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Saturday, March 10, 2012

Best Credit Cards For People With Bad Credit

Top Credit Cards For Bad Credit

Consumers from all backgrounds struggle with money issues at some time in their life. One of the best ways to rebuild a score is to get positive reports to the bureau. There top credit cards for bad credit can help a consumer do that.

Consumers have the choice of three types of cards; unsecured, secured and prepaid. The least helpful of the three is the prepaid cards. Prepaid accounts do not turn information into the bureaus which means no positive marks will appear on the report. An unsecured account is when a bank extends a card to a consumer without any deposit. The final type is the secured account. A secured account requires a deposit from the consumer that equals or is slightly lower than the card balance.

The account that offers the best interest rate out there for those with damaged history is from Orchard Bank. An APR of 7.9% is well below the standard 14.9%. But they do have a high annual fee of up to $59 which is not charged for the first year. Consumers will also have to deposit a minimum of $200 to open it.

The Capital One Secured Mastercard offers the best maintenance fee in the industry, $29. This card is unique because it gives consumers a low deposit of $49 for a $200 limit. Because this is a partially unsecured card the APR is a huge 22.9%. This makes a great emergency card but not an every day use card.

The Citi Secured Card is a very unique card, instead of placing the consumer's deposit in a non interest account it buys CDs with it. Other perks of this card are no monthly fees and a low annual fee. Consumers face a huge 18.24 APR on balances.

Open Sky Secured Visa gives consumers a low 9.75% APR, but it does need a $200 deposit. This card charges a high, $50, annual fee. There are also hidden fees when consumers make changes to their account.

Mango prepaid mastercard is ideal for some one not interested in building their report. Unlike other prepaid accounts they do not have an activation fee. This card also gives consumers a $20 sign up bonus and does not charge to place more money on the card. Watch out for hidden fees with this company.

Your history will not change overnight. Positive reports are earned with timely payments, not using the entire balance and careful use. These best credit cards for bad credit can help consumers get there.

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