Credit Cards for Bad Credit

Credit Cards for Bad Credit

There may be numerous reasons for having bad credit. Some people have never had credit, which means that they have no credit record to speak of. Other peoples’ credit records have been impaired as a result of poor credit choices such as being over-indebted and missing payments. This often leaves many people without many choices for getting access to credit should they need it again.  

The good news is that there are credit cards for bad credit.

Credit builder cards are ideal for those with poor, little or no credit history. A small credit limit is given at first. By making your monthly payment on time each month, this may make you eligible for a lower interest rate card or a higher limit.

This type of card allows you to gradually build up a good payment record and to improve your credit score.

Prepaid Credit Cards are similar to normal credit cards, except anyone can qualify and you preload the card before you can use it. These cards are offered by MasterCard and Visa and are ideal credit cards for bad credit.

If you have bad credit you can rely on prepaid credit cards to give you access to a way to shop online in a secure way.

The Absa Transact Credit Card is ideal for first-time applicants. With a monthly fee of R5.00 and 57 days of interest free credit, this card is offered to individuals earning a minimum income of R2000 per month.

American Express Credit Card

This credit card has a lower credit limit and is ideal for building credit. Available for a monthly fee of R24.00, this card is available to individuals with a minimum income of R300. A budget facility is also available on the card and you get rewarded for spending.

Categories: Credit cards