Bad Credit Credit Cards

A modern world trend of buy now and pay later has caused a large number of people to face the bad credit problem. This problem has attracted credit card companies/institutions to come up with some kind of specially designed credit card for the people with bad credit. The availability of greater interest rates, higher annual fees and profits later on has forced different companies to launch Bad Credit Credit Cards for the people with bad credit history. These bad credit credit cards actually work as handicap for the people who are unable to make small purchasing due to shortage of money.

A various number of credit cards are available in market for the people with bad credit. However some of the widely used among them include:

1. First PREMIER Bank Gold MasterCard
2. First PREMIER Classic Card
3. Orchard Bank Platinum MasterCard
4. Centennial Gold MasterCard® from First PREMIER Bank
5. Continental Finance Gold MasterCard®
6. Continental Finance MasterCard®
7. Orchard Bank Low APR MasterCard
8. Orchard Bank Gold MasterCard

There are mainly three types of bad credit credit cards available in the markets which are unsecured, secured and prepaid bad credit cards.

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Prepaid credit cards resemble to debt cards in which a person with bad credit history has to deposit some amount of money in his/her account and this amount will be his/her credit limit which means he/she can not make any purchasing exceeding his/her deposited money. Once you spend this amount, you can no longer use your prepaid credit card.
A secured credit card is that type of credit card which can be taken on depositing a particular amount of money in to the applier’s saving account. The amount of money deposited is for the purpose of security and known as the credit limit and the more purchases user will make through the card, the higher will be the interest rate and this is the basic difference between as secured credit card and a debt card.

These are the traditional credit cards with higher interest rates and fees as compared to the other available credit cards in the market. Usually the credit limit is quite low as the users of them do not have a huge amount as security in their account however the credit card issuing company starts increasing the credit limit if the account holder keeps his account in good form.

Bad credit credit cards attract the people by offering a very little interest rate in the start but in fact the interest rate is higher than the market as the customers comes to know this fact with passage of time and this feature is one of the draw backs of the bad credit credit cards.

A large number of people with bad credit often look for help from outside to get rid of their credit woes. For this purpose the option of transfer of credit card balance with bad credit is used. If a person is suffering from a very bad credit still he can find various options to transfer balance. It might charge you few dollars to few hundred dollars balance transfer fee along with some APR but still it’s better than the APR which you are paying currently.

The popular balance transfer companies/institutions which offer balance transfer at a low rate include Citibank, Wells Fargo and Washington Mutual. The balance transfer rate they offer might be high but surely they are better than the APR a customer is paying at the moment.

Often to attract the customers, various companies offer free bad credit cards to the people with bad credit but in fact they are not free totally. There might be 0% interest rate in start but a customer comes to know later that he still has to pay the interest.