Credit cards for bad credit nz

Bad credit credit cards nz

Credit cards with bad credit

Looking to get a credit card ? Have bad credit ? Want a bad credit credit card ? Loan nz has information and tips that will help you in getting a bad credit credit card in New Zealand. We have sourced out information that will guide you in getting a credit card even if you have bad credit or poor credit history. Check out the information provided, we will save you time and money.

Tips on choosing the best bad credit credit card

  • Bearing in mind the credit needs and habits. This means one deciding on wanting a card with low APR, or wanting a card with prepaid system, low credit limit card, or good credit transfer card. Keeping all this in mind and after analysing the credit habits, one can gracefully choose the best option as well as help build better credit rating.

  • Secondly, keeping in mind what features most important to the person. Figuring out features include the credit limit, fees and penalties, rewards is good to consider when deciding what is best for one person.

  • Compare and contrast several cards to come to a halt decision for best card. The more options, the more preferred features one is opened to, to fit in the most important criteria.

  • Do not get carried away and distracted by the extra services and specials deals as it could be quite luring in getting a card that is not as important as what one needs.

  • Lastly, but not least. It is wise to check several sources of information before coming to a decision. It has become easy to search online with websites available where one can find more options to consider.

 

Advantages of Bad Credit Credit Card

  • Bad credit card does not let one take extra debt. This means, the bank can be shown that the person is serious in dealing with the bank regarding the credit card.

  • One cannot spend more than what one really has. Meaning that whatever required limit one has deposited or whatever balance one has in the bank, only that amount can be spent.

  • Anyone can get hold of this card, no matter what one’s credit history portrays.

  • Also no annual fee is paid on the deposit put down by one person.

  • Shows the bank one is disciplined and is trying to improve the score.

Disadvantages of Bad Credit Credit Card

  • Firstly, bad credit card tends to have higher interest rate on it than any other typical credit card.

  • Secondly, for instance if one does not pay off the balance and the balance is carried forward, this will even create a negative impact on credit score.

  • The bank that is giving out the secured credit card may require some collateral. And this may come from the form of saving that one has as a savings account. The balance of the savings account becomes the amount available on the credit card. Hence if one is not able to pay the card balance, than the bank can reimburse the money inclusive of fees by drawing from the savings account. And if one does not have collateral or cash, it could be a problem applying for the card.

  • Applying for bad credit credit card turns out to be a monotonous process. Various verifications need be done for the banks before approval or disapproval is decided.

Tips to help you get Bad Credit Credit Card

  • There are many credit card suppliers available in the market, but specifically getting a bad credit card these days is offered by banks and other financial institutions.

  • One can open credit account at retail stores. This enables the shopkeeper to willingly offer the possibility to rely on such credit card so that shopping at their stores can be transacted.

  • Avoid credit cards that claim annual fees.

  • Try and get the credit card from a bank rather than a single store or retail bank.

  • Support your rights sufficiently when opening a bad credit card because of bad history.