Introduction
Most bad credit cards are made for use by clients who are rated poorly and they have a credit rating that is too bad that they cannot find financial help from other lending institutions. When a client has bad credit credit cards, then they can be used to improve the financial credit ratings thereby acting as link between the loaning company and the credit holder.
The top 5
In financial circles bad credit credit cards are called secured credit cards. For one to have the ownership of such a card, you will be required to own an account with any service provider. After the account opening you must retain a certain balance. This balance is used as security for the credit company such that incase you fail in your financial obligation, the balance will be deducted to pay the company.
There are many companies in the market that provides credit card services. However there are those cards which have been known to be the leading in bad services though they try to give the same good services. Here are some of the top five which are not secured and are charged some fee.
First there is the first premier banking classic credit card. It is offered to those with low credits and is not a prepaid nor debited card. It can be used to check account.
Another common bad credit card is the premier possibility credit card. This is the property of the premier bank used for checking require account. Though it can be personalized it requires one to pay a processing fee before you start operating.
The Orchard classic MasterCard is also among the worst bad credit credit cards. It is used in rebuilding the scores for your credits but can be used in various locations in the world. One can get information about the balances through texts. At number four is the Orchard bank classic MasterCard. This works and has the same advantages like the Orchard classic MasterCard.
The last card in the market is the Premier forward credit MasterCard owned and manage by the first premier banks. It checks the account required and is offered to those with bad credits. It acts as a credit card and one must give a report at least every month to the consumer authorities.
The four factors
There are four major factors that should be known by the credit card handler when buying one. First the minimum balance that is required to remain in your account should be well known. In addition to this one has also to know the credit limit that you are entitled to and which you can freely spend. As the credit card service provides always want profits, then the fees and charges that payable should also be considered. Always choose those that are low. And finally the interest rates offered for your credit cards.
Conclusion
Bad credit credit cards are mainly offered to help clients rate their credit histories by reducing the bad ratings. This is because they are meant to make it easy for clients improve on their credit which becomes a good idea for traders.
