Guaranteed Credit Cards

Guaranteed credit cards are available for consumers that have poor credit or virtually no credit history. If a person has had late payments in the past and difficulty managing revolving credit, that may show unfavorably on their credit report and make it very difficult to get a credit card. Because credit cards are integral part of life, and are required to do things such as reserve a hotel room, rent a car, or make purchases online it may be necessary to search out different guaranteed credit card options.

Prepaid cards are considered a guaranteed credit card, as it does not require you to have a good credit score. These cards are loaded with the consumer’s money, and often are able to be reloadable at certain vendor locations. Many cards provide the option of having a direct deposit distribution from your paycheck. These cards are not subject to an annual percentage rate, but rather a monthly fee.

Secured credit cards are similar to prepaid cards in that a consumer must provide collateral in order to use the card. In many cases, a deposit may be made to a bank or credit union account and the funds are not available to be used. The card is treated like other normal credit cards in that it is then subject to an annual percentage rate, payment due dates, and other terms. These cards are good for consumers with poor credit.

Some companies claim to offer guaranteed approval regardless of credit history, and do not require a deposit, but diligence must be done when evaluating these options. It is generally not possible to get a credit card approval with very poor credit, without a deposit or other collateral. .. expand

* Efforts are made to maintain accurate information, however this is not guaranteed. You should review full credit card terms and conditions on the application websites, first.