Credit Cards for People with Bad Credit Ratings

In the United States, there are more than 34 million people with bad or damaged credit. There are a number of options available for those with bad credit who want credit cards. Secured credit cards and prepaid debit cards are good options.

There are many credit card lenders who are willing to give you credit cards. But you have to pay higher interest rates. At times the interest rate could be as high as 40 percent. Many lenders charge an extra fee of $35 for each late payment. Always pay your minimum payments on time and never break your credit limit. Pay your balance each month if possible.

For getting credit cards, apply at smaller retail stores. If your application is accepted, make a small purchase and pay a minimum amount every month, on time. Then approach your bank, credit union or savings institution.

If all these attempts fail, you can apply for a secured credit card. For this, you will have to open and maintain a savings account as security. Your credit line will be a percentage of your deposit. Ask a friend or family member who has good credit to co-sign for a credit card.

Before submitting any application for credit card, certify that you have read, understood, and agree to the rates, account fees, limitations, costs, available credit, and other terms. You will qualify for a lower interest rate and a higher credit limit in the future, if you show your lender you are able to meet all the terms.

First PREMIER Bank Gold MasterCard, Orchard Bank Platinum MasterCard, Aventium Gold MasterCard, Centennial Visa or MasterCard, Orchard Bank Gold MasterCard, First PREMIER Bank Credit Card, Orchard Bank Secured MasterCard, and Orchard Bank Silver MasterCard are some of the credit card companies in the market for people with bad credit.

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