Posts Tagged ‘Types Of Credit Cards’

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Poor Credit Mastercard

April 30th, 2010



Today there are a number of different credit cards a person can apply for today and no longer is applying for these restricted to those with good credit history. Today even people with poor or bad credit have the right to apply for credit cards if they so wish. Generally the best lenders to apply for such a credit card through especially with poor credit are MasterCard and Visa. But why should someone prefer to choose a poor credit MasterCard over a Visa one?

In most cases these two credit cards are the same as they are generally both accepted by various retail outlets around the world. Although in a lot of cases you will find that the MasterCard is one that more people easily recognize and which is accepted in a lot more places.

But as well as being well recognized both these types of credit cards for people with a poor or bad credit history will be very similar. They will offer the user a lot of the same benefits and the rate of interest that they will charge on them will be much higher than on their normal credit cards. But however if a person chooses to use their MasterCard wisely and ensure that they make the payments on the balance outstanding regularly this will help them improve their credit history and help to reduce the rate of interest they pay on the card in the future.

Yet when you are considering applying for any kind of poor or bad credit, credit card it is important that you carry out as much research as possible before you sign on the dotted line. Today the quickest and easiest way to search for the best possible deals on these kinds of cards is online. Doing it this way you will be able to find quickly and easily those companies who offer a MasterCard credit card to those with either poor or bad history.

When you carry out your research as to which cards are available and which you may be able to apply for there are a number of different ones on offer, below we take a look at some and the benefits that they offer to you.

1. Continental Finance Gold MasterCard

This particular card provides you with the chance of a way to rebuild your credit rating by reporting monthly to the three main credit reporting agencies of how you are dealing with them. As well as this should a person make their payments on time each month and stay within the credit limit they have been provided with they may decide over time to actually increase the amount of credit limit a person has.

2. Orchard Bank Platinum MasterCard

This particular card does not require the applicant to pay any up front fees and will protect all purchases that they may with it. Again as with the Continental Finance poor credit MasterCard this company will provide monthly reports to the main 3 credit reporting agencies with regard to how you are managing your card with them. But the other advantage to particular card is that you pay a much lower annual fee for this particular one compared to others and the APR it charges on the card balance is very competitive as well.

By: Paul Abbey

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Silver, Gold and Platinum Credit Cards

April 15th, 2010



Aside from all being precious metals; silver, gold and platinum also signify the difference between the various strata of credit cards available to cardholders. So, what’s the difference between you having silver, gold and platinum credit cards?

Besides the kudos of having a metallic covered card in a stratum higher than the one below it, with silver being considered the lowest, gold next and platinum at the peak, these days there really is little difference between each of these cards. Two noticeable exceptions are:

Spending Limit

Although the cards are supposed to signify a higher credit limit and spending power, in fact what they do is act as a signal as to you supposed income. This is because as you go up in the line of colors, so (supposedly) should your income – and thus your spending limit. The only problem with this is that while the platinum card used to be an ‘invite’ only card, these days the qualifying salaries for each of these cards are set so close together that you do not really need to earning that much in order to qualify for a platinum card!

Membership Fees

These days the amount you need to pay in annual membership fees to card providers is the biggest difference between these types of credit cards. In part due to kudos element, card issuer feel at liberty to charge cardholders of platinum cards far more than they do to those who hold silver cards, which may, indeed, even be free of a membership fee!

So, while your spending limit may not be that significantly higher having a platinum card rather than a silver card, your membership fee almost certain will. The decision that you have to make, assuming you qualify, is whether you are willing to pay that extra amount in membership fees to have a higher ranking card. And by adopting a policy of silver, gold and platinum credit cards, the issuers are banking on you doing wanting just that!

By: Joseph Kenny

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Bad Credit Credit Cards – Pros And Cons

April 14th, 2010



In modern society, many people have adopted a buy now and pay later mentality about purchasing. This has caused problems for many people when they fall on hard times and are unable to pay their bills. This problem has come to the attention of some lenders who have developed a range of bad credit credit cards to accommodate people who fall into this financial category.

Bad credit credit cards have benefits for both the lenders and the consumers. Lenders have noticed the potential to charge higher interest rates, raise fees and increase profits making this business very lucrative for them. These cards help many customers to increase credit score and have returned purchasing power back to those who otherwise would have no other options.

There are many types of credit cards for consumers to choose from like prepaid, secured, and unsecured. Prepaid cards are generally just a debit card where the consumer is able to deposit his or her own funds. These cards have no effect on credit score and are not reported to credit agencies. As convenient as prepaid cards are to have, they are not helpful in rebuilding your credit.

When trying to rebuild your credit, think about secured credit cards. These cards are secured by funds that you deposit in to a savings account. This protects you the consumer from getting in over your head, and also protects the credit card company to know that they will receive the funds if you are unable to pay your debt back. These companies will typically report to a credit agency.

Having trouble establishing credit? Bad credit credit cards can be your answer. They are frequently unsecured, but have a higher interest rate and fees for late charges. Keeping your payments paid will not only increase your credit rating but will also raise your credit line which more often than not starts at around $500.

Customers should decide carefully when choosing a credit card. Be sure to find a card that suits your current needs and that also has terms and conditions that are favorable to the customer. Check your online credit score regularly to ensure that your score is being correctly reported.

By: Daniel Lesser

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