Credit Repair services » Types Of Credit Cards

Poor Credit Mastercard

admin — Fri, 30 Apr 2010 18:26:14 +0000

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

Silver, Gold and Platinum Credit Cards

admin — Thu, 15 Apr 2010 14:11:09 +0000

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

Bad Credit Credit Cards – Pros And Cons

admin — Wed, 14 Apr 2010 18:58:44 +0000

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

Credit Cards For Bad Credit – What Are My Options?

admin — Sun, 14 Mar 2010 19:54:46 +0000

Are there credit cards for bad credit? The answer is yes. If you have been over 30 days late on loan, charge card, or mortgage payments, if you have unpaid medical bills, or if you have legal judgments against you such as child support or other lawsuits, you may have “bad credit”. There are many of us who have been unable to keep up with our monthly bills and have fallen behind in the last 12-24 months.

You may be thinking there are no options or credit cards for bad credit. That is not true. Access to a credit card is almost required in this age of technology we live in. This increasing need for consumers to make credit card purchases creates the demand for more and more credit cards for bad credit.

There are three types of credit cards that are available for people with bad credit. The first type is called a prepaid credit card. With a prepaid card, you get out of it exactly what you put in. Similar to a checking account, you deposit a certain amount of money into an account and this is your spending limit. When your prepaid credit card balance reaches $0, you can “recharge” it by depositing more money into your account. Prepaid cards are great for budgeting, online purchases, and those that cannot obtain a conventional checking account. Approval is usually guaranteed regardless of your credit score and there is no need to deal with the credit bureaus.

The second type of card you can obtain is a secured credit card. With a secured card, you deposit a cash amount into an interest-bearing savings account. This amount becomes your collateral. You are then issued a card and a line of credit in the amount of your deposit. When you make purchases, your credit limit decreases, monthly payments are calculated, and you are sent a bill. If you make purchases, a monthly payment is expected just like a regular credit card. Secured cards are great because they function like regular credit cards allowing you to book travel arrangements such as hotels and rental cars that do not accept prepaid cards or debit cards. Like prepaid cards, approval is usually guaranteed regardless of your credit score. Unlike prepaid cards, many secured card issuers report payments to credit bureaus. This can be a great way to establish or re-establish your creditworthiness by showing timely payments. After several consecutive timely payments, many secured card issuers will increase your credit limit without requiring an additional deposit.

The third option is an unsecured credit card. This is a regular charge card that does not require a deposit, and your credit score is taken into consideration. If you have bad credit, the limit on an unsecured card may be lower than a person with good credit, and you may be subject to slightly higher interest rates and/or fees, but the advantage is that you will not have to make any kind of deposit up front. Many unsecured credit cards for bad credit come with credit limits up to $1000. Making small purchases and timely monthly payments can help you re-establish creditworthiness as most unsecured card issuers report your payments to the credit bureaus.

By: Ken S

Credit Repair – Can Credit Cards Help?

admin — Sun, 03 Jan 2010 20:56:00 +0000

Does your less than perfect credit history concern you? Then you should allow bad credit cards to help you make your credit rating better. For both individuals looking to make purchases and business establishments trying to keep sales strong, using them is the most preferred option since it helps both groups keep their credit scores high. Those identified as high-risk credit card users are also aided by these cards, since they work just like normal cards. Anyone who uses credit cards and whose current credit score is 550 or below should consider using bad credit cards.

Taking a Step

Since people with poor credit often have difficulty obtaining more traditional credit cards, many turn to other options like prepaid debit cards, First Premier Bank Cards, and other secured credit cards. Although “bad credit” cards have higher interest rates and lower credit limits, don’t let that deter you from taking full advantage of them. They can be used just like any normal credit card. However, if used incorrectly, they can cause serious financial problems that may make things worse for you in the end.

Analyzing the Myths

One of several false beliefs regarding these cards is that they are not a good financial backup. This has changed more recently, however, since they do not always appear exclusively with extremely high interest rates. For this reason, they should not be considered bad financial tools. Owing to the appearance of more and more companies offering these types of credit cards, individuals looking to apply for a line of credit can select the card that best matches their needs. In order to do this, the customer must first do their homework and analyze such essentials as yearly fees, financing fees, credit necessities, opening offers, accessibility of online banking, and other applicable information about the credit card offer.

Enjoying the Benefits

Taking all factors into consideration, it can be said with certainty that any disadvantages presented by bad credit cards do not eclipse the financial benefits. An individual with a low or no credit score has much to gain using them, like:

-First and foremost, you will be aided in your efforts to raise your credit score.

-Besides that, by putting yourself into a situation where monthly payments are easier to make on time, you will eventually be able to call yourself a low risk candidate for lenders to consider.

-Furthermore, future opportunities at obtaining loans will become surer. By using these cards for all your small, low price purchases over the course of one or two years, you can reestablish a good financial condition by improving your credit rating and score.

All of the information mentioned in this article signals the usefulness of these cards for anyone whose credit history has been less than perfect. Really then, bad credit does not end your financial future. Credit can be rebuilt and your chances of being approved for a loan greatly improved.

By: W. M. Blake