Bad Credit Unsecured Credit Card Review

Bad credit unsecured credit cards are something of a rarity in the current financial climate. If you've missed payments on your credit agreements, borrowing money is more difficult. Your past credit indiscretions are registered with all three credit reference agencies for 7 years. If you've filed chapter 7, this information will held for the next 10 years. Although you can still get approval for a new credit card, the terms of credit won't be nearly as favorable.

Bad Credit Unsecured Credit Card Assessment

Specialist bad credit lenders need to underwrite risk and make a healthy profit. That's why you need an impartial assessment of the leading cards. What does fair mean? A higher rate of interest is to be expected, but uncovering lots of hidden charges is indicative that the issuer may be employing underhand tactics.
Centennial Gold MasterCard for Poor Credit Scores

Once the grace period has elapsed, customers are charged 59.9% APR. Provided that you make repayment punctually each month, you can avoid the payment of any interest. Making the minimum payment each month won't help you to clear debt.

Subject to acceptance, this bad credit unsecured credit card offers customers a $250 credit limit. Provided that payment is made on time, your spending limit will be reviewed after 6 months. Credit Cards for Bad Credit

During the first 90 days of ownership, a cash advance of up to 10% of the credit limit can be taken. Provided that there aren't any returned payments, this could increase to 50%. The maximum charge for taking a cash advance is $10. The 25-day grace period does not apply to interest calculations.

If you're accepted for this credit card for bad credit, you'll need to pay several charges. These include an annual fee of $30, a processing fee of $45 and a monthly servicing fee of $6.25 or $75 per year. The cumulative charges in year one add up to $150.

The risk posed to the lender is minimal because of the high management charges. The benefit to you is that you now have a credit card suitable for hiring a car or booking an hotel room. You'll also be able to rebuild your credit rating far more quickly.

Aqua MasterCard for Bad Credit Ratings

This bad credit unsecured credit card offers customers a credit limit of up to £2,200 with no annual charge. Although the rate of APR is up to 39.9% APR, interest payments can be avoided if the balance is settled in-full each month.

Although an adverse credit history affects your credit score for up to 7 years, punctual repayment will help to fix your credit rating. Not everyone will be accepted, but this is an excellent credit card for poor credit. Make sure that you're on the electoral roll before submitting your application.

Bad credit unsecured credit cards provide customers with a convenient way to pay for goods and services and rebuild credit. Always try to settle your balance in full each month in order to avoid credit card debt problems.

Disclaimer: This article in no way attempts to provide legal, financial or tax advice. One should consult a licensed attorney, tax advisor, or other qualified financial professional before proceeding.

Updated: 25 April 2011