CREDIT CARDS FOR PEOPLE WITH A POOR CREDIT RATING

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Are you struggling to get credit or looking to rebuild your credit history? Those with a poor credit rating will struggle to get a standard credit card so what are your options? Today, there are a range of Poor Credit Rating Credit Cards available, even if you've had problems getting credit due to a poor credit history, bad credit rating, non-existent credit history, CCJs or bankruptcy. Some cards will even help you rebuild your credit rating. A better credit rating will benefit your future chances of borrowing and mean you will be able to borrow more with lower interest rates. The table below compares leading providers of credit cards for people with bad credit. With clear points on advantages and disadvantages, and information on typical representative APR, credit limits, ability to 'rebuild' your credit rating and other costs, rates and fees; it's a straight forward way to see exactly which bad credit, credit cards are right for you.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

If you wish to speak to someone: Contact Us or Enquiry Line: +44 (0) 207 386 5300

CARD NAMEISSUER

ISSUER

Card Issuer

REPRESENTATIVE APR

REPRESENTATIVE APR

A Representative APR is a financial service concept in which interest rates quoted through advertising media is required to take into account all charges associated with a product, in addition to the interest rate

BALANCE TRANSFER RATE

BALANCE TRANSFER RATE

A credit card balance transfer is the transfer of the balance (the money) in a credit card account to an account held at another credit card company

BALANCE TRANSFER RATE

BALANCE TRANSFER RATE

The time period over which you can transfer your balance at a special rate

PURCHASE RATE

PURCHASE RATE

A purchase rate is the interest rate charged on regular purchases put on a credit card. It differs from a cash advance rate in that it is lower because banks and issuers view regular purchases as less risky

PURCHASE PERIOD

PURCHASE PERIOD

Period of time in which there is a special offer on the purchase rate

CREDIT LIMIT

CREDIT LIMIT

The limit of credit offered to you by the credit card provider

CREDIT REBUILD

CREDIT REBUILD

Will the card help rebuild credit rating

MORE INFO

Luma Card
Luma Card

Mastercard35.9%
Representative Example

Representative Example

35.9% APR representative variable
35.94% p.a. variable on purchases
£1,200 assumed credit limit

35.94%Until Repaid35.9%56 days£1,500.00YesLuma Card
Choose the credit card which is a bit more friendly and get a response in 60 seconds.The Luma Card is the brightes way to rebuild your credit - thousands get accepted and benefit from manageable credit limits of up to £1,500 and no annual fees. Apply now! Please read the terms and conditions of this poor credit rating card carefully before you apply DETAIL INFORMATION >>Acceptance Criteria

Acceptance Criteria

You have to be a UK resident and over 18 years of age


Advantages

Advantages

1.Flexible
2.Hassle free online account
3.Automated fraud alerts


Disadvantages

Disadvantages

Website not very clear

Black Diamond Visa
Black Diamond Visa

Visa Card59.94%
Representative Example

Representative Example

Total amount payable: £1277.96;
†Purchase annual interest rate: 59.94% (variable);
Amount of credit: £1,000;
Representative 59.9% APR (variable).

NoUntil Repaid59.94%up to 56 days£1,000.00YesBlack Diamond Visa
A great way to build your credit if you're new to credit or want to rebuild your credit.The Black Diamond Visa is a Visa credit card that has an initial credit limit from £150 to £1,000. There are no annual or monthly fees with the Black Diamond Visa. You stay in control of your money with Black Diamond. Please make sure that you read the terms and conditions of this card thoroughly before you apply. DETAIL INFORMATION >>Acceptance Criteria

Acceptance Criteria

You must be over 18, a UK resident and have a landline phone number. We recommend you have your salary, banking and employment address details on hand to avoid any delays in applying.


Advantages

Advantages

1. No Annual Fee
2. A manageable credit limit assigned to help you stay in control
3. Up to 56 days interest free on purchases
4. Free additional cardholder
5. Free fraud monitoring to warn you of any suspicious activity on your account.
6. Chip & PIN technology for added security
7. Visa is widely accepted in the UK & abroad
8. Convenient for paying online & over the phone
9. Friendly & helpful UK customer service call centres


Disadvantages

Disadvantages

1. Initial credit limit from £150-£1,000
2. Late payment and overlimit fees

If you wish to speak to someone: Contact Us or Enquiry Line: +44 (0) 207 386 5300

Compare Poor Rating Credit Cards

It is not impossible to get a credit card if you have a bad credit history but it can be costly.

The importance of your credit report

Your credit report contains the information lenders will look at when they are deciding whether or not to accept your credit card or loan application. You can get a bad credit rating from failing to pay your loan or credit card bills, are not on the electoral register or have any County Court Judgements.

If you have anything less than a perfect credit rating you will struggle to get approved for the product you want. You will also find that those with good credit scores will be offered the best credit cards and will be able to borrow more with lower interest rates.

What is a Poor Rating Credit Card?

Having your credit card application turned down because of your financial history can be very frustrating. However, there are cards available for people who have been refused elsewhere. Bad credit credit cards or poor rating credit cards are designed for people with no credit history or people who have a bad credit rating.

These cards can help you rebuild your credit rating

Some of these cards come with a credit rebuilding facility which can help you improve your credit rating over time. If you can demonstrate financial responsibility by meeting your repayments on time, you are likely to be offered a better card with a better rate in the future.

Avoid the dangers of a Poor Rating Credit Card

You will find that with a poor rating credit card you will be given lower credit limits. However, as long as you keep up with repayments, your credit limit will be increased.

You should be realistic about what you can afford and donít take on more payments than you can manage. With a credit card make sure that whatever you agree to pay your lender, it is something you can manage responsibly. This way you will be able to establish a better credit history.

As you may have a history of not meeting your repayments, lenders will consider you to be more of a risk if you have not demonstrated responsible use of borrowing money. As a result you will find higher interest rates on poor rating credit cards than many other cards. However, correct use of the card will result in lower interest rates in the future.

Remember that if you fail to meet the repayments you risk damaging your credit rating even further.

Finding the best card

Use the able above to compare some of the leading poor credit rating cards available.

You should look for the card with the lowest possible interest rate and make sure you are aware of any fees associated with the card. You need to make sure you know what happens if you miss payments because the consequences can be severe.

Always read the terms and conditions of the card fully and donít be afraid to ask any questions you might have.

POOR RATING CREDIT CARDS - LATEST NEWS News and Charts

Looking For A Credit Card But Have Bad Credit?

26 April 2012 17:00
Victoria Wedderburn

People with a poor credit rating will struggle to obtain the credit card they want. However, On the UK market today there are credit cards specifically designed for people with a poor credit history.

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Granite Credit Card

18 April 2012 15:00
Which Way to Pay

If you have a poor credit rating but need a credit card the Granite Credit Card is now available at Which Way To Pay. They will consider your application even if you have poor credit history, past credit card problems, previous CCJs or other financial problems.

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Poor Rating Credit Cards Compared and Considered

02 July 2009
Xenia Rainey (Which Way To Pay)

It can be a time consuming activity trying to find a credit card that will suit your needs, let alone accept your application. If, like thousands of other regular citizens, you have had a few problems with your credit rating it can be even harder to find a card. Most providers have strict criteria for applicants, and sometimes leave customers waiting until the last moment to say that in fact their credit history is not suitable.

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