Need Credit Cards for Poor Credit?

Getting credit cards for poor credit is not as difficult as you might have thought. In fact, many credit card providers will actively seek out those with a less than perfect credit history! Let's talk about why...

Credit card companies are businesses, so just like every other business in the country their number one objective is to make a profit! The main way credit card providers do this is by charging interest on our card balances, so typically the higher our interest rate is, the more profit the company generates! This is good news for the card provider, but not so great for us as cardholders!

Because of the greater risk involved in loaning credit to those with past problems, providers are able to justify higher rates on their cards. See how this works? Higher risk means higher interest rates, which also means more profits to the credit card provider! Be careful when looking for these cards as you may not notice the rate you are getting until you have signed. Be sure to check the details properly, if you are still unsure just give them a quick call. They will be more than willing to help you out if it means they get you as a customer.

Virtually all credit cards for poor credit come with annual fees, which can vary greatly. So it’s another thing to consider and check on. If you’re feeling brave you can always try a bit of creative haggling and get your annual fee waived. If you give your provider a call and explain that you were looking to apply for one of their cards, but have now found another provider who has a lower annual fee, your provider may waive the fee as a gesture of goodwill. This will obviously depend on your past history as if you’re a serial non-payer, you might find this difficult!

Finally you should remember that if you apply for credit cards with poor credit you are likely to be initially granted only a small credit limit, maybe just a few hundred dollars. This is just risk limitation by the provider, who will quickly begin to increase your limit when they see you are managing your account responsibly. Don’t forget that by using your card regularly and paying your bills on time, you will also begin to rebuild and strengthen your credit rating, which will mean you soon be able to get higher limits and lower interest rates!

Our Recommended Cards for Poor Credit