Credit card options for those with poor credit
If you have struggled with debt in the past or have a less than perfect credit record, then worry not, there are still credit cards that you might be able to get...
If you’re carrying some debt on your card, transfering it to it a 0% card means all of your monthly repayments can go towards your debt rather than sky-high interest payments.
The only problem is that many folk can’t get 0% cards – their credit ratings aren’t good enough. So I was really pleased to see that Capital One has launched a new 0% card aimed at people with an ‘average to good credit history.’
The card is called the Capital One Balance Card Visa card. You won’t have to pay any interest on your debt until 30th April 2013, and the balance transfer fee is reasonable at 3%.
Who can get it?
So who can get this card?
Capital One says you probably won’t get a card if:
- You’ve never had credit in the UK before
- You’ve been declared bankrupt in the last 12 months
- You’ve had any County Court Judgements (CCJs) or defaults in the past 12 months
However, if you have a CCJ that happened over a year ago, you have a much better chance of getting one of these cards. You just need to show that you’ve turned over a new leaf since your CCJ, you’re successfully paying your bills on time and generally managing your debt in a sensible manner.
It will also help your application if you’re on the electoral roll. In other words, you’ll be able to get this card if you have an average score, but not one that is horrendously bad.
If that sounds like you then you can apply directly here.
Alternatives...
If the Capital One Balance Card isn't for you, then you might want to take a look at these other credit cards that are designed for people with a less than perfect credit record.
Top credit cards for people with average or poor credit
|
Card |
APR |
0% balance transfer period |
Notes |
|
19.9% |
9 months (2.5% fee) |
Suitable for people with average credit rating |
|
|
34.9% |
None |
3% cashback on purchases up to a maximum of £100 cashback each year |
|
|
29.8% |
None |
Some people with poor credit ratings will get this card. Great for repairing credit rating |
|
|
29.9% |
None |
Suitable even if you have a County Court Judgement against you from over 12 months ago. |
Credit rating
I imagine that some readers won’t be sure whether they have a spotless credit rating or just an average one. If that’s the case you could get a free credit report from Experian and find out what the banks think about you as a potential borrower.
Finally, if you are struggling to manage your budget, why not try our online MoneyTrack budgeting tool which is now available for iPhone.
More on credit cards:
The best 0% balance transfer credit cards
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