Money Outlet

Bad credit credit cards are specifically aimed at people who have experienced problems on applying for a credit card due to a poor credit history. A poor credit history can come about as a result of defaults on mortgages, loans or general household bills, CCJs and bankruptcy.

There are now several lenders willing to offer credit cards to people with a bad credit history although the typical APR will be higher than traditional cards. Bad credit credit cards come with a much higher interest rate than the average credit card lender. Aqua Mastercard and Vanquis Visa are two types of bad credit credit cards aimed at giving people a second chance. In addition, these cards come with no annual fee.

A bad credit card may be a good way to start improving your credit rating providing you are realistic in what you can afford and are consistent with any payments you agree on with the lender. Should you fall behind with your payments on a bad credit credit card your credit rating will inevitably become worse.

The Aqua Mastercard is just one of the credit card providers who have helped over 100,000 people with adverse credit history or who have had difficulties proving a regular income. Aqua mastercards are issued by Halifax plc. This card issues by Aqua is at a higher rate than most, typical APR 29.9% however, if used wisely you will be able to improve your credit history and in time be able to apply for a much lower rate credit card.

The Vanquis Visa is another card that is readily available to help you repair bad credit. Vanquis Visas are helpful to those who may have been declined credit in the past. They are sympathetic to those in poor credit situations and believe in giving people a second chance to repair past credit. Once again, you can expect between 29.9% and 39.9% APR for this type of card.

Keep in mind, whether you apply for and are accepted for a low rate credit card or a bad credit credit card if you pay your card off each month or make your monthly payments on time a Vanquis Visa or Aqua Mastercard could be a great way to repair your bad credit.

The following circumstances can also adversely affect your credit if you are:

• Self employed
• Home maker
• On a low income
• In part time employment
• Not on the electoral roll
• At a new address or constantly changing address
• Affected by CCJs and/or defaults

Depending on your credit score you may want to consider applying for either an Aqua Mastercard or a Vanquis Visa. You will be charged a higher interest rate than most cards however, if you pay off your balances each month or at least make repayments on time each month you could use one of these cards to re-establish your credit and eventually be able to apply for a new, lower interest rate card.