Best Credit Card for People with Bad CreditPosted on October 3rd, 2011 | admin
Bad Credit? This Card’s For You!
You may have heard it said that there’s a possibility of cash becoming extinct, and all purchases moving to plastic. If this frightens you, you may be one of the many Americans with a lower credit score and no credit card. What would you do if the Plastic Revolution happened tomorrow?
There is a solution for you. People with lower credit scores or simply bad credit still have options when considering their payment systems. Did you know that there are credit cards specifically designed with your needs in mind?
We want to avoid the companies that take advantage of people with bad credit, and look for companies that are offering a good product at competitive rates. Granted, you won’t qualify for a special 0% APR offer and you’ll have to live with a lower credit limit, but you can qualify with some companies for a normal credit card.
One of the best companies specializing in this field was Orchard Bank. Orchard Bank was owned by HSBC, one of the world’s largest banking companies. Orchard Bank cards came in several different varieties, and they had the policy of taking your information and helping you choose the right card before processing your application. This really cuts down on application rejections, and helps consumers feel better about choosing this bank to work with.
Orchard Bank offered their Classic MasterCard or Classic Visa in three levels: Platinum, Gold, and Standard. The card that you qualify for will be based on your credit rating and payment history. These cards do carry an annual fee, with the lowest at $39 and the highest at $79. The annual percentage rate (APR) for buying with the card ranges from 14.9% up to 19.9%. If you feel that this is high, consider that some other cards for people with credit problems charge 29.99%, the maximum that they can legally charge. Orchard Bank cards were actually very good when credit scores are low. The only problem is that the Orchard Bank credit cards have now been discontinued.
If your credit is really damaged, you still have options. There is a new credit card offering very similar to the old Orchard Bank offering. These offers of from Credit One Bank. This card also has no introductory APR rate with a regular APR of 23.9%. There is no fee payable. The card does not offer an introductory period for balance transfers and is therefore more suitable for people wishing to build up a credit rating rather than someone wishing to sort out their credit card debts.
There’s no reason to delay applying for your Credit One Bank card right now. Selecting the right card is easy, thanks to the tools used by Credit One Bank. The convenience of using a credit card is within your reach. Apply now! The Credit One Bank Card also makes a great first credit card.