Cards that can pull you out of bad credit history

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Cards that can pull you out of bad credit history

Cards that can pull you out of bad credit history


Updated: September 28, 2018

The content is accurate at the time of publication and is subject to change.
There are credit cards using which one can cash in on excellent credit. There are credit cards which one can use as a lifejacket, to come out of bad credit history. Using the right credit card depending upon your financial condition is critical. Here are some of the credit cards, you can check out to help you out of bad credit history. Balance transfer cards Balance transfer cards come with a primary caveat. Too many balance transfers does not augur well for your credit history. However, when a good card comes along, you can transfer your balance from your existing credit card to the new one. Most balance transfer credit cards offer an introductory rate which is extremely low and sometimes even 0%. So, you are virtually freed from the obligation of paying interest on your debt. This allows you to concentrate on repaying the principal debt as soon as possible and repair your bad credit history significantly. Lower the credit card debt, better it is for your credit rating. It will also give you the added motivation, as you are constantly racing against the introductory period which lasts between 6 – 18 months on an average. Make sure, you are perfect in your calculations though, because balance transfer cards are known to have higher interest rates after the introductory period expires. Low interest rate cards If your credit history is in a mess, low interest rate credit cards are something you can always turn to. These are useful because they are absolutely without any sort of risk. There isn’t the temptation of lot of rewards which can lead you to bigger expenses. The interest is not building up on top of the principal all the time. This lowers the pressure on the card holder significantly. It is the ideal credit card for those whose bad credit score is primarily due to a huge rotating debt as opposed to inconsistent payments. Low interest credit cards will go a long way in knocking off some part of the debt very quickly. Prepaid cards The post credit crunch era saw the emergence of several prepaid cards. A lot of customers bought into the idea of prepaid cards too because these cards will not allow you to spend more than a particular limit. You literally buy these cards with some cash and then the card at best, is worth the price you paid. It is ideal for those who would like to stick to their budget every month. In other words, if you are one of those who gives in to the temptation of swiping your credit card, at every possible place, prepaid cards will help you avoid that habit. There are a few caveats with prepaid cards though. The processing fee on some of these cards is very high. Similarly, not all prepaid cards, give you full value for the money you have paid up front. In most cases, you get only 75 – 80% of the cash you paid to get the prepaid card.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!