Post bankruptcy credit card
Filing bankruptcy does not mean the end of life. Despite filing bankruptcy no one can bar you from leading a normal life. You can still apply for loans, buy a house, a car and even can apply for a credit card. There are a number of credit card companies that consider situations of such people and provide credit cards despite the customer having filed for bankruptcy . However, before you apply for a credit card you should try and build some credit.
Getting a post bankruptcy credit card not only a handy way of buying things or meeting your bill payments but if you make your payments on time towards this card you can also build some credit. This would help you improve your credit score. Once that you start building some credit you would can avail other benefits like applying for loans etc.
The only disadvantage associated with these post bankruptcy credit card is that you will have to pay higher interest rates and also high annual fees.
Finding the best post bankruptcy credit card
When you opt for a post bankruptcy credit card then you can have two options. You can either apply for a secured credit card or an unsecured credit card.
With a secured credit card you have to create a special savings account and this account acts as collateral for your credit limit. If you deposit $200 in your account then you have the limit of $200 to spend with your credit card. If you exceed this limit then the credit card provider adds it to your savings account and you would have to fill the penalty.
In case of unsecured credit cards you are just required to fill out an application and based on your income, credit history and other details the application is approved.
The best option for you depends on your credit history. However, if you apply for a secured credit card then there are more chances of you getting approved of it. But before you take a secured credit card you should make sure that you are familiar with a ll the terms and conditions. This is because of the fact that not all secured credit cards come with the same terms and conditions.
There are some criteria that you can consider before applying for post bankruptcy credit card. These criteria are mentioned below:
Approval of post bankruptcy credit cards
With the hi-tech age on most of the credit card applications are approved instantly online. The online approval of the credit card takes a few minutes or hours but you would have to wait for your credit card. Once your application is approved then the credit card company would send the card through mail.
Getting a credit card post bankruptcy can be a long process as in most of the cases the banks requires some form of references. Different banks have different factors on which the credit cards are given. You are required to get information from each bank before applying for a post bankruptcy credit card. Once that you have a credit card you should use it wisely.
Post bankruptcy credit card providers
Post bankruptcy credit cards are given out as credit cards for people with bad credit. Some of the providers are mentioned below.
Total Visa Card: They provide credit cards to people with credit problems. You can have 24-hour access to your credit card account free of cost. There is no introduction APR and you are charged 19.92%. You have to pay an annual fee of $48.
Imagine Gold MasterCard: They provide credit cards to people with bad credit. They report your payments to all the major credit bureaus; you can have your account status online. They charge 19.75% APR and $150 as annual fees.
Orchard Bank Silver MasterCard: They provide credit cards to people with bad credit and also to people with no credit. They report your payments to all the three major credit-reporting bureaus and you can have 24-hour access to your billing account. They charge APR of 14.90% and an annual fee of $49.
First PREMIER Bank Gold MasterCard: They provide credit cards to people with bad credit. They approve your application instantly and charge an APR of 9.9%. You are required to pay account set up fees (one-time) of $29 and the annual fee is $48.
Centennial MasterCard: They provide credit cards to people with bad credit. They provide low APR on purchases and you are required to pay a one-time account set up fees of $29. They charge APR of 9.9% and no annual fees.
Continental Finance MasterCard: They give out credit cards to people with bad credit. You can get approval of your application within seconds and can access your account free of cost. They charge an APR of 19.92% and an annual fee of $49.
First PREMIER Bank MasterCard: You can apply with them if you have faced bankruptcy. They report to all the major credit reporting bureaus and charge an APR of 9.9%. You are required to pay a one-time account set up fees of $29 and annual fees of $48.
Purpose Money Featuring Tribute MasterCard: They give credit card to people with bad credit. They charge APR of 19.75% and annual fee of $150.
Access Visa Card: They give credit cards to people with bad credit and approve your application instantly. You can have free access to your account anytime. They charge one-time account set up fees of $56 and annual fees of $48.
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