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Digital News Report – There are several new cards available for customers with poor or bad credit. The downturn in the economy combined with the new credit card rules has made it very difficult for many Americans to get credit cards.
There is a solution. The Centennial® Classic Credit Card is designed for people with poor or even bad credit. Even if you do not have a credit history, this card will work. The annual percentage rate (APR) is 23.9%. The same rate applies for cash advances.
There is a $95 processing fee and the first-year annual fee is $75. Subsequent years are $75, which can be billed $6.25 per month. With on-time payments, customers may improve their credit score.
Guaranteed Approval
There are other options including the READYdebit® Prepaid Visa® Card, which operates like a regular credit card. Users are guaranteed to be approved and there are no credit checks.
Plus, there are no minimum balance or overdraft fees. Direct deposit will work with this card.
Prepaid Credit Cards
There are some pros and cons with prepaid credit cards. On the plus side, you will be approved. You don’t have to worry about going into debt. With the READYdebit card you are afforded the same liability protections as a standard credit card and you can access your money from ATM machines.
Although these cards are less expensive than check cashing services, they can be more expensive than regular credit cards. In some cases there is limited reporting to credit bureaus and they may not help improve credit scores as well as a regular credit card or secured credit card.
By: Tina Brown
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