Finding the Best Credit Card When You Have Bad Credit

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Finding the Best Credit Card When You Have Bad Credit5.00 out of 50 based on 1 voters.

Find the best credit card when you have bad credit

People find themselves in financial difficulties due to sickness, unemployment, identity theft and overspending. Many businesses today require customers to have credit cards even the ones with poor credit history. These include online retailers, hotels and airlines among many other businesses. Some banks have made profits from issuing credit cards to customers who have bad credit and are willing to give them another chance of using viable credit cards as they repair and strengthen their credit score. You can find the best credit card for bad credit that will fit within your budget, from a bank which offers these cards.

Secured credit cards

There are lenders who offer secured credit cards based on deposits in the customers' savings accounts which reduces risk for the banks. Secured credit cards require the customer to put down a security deposit which the bank uses to recover their money when the customer defaults. These secured credit cards are easy to get and are a good option for customers who cannot obtain regular credit cards due to poor credit. They are an alternative to regular credit cards. These cards help people with poor credit history repair and improve their credit score because the financial transactions are reported to the major credit bureaus. These cards are accepted where standard credit cards are accepted.

The consumer builds credit history by paying monthly payments on time and correcting errors and misrepresentations on the free credit report. You can strengthen your credit score as you use the secured credit cards so you will qualify for better terms and higher credit limits. The secured credit cards are charged application fees, annual fees and processing fees. Read the terms and conditions carefully to know the fees charged and avoid committing yourself to credit cards with high fees which will require you to pay the monthly payments on time so you can repair your credit with time to be able to get approval for unsecured credit cards.

The best secured credit card will allow you to convert the card to an unsecured credit card which charges lower fees and has fewer restrictions, when you pay the monthly payments on time and your credit rating improves. Ensure that the credit card company reports the payments to the major bureaus so your credit rating can improve.

Unsecured credit cards

People with poor credit can get approval for a fee-based unsecured credit card without requiring a cash deposit in a savings account especially if the customer has been using a secured credit card for some time. This gives the lender some trust if you have been paying the minimum monthly payments on time. Most of these unsecured credit cards do not require the customer to put down a security deposit but the interest rates may be higher because there is no security. The rates also depend on the customer's credit score which improves with time. Some credit card companies issue unsecured credit cards to consumers with bad credit but charge upfront processing fees and high interest rates. The annual fees and APRs range from lowest to highest rates.

Prepaid Debit Cards

Prepaid debit cards are good for consumers who do not want to carry their credit cards or charge cards with them.
Use the credit card tables to help you find the best credit card when you have bad credit which fits within your fees and security deposits budget.

Find the Best 0% APR Credit Cards

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Find the Best 0% APR Credit Cards5.00 out of 50 based on 1 voters.

Credit card companies expect to attract new customers with their 0% APR credit cards. If you are planning to make credit card purchases or pay expenses which you had not anticipated a credit card with 0% APR is the best for you. Check when the rate will change to Regular APR so you can plan to pay-off the balance before the end of the introductory period or move to a 0% balance transfer credit card if you intend to carry on the balance. Otherwise, you will have to pay the interest which depends on your creditworthiness.

How banks make money on zero percent credit cards

Banks do not lose when you pay your balance within the promotional period because they earn money on transaction fees from the retailers for processing your payments. The banks do not offer zero percent APR credit card offers for nothing even when it is not from your side. When you make an application for zero percent APR credit cards the banks refer you to online vendors for your shopping and in return they earn a portion of profits from the vendors which cover the overhead costs necessary for maintaining your account. You also gain by buying at discounted rates from the vendors because of the bank referral.

Credit card companies expect to lure you to their other offers on travel and retail cards earning finance charges on these cards. They also expect you to spend more on purchases than you would have spent otherwise and this way they earn more on transaction and interchange fees.

Have a financial plan before committing yourself because the promotional offer will end sometime and the regular rate will set in. choose a 0% APR credit card when you intend to make large purchases and when you have unexpected expenses to pay. The offer will save you substantial amounts of money and you should jump at the opportunity with a good plan. Calculate the monthly payments you will be required to pay before the 0% introductory period ends using credit card pay-off calculator and see how you will benefit.

Banks intend to earn finance charges from credit card balances and you will pay a higher APR at the end of the promotional period if you will not have paid-off the entire balance. The longer the teaser period will be the higher the APR rate will change to in most instances. This way the bank will earn finance charges on the balance on the credit card thereafter. If you plan well you can save significantly when you transfer large interest earning credit card balances and pay within the 0% introductory period.

You should read the credit card terms and conditions carefully on application before you sign-up and check the exact date the offer will end so you are not caught unawares. Read the application form fine print carefully because some credit card companies charge hefty penalties if the customer fails to clear the balance within the teaser period. The charges can be so high that it will cover the interest rate on the entire period when you did not pay interest on the zero percent credit card offers. To be on the safe side search our tables and make sure you choose the credit card that will charge interest on the balance that you will have after the promotional period and not during the entire period when you had the card.

Look for 0% APR offers which will allow you to consolidate multiple balances into one monthly payment so you can pay your debt fast.

Maintain a good credit score

Your credit score is affected by all lines of credit. When you cancel an old credit card you cut-off part of your credit history and you might be required to pay cancellation fees. The credit score is also affected when you use more than a certain amount of credit. All this will affect your credit score which you will need when applying for a mortgage, loan or auto loan. You should shop for the best credit card that will not affect your credit score negatively but will help you maintain a good credit score.

Find the Best Low Interest/ Low APR Credit Card

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Find the Best Low Interest/ Low APR Credit Card5.00 out of 50 based on 1 voters.

Low interest/Low APR Credit Cards are the best for people who shop regularly and those do not pay their balances every month. If you carry a balance from month-to-month or you have debts which will take a long time to clear, this is the best card for you. Low interest credit cards have been loaded with perks and rewards which were not available previously. These cards used to have few rewards and the cardholder would benefit from low interest only. The market has changed and these cards now bear perks and rewards which were only available on premium credit cards. Some low interest cards charge no annual fees.

Compare low interest rate cards

When looking for the best low interest credit card, compare the features and the options available on different cards. A card may charge a low interest rate and yet charge high annual fees. Some cards offer 0% introductory APRs and switch to high Regular Rates after the introductory period. If you have good to excellent credit, you will be able to find low interest credit card with low or no annual fees. Some banks offer low fixed rates to their best customers especially if they have their checking account and credit card in the same bank.

Paying-off debt using low interest rate credit card

Low-interest credit cards are good if you do not qualify for a 0% interest rate and when you know you will not be able to pay-off the debt during the 0% interest rate period. The rates are low on balance transfer amounts enabling the cardholder to pay the debt faster than previously. 0% introductory APR credit cards are attractive when you are able to clear the balance transferred within the promotional period. If the debt is not cleared within this period, the outstanding amount attracts a high interest rate and you might end up paying more interest. In such a case a low interest credit card would be appropriate.

No late payment penalties or over credit limit fees

Recently, there have been offers for credit cards that do not attract late-payment fee and penalties while there are no fees charged for exceeding the credit limit. These cards do not penalize you when you make late payments and this is good for you. Although low-interest credit cards are termed as basic and simple they attract these protections which will save money for you.

Find the best low APR credit card for emergencies

Basic low-interest credit cards are flexible for cardholders offering a line of credit for emergencies without any service charges and annual credit card fees. These come in handy when the family needs to pay for unanticipated auto repairs, medical treatment and appliance replacements of basic items broken, damaged or stolen. The basic credit card may have insurance cover to protect items purchased using the card as well as repair costs of the items because many credit card companies have purchase protection insurance programs. The credit cards are also used for basic purchases from the grocery store. Credit card issuers have immediate card replacements which is very convenient for shoppers and those on vacation if they happen to lose the cards.

Find the best Low interest credit cards online

The best low interest credit card is the one that has benefits and serves you best. It can be found on online websites. These cards may have fewer rewards and lower credit limits but they are appealing to customers for everyday use since they are simple and flexible. Some of these cards bear no annual fees. There are online applications for these low interest rate credit cards which you can utilize. When you have a strong credit score you will pay less finance charges on the credit card, saving your hard earned money.

You can fill a secure application form online and your personal data will be kept safely. Some banks have virtual account numbers which customers use when shopping online while other cards do not charge you for unauthorized purchases. Other cards have efficient fraud and theft detection and protection services which include identity theft prevention. This makes shopping online easier and safer than ever before.


Find the Best Small Business Credit Card for You

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Find the Best Small Business Credit Card for You5.00 out of 50 based on 1 voters.

Term Accounts and Charge Cards

Banks know that small businesses play an important role in driving the economy and realize growth in many sectors. Banks have therefore designed small business credit cards to suit their budget. Instead of lagging behind in debt, small businesses have been empowered by lenders who provide them with term accounts and charge card credit cards to improve their cash flow.

Lenders offer cash back rewards which small businesses can reinvest in their companies and realize profits. They also allow for longer periods of paying the credit card balances in full which gives businesses enough time to collect their account receivables from clients or turn over the credit to make sales and earn revenue which they use to pay the credit card payments.

0% APR and balance transfer offers

Small businesses benefit greatly from 0% interest rates offers expanding their operations during the promotional offer periods which extend for one year or more. Businesses of all sizes benefit by taking advantage of these interest rate promotions saving on interest while avoiding finance changes during this time, which encourages growth and investment.

The balance transfer offers help businesses consolidate their small balances on other accounts into one card. This makes payments easier because the business owner will have one monthly payment to make and one date to remember. Businesses can pay-off the balance on the account within the zero percent balance transfer promotional period or choose a low interest credit card.

Small business pitfalls and protections

Professionals like doctors, accountants, engineers and attorneys who own their own private practices can apply for both personal credit cards and small business credit cards to earn rebates and cash back rewards. However, small business credit card debts are not forgiven in case of business closure or bankruptcy but remain the sole responsibility of business owners who are held personally liable. Small business owners do not enjoy government protections like individual cardholders and the small credit debts become their liability when business winds-up unless it is a limited company which an entity on its own.

Find the best business credit card

There are various small business credit cards tailored towards gas rewards, expense reimbursements, airline flights, purchases and restaurants among others. When shopping for a card, go for the one that offers your business overall earnings but consider the other benefits as well. Some lenders offer strong theft and fraud detection and protection services which may be more valuable for your kind of business than the bonuses, rewards and rebates. Other business owners prefer immediate card replacement for their employees and reward points on travel, hotels and car rentals if they travel frequently. You should weigh short-term offers against long-term benefits and pick the best credit card for your small business needs that will extend your budget and help get value for your money. The best small business credit card is the one that offers the best service and benefits even after the promotional offers are over. Use the tables we have provided to choose the best business credit card that is right for your business needs. 

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