The types of credit cards for bad credit and how to apply for it

Credit card is a wonderful financial tool, isn’t it? Everybody will love to have more than one credit card. However if you have a history of bad credit card it will be bit difficult to get another credit card and another add-on card. At the same time it is equally worthy to remind you that, with a bad credit history getting another credit is not impossible. Prior to that it is wise to know about the various types of credit card with a bad credit and here is the list.

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Types of credit card for bad credit: Broadly this is categorized into two categories.

Credit Cards for Bad Credit

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A. secured credit cards for bad credit: The name is self explanatory to guess the features of the credit card. Under the secured credit cards with bad credit a customer can be issued a credit card by the bank under certain condition. The customers need to deposit some money with his saving accounts and this money will be treated as the collateral security by the bank. Under the collateral security the bank will issue the credit card to the customer.  However the credit limit of the credit card is purely under the discretion of the bank. The bank may agree for a credit limit of 50% to 100% of the deposited money. Yes, the deposited money will have the privilege to earn interest at the rates provided by the bank for the saving account holder.

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B: Unsecured credit card for bad credit: Under unsecured credit card for bad credit there will be no provision of collateral security and bank will not keep some money from the customer as security. However there will be a ceiling on the spending limit and the credit limit. Unlike the secured credit cards for bad credit you will not have the privilege of higher credit limit.  However the credit limit can be enhanced by the bank, if the bank feels if you have right intention to repay the card dues in right time. Also a good repayment history will help you to enhance the credit limit.

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Credit Cards for Bad CreditHow to apply for a credit card with a bad credit: Yes, it’s a tedious and difficult job to get a credit card with bad credit history. In order to get the credit card with bad credit the internet will acts as a wonderful tool to apply for the credit card. Do extensive research on the internet on the vicarious credit cards providers. Male a list of the credit cards providers and take a small group among them. Compare the features of all the credit card providers and pick the one which will be relevant for you. The website will ask you certain information about your financial status and the credit history. Put the necessary information and you will be able to find out the result in no time. If you are eligible for the credit card proceed for the rest of the process to have your own credit card.

Happy swiping!!!