Credit cards for people with bad credit are potentially available even if you have been unfortunate enough to have got into financial difficulty here in the UK and ended up with a poor credit history. You will be pleased to hear that the application process is simple and quick as there are bad credit credit cards that you can apply for online in the space of a few minutes.
Who offers bad credit credit cards?
It is not just the major banks and building societies that provide credit cards. Just as there are specialist companies that provide bank accounts for bad credit rated UK individuals and bad credit personal loans, there are a number of other specialist companies as well as at least one high street bank that provide bad credit credit cards.
Who can apply for one?
The application criteria may vary between providers. For example, you will have to be at least 18 years of age and resident in the UK. You may be considered if you are employed, unemployed, retired or self-employed. A credit check will probably be undertaken on you.
What can a credit card for bad credit be used for?
A credit card for people with poor credit can usually be used just like most other credit cards. For instance, it may be possible to use in high street shops both in the UK and overseas as well as to buy items on the phone or online 24/7. It may also be possible to withdraw cash at ATMs both in the UK and overseas.
What limit may you be provided with?
If you are successful when applying, you may find that the credit limit provided is likely to start off low and build up over a period of time assuming that you maintain your credit card account impeccably i.e. you keep within your limit and always make at least the minimum payment requested by the due date each month.
What is the interest rate likely to be with a bad credit credit card?
The interest rate may vary between different providers. Do bear in mind that the interest rate is almost certainly going to be much higher than what you would normally expect to pay if you had an unblemished credit history. Therefore, you may wish to use such credit cards for poor credit with care, trying to clear the outstanding amount by the due date each month and thus avoiding any interest charges on purchase transactions. It may help your credit rating improve over a period of time.
Other charges may apply such as to use your credit card to withdraw cash from an ATM either in the UK or overseas.
How do you manage a credit card with bad credit?
You may be able to manage your credit card online or over the phone. For instance, you may be able to view your balance as well as recent transactions and make one off or regular repayments.
At very least, you will be required to make a minimum payment if there is a balance outstanding which is often a % of the amount outstanding subject to a minimum amount being payable. Other sums can also be made to reduce or clear the outstanding balance. As already mentioned, it would be preferable if you were able to clear the outstanding balance by the due date to avoid paying interest on purchases that you have made with a bad credit credit card.
Below we review some companies that you can apply to for a credit card even with a bad credit history:-
So, if you are looking into credit cards for bad credit, we hope that you will find the information that we provide under this section of use. With so many companies providing a bad credit credit card you need to take your time in making your choice as to which one to apply for.