If you have bad credit, chances are the amount of credit cards available to you is slim. Few banks offer credit to those with bad credit scores due to the fact that they carry a huge financial risk. They do not want to risk giving credit that they might not get paid for. Even though it’s difficult to obtain a card, there are still credit card options available to those with bad credit scores.
Cards for Bad Credit Offers
Bad credit comes with bad spending (and paying habits). Truth be told, those with bad credit are in this mess because they are bad with credit. But there is good news: it is but a temporary state. There are still institutions that offer credit cards that will help you get back on track. MasterCard provides a list of credit cards that can be used by those with bad credit. The list includes:
- Capital One
- First Progress Premium Elite
- Primor Classic Card
- Primor Gold Card
- Milestone Gold
- First Progress Platinum Select
- Indigo
- First Progress Platinum Prestige
- Indigo Unsecured
- Indigo Platinum
All these options are made available specifically for those with low to bad credit scores to help them get their credit back on track. They offer opportunities for credit building with specific policies and guidelines to help you and will report your good credit to the three major credit bureaus. They also provide these credit cards with no annual fees, waived processing and application fees, and several additional rewards like cash back on your purchases.
There is, however, a catch for these credit cards: they have a low credit limit. These are put in place to minimize their risks and for you to control your spending. But again, this is just temporary. With changes in your spending habits and a little consistency, it should take less than a year to fix your credit scores and apply for better credit cards.
Using Your Credit Card for Bad Credit Properly
Credit cards for bad credit should be used properly in order to enjoy its advantages as soon as possible. Be sure to follow these simple tips to help you get the most out of your credit card: use your card regularly, pay your bills on time, pay your bills in full, and always check your credit report.
Use your card regularly. You won’t have the opportunity to build your credit if you don’t use your card, since it could be cancelled for inactivity. Small charges will do so you won’t carry a balance at the end of the month.
Pay your bills on time. On-time payments are the single most important aspect of credit building. One single late payment could set you back as much as 100 points on your credit score.
Pay your bills in full. Keeping your utilization ratio low is also very important, which is the percentage of your available credit used. You can keep it low by paying your bills in full before the grace period ends so you do not have balances carried over.
Check your credit report. You can spot any credit discrepancies when you check your credit report. Regularly check your credit and have any errors corrected with the three credit bureaus.