Ultra VX Visa Secured Credit Card charges low APR on balance transfers. Apply for best bad credit credit card and quickly fix your poor credit history.A bad credit history should not deter an individual from applying for a credit card. There is an entire segment of credit cards geared towards the needs of consumers with poor credit scores. These bad credit cards allow the customer to improve their credit rating.
Types of Bad Credit CardsBad credit cards are subdivided into two distinct categories namely secured credit cards and unsecured credit cards. The two are distinguished on the basis of credit requirement. The former requires a down payment (deposit) while the latter does not. Unsecured bad credit cards are seen as high risk investments by issuers.
Thus, these cards levy a higher interest rate as compared secured credit cards. Similarly a secured credit card charges more interest than a regular unsecured card. Best Low Interest Secured Credit CardsThe secured card offered by Applied Bank has a low APR of around 9.99%. This rate applies to both purchases and balance transfers. As there is no grace period, the client has pay the monthly interest immediately after making a purchase.
The card reports to all three credit bureaus which helps in rebuilding the card-holder's credit. It charges an annual fee and a late payment fee. The minimum credit that has to be established is $200. This amount needs to be deposited in the bank to secure credit.
Rebuild Credit Easily with Ultra VX Visa Credit CardAnother secured credit card is the Ultra VX Visa offered by the Millennium Bank. This card charges a low APR and has a useful grace period of 25 days. The maximum amount that can be deposited to secure credit is $25000. This is one of the highest offers in this segment. The Ultra VX Visa Card also reports to credit bureaus.
Maximizing Credit through Bad Credit Cards
- The simplest way to improve credit is to submit credit payments in full and on time. Maintaining low balances on the card can also increases the overall credit rating. Timely credit card payment and low credit balances portray a credit worthy borrower.
- Maintaining a low credit balance displays a knack for using credit responsibly. A propensity to use credit wisely is highly valued in the realm of mortgage and gives positive impetus to the client's rating.
- The client should try to minimize credit inquiries while attempting to rebuild credit. The inquiries are made by the lenders a customer approaches and are directed at credit bureaus. Fewer credit inquiries demonstrate a responsible use of credit which improves the client's credit worthiness.