Top 5 Credit Cards For People With Bad Credit

July 13, 2011 | By Xpert In Apply For Credit Card | Comments Off

When we were searching for the best credit cards for people with bad credit, these five were at the top of every list.  They are not prepaid or secured credit cards either.  These are the real deal.  Here are the top five cards at a glance.

If you have less than perfect credit, you have no doubt encountered some trouble being approved for a credit card.  If this is the case, you have two options.  You can apply for a pre-paid credit card or you can apply for an unsecured card like the ones listed below.  Either way, it is important to read all of the terms and conditions of any card application to be sure you are getting the best card to suit your needs.

Here are the top 5 unsecured credit cards for people with bad credit:

First Premier Bank Gold Mastercard

  • Welcomes application from those with less than perfect credit
  • Instant application decision within 1 minute
  • Low Annual Percentage Rate (APR) on all purchases
  • Includes credit reporting to 4 major Credit Bureaus

Centennial Gold Mastercard

  • Application decision within 1 minute when you apply online
  • Credit protection available and tons of free credit information online
  • Poor credit applicants welcome to apply
  • Provides credit reports to 4 main Credit Bureaus

Orchard Bank Classic Mastercard

  • Introductory rate of 0% offered to those who qualify for the first six months
  • Easy access to your account online
  • Accepted worldwide
  • Instant application decision

Centennial Mastercard / Visa

  • Your choice of Mastercard or Visa application
  • Quick online application response
  • Monthly reporting to 3+ Credit Bureaus
  • Applicants with poor credit welcome

First Premier Bank Platinum Card

  • All applicants welcome
  • Instant online application decision
  • Low APR available
  • Monthly reporting to 4 Credit Bureaus

As you can see, most of these cards offer the same features like instant online decisions as well as low APR, monthly credit reporting and they all welcome applicants with poor credit.  Which ever card you choose, be sure to make your payments on time and start to rebuild your credit today.  If you do, this may be the last time you need to search for credit cards for people with bad credit.

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Understanding Your Credit Card Interest Rate

July 13, 2011 | By Xpert In Credit Card Fees | Comments Off

Sometimes trying to understand your credit card interest rate may seem more like an advanced algebra class!  So what is that percentage rate that shows up on every bill? And how is it calculated?  We break it down for you.


Understanding your credit card interest rate doesn’t make it any easier to pay your bill every month but it is a good idea to  understand the fundamentals of what credit card interest is and how it is calculated.

One of the most important terms to understand is APR or annual percentage rate.  This is the rate that credit card issuers charge on the unpaid balance each month.

Even though your interest rate appears on each of your monthly bills, it is actually an annual rate.  Credit companies divide this rate over twelve months to calculate the amount of interest charged.

Here is an example.  Say for instance you have a credit card with a $2000 balance owing.  In January, you made a payment of $100.  That means the remaining balance is $1900.  This is the amount that you will be charged interest on.

Next, take the yearly rate of interest and divide it over twelve months to give you the monthly rate.  The final step is to multiply your unpaid $1900 balance by the monthly.

Although there are slight variations to this calculation with some credit card companies, most use a formula similar to this one.  From time to time, some companies will use a daily interest rate but it is not overly common.

Of course, if you pay off the full amount before the due date, no interest is tallied.  This is by far the best way to avoid many common credit card pitfalls like falling into credit card debt or letting missed or late payments affect your credit score.

When it comes to the basics of using credit cards, there are few things more important than understanding your APR.  It is more then just some number on your bill.

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Filed under: Credit Card Fees