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Characteristics of Credit Card Offers for Blemished Credit

If your credit is blemished you’re not alone. Many people are finding that the boom in credit spending, over the last 10 years, has left them financially damaged and in despair. Whether you blame the economy, divorce, job loss, irresponsible spending or something else your focus should be about moving forward and making changes. Having access to credit, and a decent credit history, is necessary to buy a home, get a car loan and even qualify for specific jobs. Also, access to a credit card is important for day to day living. Credit cards make for convenient shopping but are also necessary in many scenarios where a Visa or MasterCard must be made available to purchase online, rent a car or hotel room, and more.

But, how do you obtain a credit card when no lenders are interested in you? Specifically look for credit cards designed for blemished or no credit consumers. There are a number of options out there as a large population of adults are in the same boat. However, not all credit cards are built the same. Here’s what you should be aware of:

  • Understanding the respective fees and penalties of any credit card you obtain is important. Credit card companies willing to risk a line of credit to someone who has been historically irresponsible are going to charge a big fee. Annual fees can range from $50 to several hundreds of dollars and are hard to avoid. But, if a credit card is needed you may have to deal with the cost. Often you’ll see that a small line of credit is issued but the fees are instantly deducted leaving with little available credit until you pay-off the initial charges.
  • Low credit limits are often the case for someone with a lagging credit score. Typically over time you can raise that limit via responsible spending and making timely payments. But, in the meantime, make sure you understand your credit limit before accepting any offers.
  • Collateralization requirements should be a question when you’re looking at credit card options for blemished credit. Will the lender require you put down a portion of collateral to the credit limit? How is that managed and how much will you need to come up with?

Credit card options for those with less than perfect credit are abundant but need to be looked at closely before making a decision. Different options have their pros and cons and make sure you read the fine print first before making a final decision. The goal is to demonstrate responsible spending to ultimately improve your credit and lead the way towards better access to lenders.

Do Rewards Credit Cards Make up for Bad Interest Payments

Is there such a thing as a "good interest payment" on a credit card for rewards The answer may surprise you because it depends on you, what your goals are, and if it's the best rewards credit card. The answer also rests on how many "˜bad interest ...

Published:  Thu, 19 Oct 2017 08:06:00 GMT



60% of Credit Card Accounts Carry a Balance. Here's Why That Isn't Necessarily a Bad Thing.

It's generally a bad thing to carry a balance on a credit card. The typical credit card charges an interest rate of about 15% per year on balances, with some rising as high as 29% when penalty interest comes into play. Given short-term interest rates are ...

Published:  Mon, 16 Oct 2017 05:00:00 GMT



Best credit cards 2017: 10 top picks for students, travel, rewards, balance transfers and bad credit

If you're in the market for a new credit card, it's a good idea to apply before interest rates go up again. Ti_ser/Shutterstock If you're in the market for a new credit card, it's a good idea to apply before interest rates go up again. Ti_ser ...

Published:  Wed, 27 Sep 2017 21:06:00 GMT



3 Signs You're Getting a Bad Credit Card

There are, amazingly, more than 600 million credit cards out there issued by the main credit card networks. When you add in several hundred million store cards and gas station cards, the grand total tops a billion. It's not a matter of having more than a ...

Published:  Fri, 29 Sep 2017 15:16:00 GMT



Why 0% financing from retailers can be a bad deal

What you may not realize: That offer is probably a credit card. Play by the rules, and you get a no-interest loan. However, if you go too late on a payment, misinterpret the payoff date or lose your ability to pay, you could end up with a hefty interest ...

Published:  Thu, 12 Oct 2017 01:00:00 GMT



4 Best Credit Cards You Can Get with Bad Credit

In order to provide the most comprehensive product lists on the web our editors test products, read reviews, and thoroughly do their research to ensure all products are quality and highly recommended.

Published:  Wed, 28 Jun 2017 10:32:00 GMT



Best Balance Transfer Credit Cards

Sick of paying an arm and a leg in credit card interest One of the best balance transfer credit cards we've reviewed may be the perfect solution for you. By transferring your credit card balance to one of these cards that offer a long 0% intro APR or a ...

Published:  Sun, 08 Oct 2017 19:00:00 GMT



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