Think you will have trouble finding a decent credit card due to your rocky credit history? Think you’ll be turned down like you have for that bad credit loan or personal loan online? Think again. It’s actually quite easy to find good credit cards for bad credit applicants if you know where to look!
Credit cards are too basic of a tool these days to be restricted to only those with perfect credit scores. And lenders can’t afford to just ignore the millions of people who have damaged credit or no credit – to do so would be to give their competition the edge.
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2 Types Of Credit Cards For Bad Credit
There are two basic types of credit cards for bad credit available on the market today: secured an unsecured. Most applicants can get approved for either type, though the exact terms of an unsecured card may be less desirable for those with extremely low credit scores.
A secured card for bad credit will impose certain limitations, but it will also establish some “safety parameters” so that you can’t overspend. Some like this kind of set up, while others don’t. You have to put down a certain amount as a security deposit to get approved for the card, and your credit limit will be based on that amount. It might be that your credit limit equals your security deposit or is two or three times that deposit – it varies from lender to lender.
An unsecured credit card for bad credit foregoes any need for a deposit, which avoids tying up your cash for months or years on end. You still have to look for the lender that will give you a high enough limit and a reasonable interest rate. Some unsecured cards may not be as good on interest rates as some secured cards, but there is no uniformity here. It varies. So you just need to compare and contrast until you find your very best overall deal.
Finally, note that many secured cards can graduate into unsecured cards later on. After so many months of paying your bill on time, your credit limit may go up and your APR go down. Eventually, you get to the point where the lender gives you your deposit back. It might come back to you as a check in the mail or as a credit on your credit card.
How To Find & Apply For The Best Bad-Credit Card Offers
There are many good credit card offers out there for people with less than perfect credit scores. But what good does that do if you can’t find them? Bonsai Finance makes it fast and easy to locate your best offer and apply for it today!
Our high-powered, high-tech search engines instantly locate the most relevant card offers. Just enter the search criteria to let the computer know what you are looking for, and the rest takes care of itself. You can narrow your search more and more until you find exactly what you want, and if you have any trouble using our system, be sure to talk to one of our experts via online chat.
Most lenders make it easy to apply for your new credit card online. They only ask for basic information to verify your identity and to understand your finances. Non-essential information is left out, so expect to fill out a short application form in a few minutes’ time. Once you click to submit your application, the results are instantaneous – and almost always, you see “approved” appear on the screen. Expect your card to arrive in the mail in a week or two, ready to use!
Credit cards for bad credit are not as difficult to find as you might think. In fact, there are so many offers out there that the real difficulty is in sorting through your options. Bonsai Finance makes that process exceptionally quick and simple. Here are some other articles you might find helpful: