Looking For A Credit Card But Have Bad Credit?
26 April 2012 17:00 - Victoria Wedderburn

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Looking For A Credit Card But Have Bad Credit?

People with a poor credit rating will struggle to obtain the credit card they want. Those with little or no credit are also likely to be refused. This is because banks and card issuers consider you to be more of a risk and with the current economic situation are unlikely to take such a risk. Unfortunately you can easily damage your credit report by missing loan and card payments and a poor credit rating will stand between you and the financial products you want.

On the UK market today there are credit cards specifically designed for people with a poor credit history. Poor credit rating cards work exactly the same as credit cards you can use them to make purchases online, on the phone in shops and restaurants, withdraw money from ATMs and they have chip and pin devices. You can also use these cards to help rebuild and improve your credit score which will improve your future chances of borrowing.

The main drawback is that because you are considered to be more of a risk you are likely to have to deal with higher interest rates and a lower credit limit.

As with any financial product it is important to compare poor rating credit cards to find the best deal for you. Make sure you look at all the main features of different cards and read the terms and conditions fully.