For The Financially Confused, Bad Credit Credit Cards May Be The Answer
Many people are not experts at managing their money. The mere thought of creating a budget sends some people into a panic. They somehow manage to get by each month but just a small bump in the road can cause their incomings to be less than their outgoings, creating a bad situation.
Soon, they have a pile of debt and a credit score that is less than ideal. For these people who consider themselves financially confused, bad credit credit cards may make things easier.
Vanquis, Capital One, and Barclaycard each have credit cards for people with poor credit. An individual can receive up to a £2,000 limit on a Barclaycard Initial Visa account.
The interest rate, 29.9 percent variable representative APR, is the same for cash advances and purchases. Credit limit is subject to regular review and possible increase based on good financial management. Text notifications remind cardholders about upcoming payment due dates.
This card is one of the few that provides those with poor credit access to a rewards program. Cardholders earn one percent of the value of their purchase (0.5 percent at Shell) in Reward Money when they shop at participating retailers.
Music lovers will also appreciate this card because it includes the Barclaycard Unwind program that features access to tickets for the hottest concerts as well as artist reviews, music news, and live music sessions.
The Capital One Classic Card also features email alerts designed to keep poor credit cardholders on track with payments. A 34.9 percent variable APR representative is imposed on the credit limit, which will not exceed £1,200.
Cardholders can design their own card and receive free Equifax credit reports. The online application is convenient and a response is provided within just 60 seconds. A UK resident who is at least 18, is on the electoral roll, and has some history of managing credit may receive a card quickly.
Capital One also offers a Progress Card to consumers with poor credit. Variable representative APR is 29.9 percent. This rate may be reduced to as little as 17.9 percent p.a. variable if the account is managed responsibly.
Free Equifax credit reports are also provided with this card and cardholders may receive a credit limit of up to £2,500. Both this and the Classic Card feature identity theft protection and purchase protection insurance designed to provide peace of mind.
With a Vanquis Visa card, individuals receive free fraud monitoring, another security feature. APR for this card is 39.9 percent variable representative and the credit limit is a maximum of £1,000.
Purchases are subject to an interest-free period of up to 56 days. This makes it easier for low-income cardholders to repay their account balances without incurring finance charges.
By comparing these and other offers, even the most financially challenged individuals should be able to find the perfect arrangement. A secure online application can be completed for each of the cards mentioned above, plus many others. If a response is not provided immediately, it should be delivered in a short time.
If you find yourself among the fiscally confused, bad credit credit cards may provide the answers. They help people like you manage their spending responsibly and some even provide rewards for doing so.
Though you may never become an accountant, developing a budget may begin to seem less overwhelming.