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Let’s say you’ve taken a look at your credit report, only to find that your credit score has been scuppered and you are now being rejected for credit cards or loans. How can you get back to where you once were if you keep getting rejected? The answer may be: ‘bad credit’ credit cards.
What are they?
These credit cards are specifically designed for people like yourself, either that have a poor credit history or none at all. They work much the same as any other credit card but they are likely to have much lower credit limits and higher rates of interest.
The actual APR will differ between providers and may also depend on your credit score. For example, the aqua classic credit card advertises a 32.9% APR but others can be much higher.
How to use them
Most people associate credit cards with spending money they don’t have. That might explain why they have a poor credit score. Credit cards are not designed to supplement your lifestyle but simply offer you another way to pay.
When your card arrives, keep it in your wallet and start to think of it as a replacement for your debit card. When you go shopping or are ordering online, use your credit card. To avoid those pesky interest charges, pay off the balance immediately.
It’s also important that you do not make any cash withdrawals as this charges higher rates of interest and rarely has an interest free grace period. For further details on an online credit card and how to use them, visit the aquacard website.
Why should I get one?
If you manage your new credit card responsibly, meaning that you stay within your credit limit and always pay your bill in full and on time, your score should start to improve.
It will take time and effort but by using your card and repaying on time you are proving to lenders that you are a reliable borrower. A ‘bad credit’ credit card is one of the few ways that people with poor credit histories can improve their score.
Which card is right for me?
There are many different ‘bad credit’ credit cards out there, some that are suitable for just about anyone and others that won’t be any good for those with CCJs and so on. It’s worth researching the market as some cards offer much better deals than others.
To apply for a credit card you need to understand exactly what it is you are being offered. This means reviewing your own financial situation before looking closely at the terms and agreements of the card you are thinking of getting.
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