Poor Credit Credit Cards

For many people credit card ownership is very much taken for granted and little consideration is given to the benefits of ownership.

These benefits include the ability to travel cash free abroad and use at thousands of outlets worldwide. The users also have the ability to take a loan, at any time, as a result of the credit facility given with most accounts.

For those people with ''poor credit'' it is often difficult, if not impossible, to gain a full Mastercard or Visa credit card, due to problems in the past or simply not having had credit in the past.

However there are a growing number of companies in the UK who have identified these issues and have tailored products for those consumers with a poor credit.

The first is a company, called ASP, produce a prepaid credit card that has to be preloaded with funfds prior to use (e.g. via post office). As a result there are no credit checks and no declines as long as you meet the basic application requirements. Due to the nature of the card there is no credit facility, however if customers pay the monthly management fee for 12 months the details are submitted to the credit bureau to help improve there poor credit rating. This product is very suitable for those customers with a very bad history or for those who do not wish to have a credit account.

The second option is the Vanquis credit card, issues by Vanquis Bank, that offers a more familiar credit card format with a specified credit limited and monthly statements. What makes Vanquis bank different is that  they take a more forward thinking approach to lending to customers with a poor credit history. Customers who are accepted after all the application checks are completed are normally given a small credit facility that can be expended after successful repayments have been made. This card has a very positive effect on the customers credit rating if payments are made on time

My Fast Cash Loans 1st August 2008

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