If you are credit challenged, you may think that you have no options when it comes to obtaining credit cards. However, with the multitude of banks offering credit cards today, you do have choices if you know where to look. There are a number of credit cards available to you whether you have good credit, bad credit, or average credit.
Many people are under the impression that credit cards are only for people with perfect credit. While the major providers of credit cards like Visa, MasterCard, Discover, or American Express do prefer to offer credit cards to people with excellent credit, there are a range of credit cards out there available to most people. Financial institutions usually have a range of credit cards for people with all different types of credit.
If you are credit challenged, meaning you struggle with your credit rating, you may still have the option of unsecured credit cards, secured credit cards, and prepaid debit cards. Each one of these credit cards comes with benefits, so you will need to assess your financial situation and how you will use your credit to determine which credit cards are best for you. For instance, if you plan to only use your credit cards in case of emergencies or for securing travel arrangements, then you may only need a prepaid debit card.
However, if you want credit cards that allow you to borrow money for a short period, then you might want to look into traditional unsecured credit cards. Even if you have bad credit, there are unsecured credit cards available for you, though you may have to pay more for your annual fee or interest rate. This means that if you have bad credit, you may want to pay close attention to the types of purchases you put on your credit cards. If you are only planning to pay a minimum balance each month, the purchases you place on your unsecured credit cards will cost you significantly more. Therefore, you will want to avoid putting unnecessary items on your credit cards.
If unsecured credit cards are not an option for you, then secured credit cards are a great way to begin rebuilding your credit. Secured credit cards require that you put a deposit into a saving account as collateral against the balance of the card. Secured credit cards are a way for financial institutions to reduce their risk when offering individuals credit cards. If you are responsible with your payments, your secured credit cards will often become unsecured credit cards as the bank continues to increase your unsecured available balance. Also, since your deposit is in an interest bearing account, you will find that you will be earning money on your investment, too.
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