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Credit Building Cards

In normal circumstances, if you have a bad credit rating (for whatever reason), you are seen as a bad risk to credit card providers and you will therefore struggle to get a standard card.  However, many credit card issuers recognise that some people may have changed circumstances and are now able to build a new credit rating.  For those people issuers provide a credit card to accommodate this need, but at a price. Read more...>

	Capital One Classic Up to £2,500 in spending power	34.9%
		** Credit Building card **
	Aqua Many circumstances considered	35.9%
	Vanquis Visa Helps to get your finances back on track.	39.9%

To compensate for the possible risk, the providers offer cards for bad credit at higher rates of interest therefore, they do not form a sensible method of long-term borrowing.  As long as the balance is paid off every month, the user will begin to build up a better credit rating which, in the long run, may lead to the opportunity of obtaining a standard card with better rates. 

Cards for bad credit offer access to funds, the chance to purchase items online or on the phone, and an opportunity to rebuild your credit rating (as long as the balance is met on time).

Cards for bad credit often have some additional features such as no annual fee, the opportunity to increase the credit limit after a few months and security safeguards such as warnings for unusual card activity.