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A Credit Card For People With Bad Credit


The recent financial crunch has caused many would be credit issuers to tighten up on approvals for those consumer applicants with less than perfect credit. Even new credit seekers who do not have poor FICO scores, but also have not had the opportunity to establish a good credit profile as of yet are being turned away and treated as high risk applicants.

The problem for people who fall into either of these categories is that they have a legitimate need to either establish or re-establish their good credit profile and raise their FICO score, however without easy access to credit card approvals their ability to accomplish this necessary task is extremely difficult. Ironically, it’s these same card issuers who would like their applicants to have established solid credit histories who will not approve them in the beginning to help them prove that they are worthy of a new card approval. This vicious credit circle affects over half of the households in American today.

A few companies have recently stepped in to fill the credit needs of this growing consumer segment and offer instant online approval credit cards for people with bad credit or no credit history at all. These credit providers will typically issue new credit cards without a credit check and regardless of the applicants past or present credit history. Some of these cards are issued as major brand logo credit cards, prepaid debit cards, secured credit cards and online catalog shopping cards which allow the card holder to purchase household and gift items from the credit grantors web based store.

One such card offered with no credit check is a new Platinum Card that boasts a huge beginning limit of $10,000 for all of its approved applicants, even those with poor credit or no history at all. As long as the applicant is at least 18 years of age and has a valid U.S. checking or savings account, the applicant will be approved. The Platinum Card also features 0 % interest on any unpaid balance and there is no employment verification required for approval. The card does require a minimal initial membership fee, however once the new member is approved, the card issues each user a whopping $2,500 bonus to use towards unpaid balances in addition to the generous starting limit of $10,000.

For consumers who are having trouble getting approved for a traditional credit card with strict income and employment requirements, this particular card for people with bad credit may be a valuable option to acquire a high limit credit card with no credit checks or employment verification.

Today, credit cards have many functions and are very versatile. They can be summarized into the following functions:

Credit

The holder may obtain extended credit up to an agreed limit at a published interest rate.

Charge

The holder can repay the whole amount at the end of the month, without charge provided no cash advance has been taken.

Cash

On presentation at the appropriate banks, subject to check, cash can be obtained. In most cases can also be used in ATMs to obtain cash.

Cheque guarantee

A cheque drawn on a bank may be guaranteed up to a published limit provided it is accompanied by a Cheque Guarantee Card (or in some cases a Visa or Mastercard card) issued by the bank on which it is drawn.

Cheque encashment

Cheque guaranteed as above may be used to obtain cash from branches of most banks, although a charge may be levied in certain circumstances.

International

If the card is a member of Visa International or Mastercard International, you can use your card at many countries where there are a lot banks who are members of them.

Perhaps the most significant fact to emerge from the summary of card functions is that strictly speaking, they are not debit cards. Although they can be used to obtain cash via ATM, the debit will be made from the credit card account and not from the holder's bank account.

The credit cards discussed above are bank cards. Different bank cards have different card functions. The functions of bank cards really depend on the individual bank itself. Some bank card may have all of the above functions and some may not.

There other credit cards that are issued by retail stores such as Petrol Card, Quasi Card and Private Label Card which may have some of the above functions mentioned above.