Bad Credit Credit Cards - Simple Facts

Bad credit credit cards are certainly not going to have the best interest or fees, but this type of credit card might be the only option available if you have had past credit problems. The interest rates on credit cards for bad credit are usually much higher than on cards designed for good credit.

These types of programs are especially designed for people that have a poor financial history and do not qualify for a regular card. If you are a young consumer just starting to build credit, or if you have had delinquencies that have damaged your credit history, you probably can still qualify for credit cards that are geared to your situation.

Bad Credit Programs

Credit card programs for bad credit are available online with secure applications, First Premier Bank and Orchard Bank are two of the most popular. These programs are often divided into "secured" cards that do need a deposit and sometimes "unsecured" credit cards are available, an unsecured bad credit credit card probably will come with much higher interest rates, sometimes 15 to 30 percent and much higher participation fees.

This type of bad credit offer gives people with a poor credit score or no history a way to acquire credit or establish a financial history. If you keep your balance under the allowed limit and make your monthly payments on time, you may become eligible for much lower interest rates and fees. This just might improve your credit score.

Interest

There are can be many temptations by having a credit card and if your using credit to hold you over in tight times, remember it's only a temporary relief as the interest on bad credit credit cards is extremely high. Shop around and to find the best deal, with an interest rate that you're sure you will be able to pay. Probably the single most important factor of picking this type of card is the interest rates charged, especially for consumers who will be rolling over their balances from month to month.

Tips

The consumer must always keep in mind that credit cards designed for bad credit are extremely easy to use, so do not go over-board or you might find yourself in a worse situation with your credit standing. Check out the interest rates and participation fees before you start filling out applications. Remember don't apply for every offer there is as this will also effect your FICO score, only choose two of the best deals you can find.

Orchard Bank MasterCard - Reviewed

The Orchard Bank MasterCard gives many advantageous while still reporting to the major bureaus. They give you an opportunity to choose from a variety of MasterCard offers so that your card matches your financial needs and situation.

You will have the flexibility of using it at millions of locations worldwide, including ATM's. With other applications, you submit your information for just one offer.

When you fill in their form, they process the information and then determine which you are actually best qualified for. You won't need to worry about being turned down, because there is even a secured card with guaranteed approval.

However if you qualify for more than one, then you decide which one you want. It is up to you.

For qualified applicants, they offer a six-month introductory 0% APR for purchases and balance transfers. This can help get your spending under control by not having to pay interest for six months or consolidating several of your current bills into one payment.

Account Management

An account is very simple to maintain and control. You will have access to your information twenty-four hours a day.

You can check your purchase and payment history and keep track of your balance in just minutes with their online account management system. Paying your bills on time is critical if you want to strengthen your credit.

You get to choose your monthly payment due date, giving you the freedom to select a due date that works for you. When you sign up for text messages and email alert service, you will receive reminders about upcoming due dates.

Bill Payments

You can set up monthly payments by scheduling them through your account. Set up one-time, recurring, and even payments that will be processed immediately with their Rush Pay service.

With automatic payments you can set up your schedule and then let Orchard Bank do the rest. They want you to have a good financial foundation.

And by letting you know which offers you will likely qualify for before you submit an application. It will help you eliminate unnecessary inquiries, which can lower your credit score.

The online account management tools will guide you towards effective financial control. They will regularly review your account status and increase your limit when practical, giving you more purchasing power and demonstrating to the bureaus that you are a responsible consumer.