Many mistakenly assume that they cannot get a credit card because of their bad credit score, but in reality, nearly everyone will have one or more credit card options open to them.
It may or may not be true that your prior credit history will bar you from getting a “regular” credit card or even from being able to open a checking account (with debit card.) It might just be a matter of having to pay higher interest rates on that “regular” credit card.
But if you can only qualify for a secured credit card, there are still a number of specific option to consider. And it will be worth your while to compare rates/terms and find the best secured credit card for bad credit for you.
What Is the Best Secured Credit Card for Bad Credit Applicants?
Once you know you are looking for a secured credit card, here are some of the factors you need to base your choice on:
- Amount of deposit required. Most secured cards require your deposit to match your credit limit. But you can sometimes get a higher credit line if your credit isn’t “too bad.” And some cards even let you pay the deposit in installments and increase your credit limit further by making on-time payments.
- Interest rate. Bad credit credit cards will have a higher APR then other cards, but there is still room to look for the best possible rate. Shop around and compare: it pays.
- Fees and terms. Some secured cards won’t let you go over the limit, while others might let you go slightly over but charge a fee if you do. Late fees are also a key consideration. How high are they?
- Application process. Is it fast and easy to apply, and can the whole process be completed online or over-the-phone? And how likely are you to be approved? Some cards require a certain credit score even if they allow relatively low scores. Others may accept almost everyone.
A secured credit card that scores high on any of the above-listed factors will be superior to one that does not. But it will vary from person to person as to what are their best available options.
An “Alternative” Bad Credit Credit Card
In some cases, the best secured credit card for bad credit may not be an ordinary secured card at all. Such cards may require you have a somewhat better credit score than you do or that you have an active checking account (but you don’t.) What then?
Pre-loaded credit cards are used by many in this kind of situation, but these will not help build back your credit score.
A second option is to get a payday loan secured credit card. This kind of card is secured in that your paycheck will automatically be loaded onto it and your monthly payments on the payday loan automatically deducted. When you take out the loan, the loan money is loaded onto it as well.
Bonsai Finance can help you find competitive rates on secured credit cards that can meet your needs in a variety of situations. Be sure to explore your options and compare to find the best secured credit cards.
For those people who have bad credit or even no credit there is a new hope. Finances do not have to be such a downer. There is legitimate hope available in the form of financial options available to you.
The Best Secured Credit Card for Bad Credit or No Credit
The best secured credit card for bad or no credit is awaiting you. It is in the form of a no credit check personal loan. These are available online with competitive rates and definitive terms. There seriously is no guess work for the borrower.
You can turn one of the little known options for bad or no credit into n alternative means of financial leverage to work for you rather than against you. You can make the most of this financial leverage and make for a better life by taking full advantage of what this option offers you.
Qualify for a No Credit Check Personal Loan
Other credit options may not be available to you, but this is a simple process that allows you to access money swiftly and securely. You just have to qualify by meeting some basic criteria.
- Be at least 18 years old
- Be no older than 65 years old
- Have a regular source of income
- Provide a debit or credit card for backup payment of the loan
- Supply an active cellular phone number for receiving calls and messages, including SMS text messages
Meet the basic criteria and qualify for the best secured credit card for bad credit or no credit available.
Use the Money as You See Fit
You can use the money from this loan as you see fit. You are not obligated to use it a certain way. The money is yours to use free and clear of any guidelines or specific criteria.
You can use the money from the loan like a secured credit card and make payments on long term debt or pay off credit card bills. You can even use the funds for DIY home improvement projects or large scale home renovations. Use the money to buy a new or used car, even pay off an existing car loan. However you decide to use the money, use the money to help your own personal financial situation as soon as possible.
A Safe and Secure Way to Improve Your Situation
Since this loan requires no credit check, applying for the loan does not impact your credit negatively. You should understand the terms and conditions of your loan just as with any other financial vehicle. Nonetheless, you can have access to the best secured credit card for bad credit or no credit available today.
While traditional lenders will most probably not give you shot, you can access the funds for usage as you see fit online. You can escape the downward spiral of debt and bad credit, even no credit, and make the most of an option that can leave you on top.
The option is yours for the taking.
Which Is the Best Secured Credit Card for Bad Credit Applicants?
We’ve already mentioned above many of the specific criteria to take into account when deciding which, in your case, is the best secured credit card for bad credit offer available to you.
But the fact is, the “weight” of each factor relevant to making the decision will differ per your situation.
Now, everyone has a somewhat different situation and different preferences, but we can present several helpful “example stories” to assist you finding the secured card that is right for you:
1. Minimal Card Use Expected
Brian, we’ll call him, needs a credit card for occasional use only, plus maybe one or two very small automatic or regular electronic bill payments. He doesn’t have a lot of extra cash lying around to tie up in a deposit, but he sees no reason why he can’t pay off his card each month in full to avoid interest.
A low-deposit secured card, even if it has a low credit limit and slightly higher APR, is the key consideration for “Brian.”
2. Frequent and Heavy Use Anticipated
“Susan” had some financial troubles in years past, but she has a good, steady income now and can afford to pay a relatively large deposit, if need be, on a secured credit card. She has numerous regular bills she wants to connect to the card, and she likes to use credit for her ordinary shopping as well. Susan sometimes carries a balance past month’s end in order to manage cash flow in other areas of her finances.
For Susan, a credit line that is as large as possible is more important than keeping the deposit amount low. A lower interest rate is also more important to her than it would be to “Brian” above.
3. Frequent Travel in US and/or Abroad
The best secured credit card for bad credit will take on yet a different form for the frequent traveler or for a student who is going to live abroad for a time.
“Bob” is a businessman who flies all over the country for his work, and he even goes on the occasional international business trip. He needs a secured card that offers travel reward points and that has low or no foreign transaction fees.
4. A Loan and a Card Needed Absent a Checking Account
“Janice” has been using a preloaded card to make electronic payments, but she is paying high fees on it and is not rebuilding her credit. She needs to buy a used car soon or risk losing her job (she is borrowing a friend’s car temporarily), and she doesn’t have a checking account.
For Janice, a payday loan credit card could work well. It would combine her card with her loan, automate loan payments so they’re never late, function much like a checking account, and help her get a car so she can keep her job.