Credit cards for bad credit
Finding the most suitable credit cards for bad credit may not be the easiest thing in the world. Instead of struggling alone, we can help you to find the best credit cards for people with bad credit.
If you have been turned down for credit in the past due to your credit history being less than perfect you will know how frustrating it can be. Not having a credit card to fall back onto is tough and you might think it impossible to ever get back onto the credit ladder. Fear not, as we specialise in finding customers the most suitable lenders offering the most suitable credit cards.
Is It Possible to Get Credit Cards for very Bad Credit?
Yes, it is possible even to get credit cards for very bad credit. You may have been turned down by lenders in the past and you have no idea of what your credit score is, or how bad it is. Luckily, there are sites where you can find out your credit score before applying for a credit card. Credit Report suggests that the average rating is 658. The criteria for determining a bad credit score may differ with other companies. You may be interested in checking out your score so you know exactly where you stand and it has become easier to do so according to the government.
Regardless of how poor your credit rating is you still might be able to get a credit card. We work with lenders offering credit cards for people with bad credit with the best rates of interest possible for your circumstances. We can save you time, as you do not have to apply to different lenders in the hope, they will say yes or feel deflated if they turn you down.
Secured Credit Cards for Very Bad Credit
Lenders may offer secured or unsecured credit cards to people with bad credit. If your credit score is particularly poor, you might be offered a secured credit card. This means you typically have to pay a security deposit, which may vary between lenders. If you default on the repayments, the lender will take money from your deposit. Generally, the more you are willing to deposit, the higher the credit card limit. The downside is that this requires you to have money that is not tied up. These cards may also come with annual fees attached.
Get Instant Approval Credit Cards for Bad Credit
In some cases, we may be able to help you to obtain instant approval credit cards for bad credit. Instant approval might come in very handy if you are applying for a credit card due to needing money immediately for an unexpected financial burden. For instance, you might not have the cash and might need access to credit to pay for:
- Your cars MOT or to replace a tyre that got a puncture;
- A bill you forgot to budget for which has landed on your doorstep;
- Repairs to your freezer or washer, which cannot wait until you save the money.
- You just want peace of mind that if something comes up unexpected you have the finances to deal with it immediately.
The above are just some of the many ways instant approval despite bad credit, would be a lifeline.
Points to Bear in Mind about Credit Cards for People with Bad Credit
One thing to bear in mind when applying with us for credit cards for people with bad credit is that the rate of interest may typically be higher than if you have a good credit score.
While the interest rate may be higher, if you maintain the repayments and show you are a responsible lender, you might eventually repair your credit rating and be able to move away from credit cards for bad credit and enjoy lower APRs and higher borrowing limits.
Eligibility for Credit Cards for Bad Credit
In order to apply for bad credit cards, or any credit card, there will be a certain criterion that has to be met. The criteria may differ slightly between lenders but generally, there are certain things all lenders include in their terms and conditions, this includes:
- When applying for a credit card you must be over the age of 18 years;
- You must live in the United Kingdom;
- Have a regular income coming in; usually, this is low, from around £3,000 and upwards. (our lenders focus more on your income than on your credit score and your past when making a decision as to whether to give approval);
- Some lenders may be unwilling to approve anyone who has CCJs against them or who have declared bankruptcy in the past. However, you may be able to reapply when a certain period has passed, usually 12 months;
- You should not have a credit card already within the same group offering credit cards.
Comparing Bad Credit Cards
As mentioned above we work alongside lenders more likely to offer bad credit cards to those with a bad credit rating than if you had searched online trying to find a lender willing to offer you credit yourself. Comparing credit cards is essential in order to get the best one based on your circumstances and you can do this easily through us.
It is important to compare credit cards offered by lenders. One of the important things to consider when taking out a credit card is the APR as it varies between lenders. As mentioned above briefly, if you have a bad credit rating and are deemed “risker” by lenders in comparison with someone who has a good credit rating, the interest rating will generally be higher. On saying this we work with lenders offering the most competitive rates of APR for people with low credit ratings.
Generally, you can expect to be approved for a credit card for bad credit with an APR in the region of between 25% and 40%. Of course, the lower the rate of APR the less interest you will pay.
Options for Credit Cards for Bad Credit
We mentioned above that one type of credit card for those with bad credit is the secured credit card, depending on how poor your credit rating is, there may be other options. Options for credit cards you might want to consider include:
- Balance transfer credit cards;
- Money transfer credit cards;
- 0% promotional deals.
Again the type of credit card you may be offered will depend on just how poor your credit rating is.
Balance Transfer Credit Cards
A balance transfer credit card might be a good solution if you have other credit cards. With the balance transfer, you can transfer the balance of other cards, essentially combining your other debts into one. This is providing, of course, the new card comes with a high enough credit rating to cover this.
Money Transfer Credit Cards
Money transfer credit cards are a good option if you wish to transfer money from the credit card into your bank account to get your hands on cash. This is better than taking out a general credit card and then withdrawing money on it as it comes with fees and is frowned on by lenders.
0% Deals on Credit Cards
Even with a bad credit rating, you might be offered 0% deals on credit cards. This means that the card comes with a promotional offer of no interest on the credit card for a set period of time. This can be a great option as you could use the credit card to help improve your credit rating by paying off the balance each month and during the interest-free period you don’t pay interest.
We can help you to secure the most suitable bad credit cards based on your circumstances and credit rating.