Best credit cards for bad credit
Prepaid debit and credit cards are suitable for people who are undischarged bankrupts, have poor, adverse, none, low or a bad credit score rating or history. As well as CCJ's or are foreign and haven't built up an ongoing positive credit history.
They are also becoming increasingly popular due to the increasing amount of ID fraud, online fraud & card cloning with people using them for buying online and for other buying situations where debit & credit card cloning by card skimming is possible and they keep their identity, main credit cards and bank debit cards details secure.
Parents are using these type of payment cards for their children as kids credit cards for emergency money and for students away from home at university or while travelling the world they can be easily topped up by anyone at anytime from anywhere.
Credit cards for Bad Credit
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Once you are an ex-bankrupt you need to start building and reporting positive credit history to the credit reference agencies. This improves your credit score rating, these are the best way to start fixing, repairing and rebuilding your credit score rating history.
You will probably be asked for proof of your bankruptcy discharged status, I sent a copy of my bankruptcy discharge notice.
Some examples of the criteria that an applicant must satisfy are:
- Applicants must be registered on the voters roll (wait for a confirmation letter from your council before applying, you will be rejected if not registered and it's 6 months before you can reapply for a card).
- Applicants must not have an outstanding County Court Judgement against their name or one that has cleared within the past year
- The bad credit credit cards providers, also known as sub prime credit cards, are for people who have a poor credit history or adverse credit score ratings. This market is catered for by specialised credit providers.
- Knowing which credit cards are suitable for your circumstances can save hurting your credit report file & credit score/rating further, by having numerous unsuccessful credit applications on it.
- After building your credit score rating history by using these products you can then apply for normal standard rate credit cards from the general/regular credit lenders in the future when you have rebuilt your credit score rating & positive ongoing credit history.
- With being a discharged bankrupt or just with having a poor/adverse/bad/no credit score rating history you will pay higher interest/annual percentage rates on all financial products until you improve and build your credit rating score again.
Vanquis Gold Card credit cards serves customers ranging from those who have had credit problems in the past, to those completely new to credit, are self-employed or have a low income.
Their aim is to provide a range of credit cards that give them the options they deserve.
Vanquis gold credit cards is a responsible lender and provide their customers with support, and put in place credit limits that assist in controlling their spending. We do this by being transparent about our products and pricing, and providing high levels of customer service.
Vanquis credit cards is led by an experienced credit card team. It is a wholly owned subsidiary of Provident Financial plc, a leading international company providing home credit and credit cards.
Vanquis is a specialist lender providing credit to an underserved market with a Visa card that has all of these great benefits:
- No annual fee
- Up to 56 days interest free on purchases
- Additional cardholder/ free fraud monitoring at no additional cost – we’ll warn customers of any suspicious activity on their account
- Chip & PIN technology for added security whenever a Vanquis card is used
- Visa is widely accepted in the UK and abroad
- Offers convenience for paying online and over the phone
- A friendly and dedicated UK customer call centre
- As a provider that is specifically geared towards servicing customers with previous credit problems or little or no credit history our higher APR’s reflect the additional business risk posed by this area of the consumer market.
However, they are very keen to stress that this does not imply that they are able to approve applications from customers irrespective of their present or previous circumstances. They have stringent and specific criteria that potential new customers must meet in order to be accepted, as well as applying all relevant money laundering and other regulatory validation tests to any new applications.
Prepaid Credit Cards
Prepaid credit cards are for all people as well as being the best bankrupts credit cards solution. As you are not actually getting any credit you are just using the money that you have preloaded onto the card. So you aren't breaking the £500 maximum credit limit allowed without contacting & informing your official receiver.
They are 100% guaranteed credit cards as long as you meet the acceptance terms.
MyCashPlus is a prepaid MasterCard® credit card.
It is suitable for use in the UK for poor, bad or no credit history at all.
Free to top up at over 14,000 locations including Post Offices®
Only prepaid card that helps build your credit rating. Take the creditbuilder option and they will loan you the 12 monthly fees upfront. Which you pay back monthly for a year interest free. Gives you positive credit payments on your credit report. Set up a direct debit to make these monthly payments so you never miss a single payment as this is bad for you.
100% acceptance guaranteed*
Prepaid Debit Cards
Maestro prepaid debit cards which are suitable as bad credit debit cards as well as being the best undischarged bankrupts debit cards solution. They are 100% guaranteed as long as you meet the acceptance terms.
BREAD Card - the best thing since sliced bread (so they say \;o/ )
- Only prepaid card to achieve 5* rating by www.which-prepaid-card.co.uk
- Offers competitive rates to users with no fees on purchases and no monthly fee
- Card can be loaded / topped up using Paypoint and BACS
- UK driving licence or international passport number & UK address required
- Have wages or expenses paid onto the card from your employer
- It can also be used as a budget tool for those who do not want to extend credit card bills
Aimed at those who have debt / credit problems or recent immigrants to the UK.
BREAD Card only costs £10 and can be paid for by another card or SMS (text message).
Secured Credit Cards
Secured credit cards are commonplace in the USA but there are no such products here in the UK.
They are guaranteed by a deposit you give the credit card provider for the amount of the credit limit. This is then returned after a year or so once you have built your positive credit history & shown your credit worthiness.
