Home

Secured & Unsecured Credit Cards

There are many options available for people with bad credit who want to re-establish their credit rating. The first and most obvious is to apply for a second chance credit card. Second chance credit cards are for those with past adverse credit or who have no credit history at all. Most of these second chance credit cards are secured credit cards. With a secured card you need to deposit money into an account as collateral in case you cannot pay off your balance on time.

The best, second chance credit cards are the lowest offer you can receive approved for even with damaged credit. After all, your primary goal in this situation is to open a new credit account and make on time payments every month so that your scores increase every year. It is important that the credit card offers you look at have low annual fees, minimal application or processing fees, and that they do not have an unusually high interest rate like many typical cards. Also, find out if there are any unexpected costs that you were not told about such as late payment charges or possible over limit fees. These types of surprises can cost you more than if you were just approved for another credit card with lower rates.

The second chance loans credit cards that offer the lowest interest rates and lowest fees are usually the ones that target people with credit problems. These new cards are targeted specifically at people who have suffered from bankruptcy, foreclosure, repossession, or even bad credit report problems. These cards are made to help these people rebuild their credit scores so that they can be eligible to apply for a new credit card with a better interest rate and lower fees.


There are many different reasons why a person has a bad credit score or has defaulted on a debt in the past. It could be due to going through divorce and losing your home or being jobless. Bad credit scores can affect your ability to get a loan and also negatively impact your personal and business life. This is why you will often find that these second chance credit cards will target people with bad credit scores. They make it their business to help those people repair their credit score by helping them get loans when they would otherwise not be able to do so.

These second chance credit cards are usually unsecured and they come with some pretty attractive features. Some of them include regular credit card features like online account management and detailed monthly statements. Some even allow you to pay bills online, which allows for quicker payments and less paperwork. There are some unsecured second chance credit cards that come with balance transfer options. These allow you to transfer the balance of your unsecured card to an unsecured card with a lower interest rate.

Often, some of these unsecured second chance credit cards will come with a small amount of a security deposit. This security deposit will not usually be a lot of money but it will serve as a guarantee that you will make payments on time. Your interest rates may be higher at first with this option but because the card is unsecured, the card company is not protecting any collateral.


The approval odds of these second chance credit cards will vary greatly. The approval odds will depend greatly on the individual needs of the card issuer. Different card issuers have different criteria for approval. There are some issuers that will work with you if you have good credit while others will not. You should shop around for the best approval odds that you can find.

Many second chance credit cards require a small amount of a security deposit to be approved. You will often find cards that do not require such a deposit. You should always shop around to see what kind of terms and conditions the issuer has in place before deciding which second chance credit cards to apply for and which ones they reject.


The Soda Pop