There are a few banks, which offer credit cards. However, apart from banks, only a few selected companies offer credit cards without being a financial institution themselves. One such company is Visa, and today Visa has extended and expanded its network very well to become one of the largest credit card companies worldwide. Therefore, a person having the credentials for a credit card can get a Visa card easily all over the world, but a person whose credit history is not very impressive will find it very difficult to get a Visa credit card. It is only difficult, not impossible, so let us discuss below a few ways in which we can get a Visa credit card on bad credit also.
At first, do not rush after the established names of big banks or credit card companies like Visa. Start off with credit cards offered by smaller companies or retail shops, and make limited purchases every month, taking care to repay the amount well within the due date. This will give you valuable points on your credit rating score, which will subsequently allow you to apply for a Visa credit card.
Utilise your bank accounts
If you have a good savings or current account at a particular bank, you can use it to apply for a credit card. By good, we mean an account in which an average balance much more than the minimum required is maintained at all times, and in which there have been no cheque bounces in the last six months or so. Banks would be willing to take a chance on someone with whom they already have a relationship, rather than an unknown person. If this bank offers Visa cards, then the problem is solved, but otherwise this card can be used to improve credit rating score, which can subsequently use to get a Visa card.
Secure Credit Cards
If a person is unable to get a Visa credit using any of the above means then he can apply for a credit card against a term deposit. He just has to open the deposit account, and the money is held in lien with the bank until the credit card is returned to the bank after paying all balances. The applicant is given a card in which the credit limit is usually 80 per cent of the term deposit.
In general it is a good idea to take along a co-applicant when you apply for any kind of Visa card, and it would be good if that co-applicant has a very good credit history.