You may need money at any point of time in your life. Emergencies don’t come to you after informing you and that’s why you need to keep at least some money to meet up the needs of that particular time. The easiest way to get money as per your requirement is to take a loan from the bank. But it also takes into account various aspects of your financial health. On the other hand, they also take some time for processing and paper works. This is why you need such a solution where you can get the money immediately for your use.
What is a Credit Card?
A credit card is one type of payment card that can be used in place of liquid money to pay while buying something or availing any service or withdrawing cash. It is like lending money from the bank or the financial organization for a shorter period and you can utilize the money whenever you want. The credit card companies allow you a limited amount of money to use throughout the year and if you use it then you have to pay interest on the money at a prefixed interest rate. Generally for the transaction using plastic money, the interest rates are lesser but if you withdraw any amount from the account or transfer any money from that account, then you have to pay a higher rate of interest for that.
About Credit Score
Generally, when any financial organization lends money, they always look for the creditworthiness of the borrower. It is represented by the credit score of the borrower. The credit score depends on various factors of the borrower and his financial health. The status of the job, the annual income, the dispensable income of the borrower is considered with immense importance to assign a credit score. Most of the banks and financial organizations provide credit scores to those people who have a good credit score altogether. But there are some agencies also who provide credit cards for bad credit score holders.
What are Credit Cards for Bad Credit?
As said earlier, the credit cards are given to the people who have a good credit score as per the banks. But some organizations provide credit cards for bad credit also. People who have a credit score of 300 to 639 can be indicated as bad credit score holders. The best offers for these bad credit scorers offer them lucrative offers to take a credit card. They often charge no annual fees for the holding of the cards. Some money back offers are also there for the cardholders so that they use the cards.
Some Agencies Provide Credit Cards for Bad Credit
- Capital One
It offers 0 annual fees for their credit card and all the rewards that can be given for the responsible use of the credit card. Here you can get a minimum amount of $200 if you have deposited minimum security money. On timely payments of a minimum of 5 monthly installments, you are eligible to get a higher amount on credit.
- Credit One
It is also another organization that gives you online access for the application itself. You don’t have to inform them for the account review and your credit line gets increased automatically if you pay the monthly installments on time. You will always be sent alert messages as well as emails by the company.
- Discover it
They don’t go for a traditional credit check. They charge with no annual fee for the holding of the card. You are charged with a lower APR of 22.99% which is also variable.