»Bad Credit Credit Cards Review
Looking for a bad credit credit card? In a bad economy when people are losing jobs left and right consumers can get in trouble with their credit card debt very easily through no fault of their own. This may have happened to you and now you are looking to rebuild or repair your credit history. Rebuilding your credit history is very important. Finding a credit card company that will offer you credit when your credit record is less than stellar can be difficult. The following review looks at what’s out there in terms of the best credit cards for people with bad credit.
Cards designed expressly for people with credit problems
Credit card companies are now offering credit cards for people who are trying to get their financial life back on track. These credit cards are perfectly suited for people with a poor credit history, and little or no credit history. Before taking on any new credit card be sure you are ready to work on reestablishing your credit history and that you will be able to keep your credit balance below your credit limit and be able to make your minimum monthly payments on time each month. Applying for a new credit card before you are financially ready could just add to your credit record problems.
If you are trying to repair your credit and you are looking for a credit card that will allow you to do that then you need good credit cards for bad credit. These credit cards mentioned here have fairly low interest rates considering the risk and low fees. If you are trying to repair your credit by applying for a bad credit credit card then make sure to use the cards wisely so that you can pay off at least the minimum charges every month and on time.
Bad Credit Credit Card Review
Orchard Bank Credit Card
HSBC through its subsidiary Orchard Bank had four credit card MasterCard options for those individuals with bad credit. The bank would determine the right option for you after you applied. The four options included three unsecured credit cards and one secured card. However, since the purchase of Orchard Bank by Capital One, the Orchard Bank card is no longer available.
Capital One Secured MasterCard. This secured/unsecured credit card requires a deposit of $49.00 and typically you get a credit line of around $200. The annual fee is $29.00. The more you deposit the larger the credit line offered by the company. This bad credit credit card does report to all three major credit bureaus which is a good thing because if you are handling the card well then it will help improving your credit card score. The APR on this card is 22.9% so pay off any charges each month or you will likely be back in trouble.
Navy Federal Rewards Secured Card. This is a bad credit rating credit cards that is only open to qualified military personnel or to those individuals with a military connection. It is a great card for those with bad credit. It is available from the Navy Federal Credit Union. The card has an APR of 8.99%. There is no annual fee. You also earn bonus points which is different than most other bad credit credit cards out there. These bonus points are earned for each dollar you spend. The bonus points can be redeemed for merchandise or gift cards. This card also reports to all three major credit bureaus. If you continue to use the card wisely this card can be switched up to an unsecured card.
Citi Secured MasterCard. This secured card has card holders deposit money into a CD. The annual fee is $29.00. There are no monthly maintenance fees with this secured card. The APR is a hefty 8.24% so don’t carry a balance on this one. Citi will up you to a unsecured card after 18 months if you pay the minimum every month and on time.
The unsecured MasterCard credit cards offered by Orchard Bank typically charge annual fees ranging from $39.00 to $59.00. The cards also have moderate APR s that run from 14.9% to 19.9%. The specific interest rate will be determined by your specific credit card history. Remember that if you are able to maintain the payments and not go over your credit limit over time you will be able to apply for credit cards with no annual fees and lower interest rates. Other unsecured credit cards for those with bad credit charge even more in interest rates. For example, the Applied Bank Unsecured Visa Gold card has a flat APR of 29.99%.
Secured Credit Cards
A secured card requires that you deposit your own money and may be your only option if your credit history is really bad. The Orchard Bank secured card requires that you deposit $200 as a minimum security deposit. This security deposit is refundable and the APR is 7.90% with an annual fee of $35.00. This fee is generally waived for the first year. A secured card can help improve your credit history. Orchard Bank reports to all three major credit bureaus. This is exactly what you want when you are rebuilding your credit. Apply for your bad credit credit card below or get more info at bad credit credit cards