| Search Engines | | | | there is less qualifying information because the |
| Anyone can perform an internet search to look for | | | | “credit” available on the card is pre-paid |
| credit cards with poor credit and find hundreds of | | | | in full by the card holder. |
| results; there are so many choices and the | | | | This type of credit card for poor credit applicants |
| “small print” is so varied it can be hard | | | | works much like a debit card to a checking or savings |
| to understand exactly what a consumer is agreeing to. | | | | account except balances left on the credit card are |
| Many credit cards offer guaranteed acceptance | | | | charged a monthly fee based on an annual |
| regardless of credit, but the consumer must read | | | | percentage rate; these balances are also subject to |
| through a list sometimes several pages long, to try to | | | | minimum finance charges. |
| find the information they are looking for most. | | | | Pre-Paid Credit Cards |
| Below is some information to help distinguish one kind | | | | Pre-paid credit cards are somewhat different from |
| of “credit card with poor credit” offer | | | | secured credit cards because a pre-paid card will |
| from another; each company will have its own small | | | | have no annual fee; it is more of a gift card with a |
| print naturally but this should clarify some of the | | | | Visa or Master Card logo than a true credit card. |
| common terms used for credit cards. | | | | These credit cards for poor credit applicants can |
| Pre-Approved And Acceptance Guaranteed* | | | | seem like a good option because the company |
| Credit cards for poor credit offers which include the | | | | doesn’t check credit or employment history; but |
| terms pre-approved or acceptance guaranteed are | | | | because this isn’t a true credit card it will not |
| almost always followed by an asterisk (*); this is | | | | improve any credit rating or good spending and |
| because the terms and conditions will state that the | | | | payment habits will not be reported to credit agencies. |
| card holder must meet certain qualifying conditions. | | | | Why Get A Credit Card |
| Common qualifying conditions will include income, time | | | | Credit cards for poor credit applicants are a good tool |
| of employment, time at residence, and of course credit | | | | to turn poor or terrible credit around after time; the trick |
| rating; the exact amount will vary by credit card, most | | | | is to get a credit card with a small limit to start and try |
| will require a minimum of 12,000 dollars annual income | | | | to pay off new debt each month instead of carrying a |
| and six months of continuous employment. | | | | balance. |
| When residency is an issue the company may also | | | | This is debatable by credit experts, some credit |
| require a minimum of six months at the address and | | | | experts say to carry a balance and pay just a bit |
| most charge a higher annual percentage charge the | | | | more than the minimum to build credit, while others |
| lower credit rating the applicant has; while the | | | | suggest paying off the balance monthly. |
| company will accept any credit they will charge the | | | | Credit cards for poor credit applicants should be paid |
| people with poor credit higher annual fees, annual | | | | off monthly because this lessens the risk of getting into |
| percentage rate, and possibly require a deposit. | | | | further financial trouble, establishes a good payment |
| Secured Credit Cards | | | | pattern, and shows future creditors on time regular |
| Secured credit cards for poor credit applicants may | | | | payments; many creditors look for regular on time |
| charge a higher annual percentage rate like the | | | | payments, when considering offering credit. |
| unsecured variety; the major difference will be that | | | | |