People With Bad Credit

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Credit Cards For People With Bad Credit
It used to be that if you were looking for credit cards, bad credit made them nearly impossible to get. Then again, it used to be that there were really only two credit card companies out there. Nowadays with the number of companies and affiliates marketing their own credit cards, bad credit isn't quite the determining factor in credit card decisions that it used to be. There are several different kinds of credit cards for people with bad credit. Which type you decide to apply for - and ultimately end up getting - depends on how low your credit score is and who you do business with.

Secured credit cards: Bad credit doesn't matter

When you apply for a secured credit card, past bad credit doesn't matter. The reason? You maintain an account with a security deposit equal to a percentage of the credit limit on your credit card. By far the most popular bad credit credit cards, secured credit cards offer a way to improve your credit history by guaranteeing monthly payments with your own money.

Unsecured credit cards: Bad credit means higher fees

It's possible to get an unsecured credit card, even if your credit is bad. It just means that you'll pay a membership fee and higher annual fees than those with good credit. Like secured credit cards, unsecured credit cards can be a good way to start repairing your bad credit history. As long as you make your credit card payments on time, and send at least the minimum payment on your credit card bill, the credit card company can report you as having an account in good standing.

Prepaid credit cards: Bad credit alternatives to traditional credit

Prepaid credit cards are technically not credit cards at all. They're debit cards that bear a MasterCard or Visa logo, and that are issued by an independent financial agency. You can purchase a prepaid MasterCard or Visa at department or drug stores, or apply for one online. Anyone can 'qualify' for one, since you're not actually getting a loan of any sort. You 'load' your card or 'charge' it with your own money, and then can use it to make purchases until you've spent all that you loaded onto it. It gives you the convenience and safety of using a credit card without the interest or danger of going into debt.

Beware of shopping clubs masquerading as credit cards. Bad credit seems to make one a target of scams. Some shopping clubs offer a 'credit card' with a MasterCard or Visa logo, but there's a catch. You can only use the card to make purchases from their own select products or merchants - often at inflated prices and with extremely high interest rates.

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