Having bad credit is a major impediment in your financial life. Not only can it stop you from obtaining a mortgage or car loan, it can also take away your ability to have a credit card. With a credit card being almost an almost indispensable item to have, this can cause you a major problem.
Having bad credit is a major impediment in your financial life. Not only can it stop you from obtaining a mortgage or car loan, it can also take away your ability to have a credit card. With a credit card being almost an almost indispensable item to have, this can cause you a major problem.
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However, there are special types of credit cards offered to those with poor or even bad credit. Not only does this allow you to have a credit card, but by using it and keeping a good repayment record, you can actually rebuild your credit. These special credit cards fall into one of two groups:
– Secured: You must pay a cash deposit, which is used to secure your card and ‘credit’ line.
– Unsecured: Like a regular credit card, but with usually higher interest rates, lower credit limits and no security deposit.
However, there are special types of credit cards offered to those with poor or even bad credit. Not only does this allow you to have a credit card, but by using it and keeping a good repayment record, you can actually rebuild your credit. These special credit cards fall into one of two groups:
– Secured: You must pay a cash deposit, which is used to secure your card and ‘credit’ line.
– Unsecured: Like a regular credit card, but with usually higher interest rates, lower credit lines and no security deposit.
Refresh Financial Secured Card
– Bad and poor credit accepted, including recent bankruptcies.
– Deposit required: $200 minimum, $10,000 maximum
– Interest rate: 18%, with 21 days no interest on all new purchases
– Annual fee: $49
Home Trust Secured Visa
– Bad and poor credit accepted; usage and payment history reported to major credit reporting agencies.
– Deposit required: $500 minimum, $10,000 maximum
– Interest rate: 20%, with 21 days no interest on all new purchases
– Annual fee: None (zero)
Capital One Low Rate Guaranteed Mastercard
– Poor credit accepted; this is like a ‘regular’ credit card – but with low credit limits to start, also includes basic travel insurance coverage.
– No security deposit (but must meet minimal credit and income requirements)
– Interest rate: 15%
– Annual fee: $79
RBC Visa Classic Low Rate Option Visa Card
– Fair credit accepted; RBC does not have a minimum credit score requirement, they decide also by income and outstanding current debts.
– No security deposit (credit lines will vary depending on each individual’s financial picture)
– Interest rate: Varies from 13% for better credit scores to 20% for poorer credit scores
– Annual fee: $20
