Those With Bad Credit In The UK Compare Yes Credit Cards
Money does not grow on trees and many of us work day and night to make more of it. Despite our efforts, we sometimes find ourselves unable to pay the bills. Just one unexpected expense can eat up our extra cash, leaving us lacking funds.
In a short time, we find ourselves with a bad credit score. After our regular cards have been taken away, we can compare yes credit cards, select the best one, and begin improving our credit.
Yes Credit One is the Web site for Credit One Bank. This institution is a leading issuer of Visa and MasterCard platinum cards. Though these are platinum cards by design, the bank focuses on consumers that have bad credit.
The Web site appears rather sparse because it is setup as a secondary site designed for consumers who received information in the mail. It is a way for them to accept the pre-approved offer they already received.
When a person clicks the “accept” button on the Web page, an instant online decision is made regarding the credit line. If the individual did not receive a mail offer, there is another area to click to obtain pre-approval.
Consumers can design their own card and set their account to receive text and email message updates. Cardholders qualify for automatic account reviews to determine whether credit line increases are warranted.
The Credit One Visa platinum card features a credit line of up to £1,500 and an APR of 23.90 percent or 26.90 percent. The annual fee is rather steep, totaling £75 the first year, and £99 for subsequent years, billed in monthly increments of £8.25.
Credit One helps consumers improve their credit by providing monthly updates to the major credit bureaus.
Cash Yes MasterCard from Meta Bank is also designed for individuals with poor credit. This card features a high annual fee of £96. Standard APR is 22.75 percent or higher but an introductory APR of 19.75 percent is available for three billing cycles on purchases.
Note that this does not apply to cash advances and the lowest APR is fixed so it will not change with the prime rate of interest.
Meta Bank expects applicants to have some blemishes on the credit record. To have a greater chance of being approved for a card like this, an individual should have a credit score of at least 450.
However, that is not to say that people with lower scores will not be approved. Several other factors may be considered by the bank when it makes approval decisions.
Most credit cards in this category have a grace period of at least 25 days for repayment. This means that if the balance is repaid in full within this period each month, no interest charges are applied.
The grace period usually only applies to purchases, whereas interest is commonly charged as soon as a balance transfer or cash advance is taken.
When consumers compare yes credit cards like these, they realize that their options vary. Selecting a card with a worldwide brand like Visa or MasterCard is recommended.
The card will be accepted more places, allowing a consumer to spend responsibly in order to improve credit standing. In several months, the individual may qualify for a credit card with a lower interest rate, another step in the credit rebuilding process.