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These are the best credit cards if you have a bad credit history

Whether you have a bad credit history or not, these credit builder cards are perfect for helping you get on the right track and improve your rankings.

Credit builder cards are designed for individuals with a bad credit background and those that do not have one yet.

These are typically bare-bones deals, which come with conservative limits and fairly high APRs to motivate great credit card spending practices. Used properly, they will help you jump on the right track so you can access more rewarding deals in the future. You can also find some of the best frugal tips and newest money trends over here.

Do not take rate of interest for granted

Bear in mind that you might be offered a greater rate of passion rate compared to the one advertised. Credit card companies just need to offer 51% of customers the advertised rate, and if you’ve obtained a bad credit background, you are not likely to obtain it.It is well worth inspecting what the maximum APR is, as you will just be outlined your greater rate AFTER you’ve used and undergone a credit rating inspect.

We’re functioning with Contrast the Market* where you can find out what charge card you’re qualified for without hurting your credit rating. Click here to find out more or jump straight in and discover which charge card you are most likely to get approved for.

Top credit builder cards

Credit builder cards are typically no-frills, but some have 0% offers on new purchases or balance transfers, although this has become much less common.Rather, you are more most likely to obtain lower rate of interest or a greater credit limit when you properly use your card.

Here are some of the best credit builder cards presently available:

 

Vanquis Financial institution Chrome Card has among the most affordable APRs for a credit rating builder card and offers progressive credit limit increases (up to £4,000) if you use it properly, while the Funding One Platinum Card provides to 2 credit increases a year (if you are qualified).

While the Barclaycard Ahead Credit Card has a greater rate of passion rate compared to both cards (33.9%), you can obtain a 3% rate of passion rate decrease if you pay everything on schedule and stay within your credit limit for the first year.

If you proceed doing this for the second year, your rate of passion rate will decrease by another 2%, plus you obtain 0% rate of passion on purchases for the first 3 months of card possession.

If you are more interested in a 0% purchase credit card, inspect out The best 0% purchase charge card.

Most affordable credit builder cards

It is well worth keeping in mind that some of the charge card mentioned over come with significant agent APRs.

So, after the initial home window has expired or if you do not settle your balance completely each month, you could find on your own paying a rate of interest of over 30% on any arrearage.

If you are looking to maintain the same credit card for some time, there are several cards with a rate of interest of under 30%.

As you can see, the Tesco Financial institution Structure Credit Card offers the most affordable deal today, plus you can gather Clubcard factors.

As we mentioned before, some individuals could be offered a greater rate of passion rate when they use for a credit rating card.

We’re functioning with Contrast the Market* where you can find out what charge card you’re qualified for without hurting your credit rating. Click here to find out more or jump straight in and discover which charge card you are most likely to get approved for.

Golden rules

There are a pair of points to bear in mind when it comes to using credit builder cards. To start with, make certain you read the requirements very carefully before using. The last point you want is to be declined for a card and damage your credit score much more.

You should inspect your possibility of being approved before you use without affecting your credit rating by using an qualification mosaic. Second, it is important you pay your balance completely every month if you can. Doing so will boost your credit rating and you will avoid racking up rate of passion at an extortionate rate.

How to inspect and improve your credit score

Among the ways to inspect your credit score on a continuous basis is to use Clear Score. This free solution gives you access for your credit score, provides personalised item offers and trainers you on how to improve your credit score.

There are various other ways to improve your credit rating, and some are fairly easy and free, such as signing up to vote.

You can learn more about credit rating and how to improve them here.

Still not found the right card for you? View our complete overview of charge card to see all your options.

*While all content is totally editorially independent, loveMONEY has partnered with Contrast the Market to provide credit card price contrast solutions. Contrast the Market Limited acts as a credit rating broker, not a loan provider. To use you must be a UK local and matured 18 or over. Credit is based on condition and qualification.

Copyright © lovemoney.com

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