Credit cards for poor credit

CompareTopCards.co.uk
Recently we were asked the question "Are there any credit cards that are easier to be accepted for?" The person asking the question had really bad credit rating and desperately needed a credit card to pay bills and buy food as he had just lost his job and his benefits were yet to be sorted out.

We thought we would post our response here since quite a few of our users are in that situation.


Our Response:
There are a couple of credit cards that are meant for people with poor credit. A big warning is you will have to pay extremely high interest rates and we would not recommend you to use them longer term. The interest rates range from 30%-50% APR, so for every £100 you will owe -£130 to £150 over the course of the year assuming you pay it off within a year and don't miss minimum payments.

Some credit cards you can research further:

• Barclaycard Initial Card - Typical APR 27.9% (meaning 2/3rd people get this rate- yours might be higher or lower)
• Capital One Classic Card - Typical APR 34.9%
• Aqua Card - Typical APR 35.9%
  
• The Vanquis Card - Typical APR 39.9%

The Vanquis card might be the easiest one to get in your situation as they do provide cards to people with poor credit, CCJ's but has the highest interest rate; so maybe you can start applying with the Barclaycard or Capital One, then Aqua or Vanquis if you get rejected for the other. (most card companies have instant decisions as long as they can verify your information)

Please use our calculators to compare and analyze interest costs on these credit cards.

For example if you spend £300/month on the card and repay £50/month over a year you will be charged £616 in interest on the Vanquis Card. So make sure you really need this credit card!

We will be analyzing the Aqua Card soon and adding that to our comparison tables, till then look up the information on the Aqua Credit Card from our partner below:

Aqua credit card voucher codes
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