Please see information below on Poor Credit Rating Cards.


Poor Credit Rating Cards

Do you suffer from a poor or bad credit? Perhaps you even have no credit due to being a new resident in Canada? Fortunately there are now credit cards aimed specially at people who have a poor or bad credit score.

What are Poor Credit Rating Credit Cards?

Credit cards for people with a poor credit rating are available widely in Canada. They are sometimes referred to simply as poor rating credit cards or 'poor credit rating credit cards'.

A bad or poor credit history can stand in your way if you are eager to apply for a line of credit, yet with this type of credit card you can get all the benefits of a regular credit card just the same as anyone else. You may even receive extra benefits that could help you to build up (or re-build) your credit score.

You may have:

  • No credit history
  • Poor / bad credit score
  • Rejections from other card providers

Yet you could still apply for and receive a poor credit card.

Is there an Annual Fee?

There may be an annual fee it depends on the card provider. Some poor credit rating credit cards carry no fee while others can charge up to $80 a year. Remember to find out when you are comparing offers!

What are the Benefits?

A poor credit rating credit card could be just what you are looking for, especially if you have been turned down for credit. Now, you can have the same freedom as other people pay online, pay overseas and you could even build up your credit score for the future. Many poor credit cards carry special features which allow the card holder to improve their credit rating. This may involve regular reports sent to the main credit bureaus a benefit yet this does also carry an element of risk...

What are the Disadvantages?

If you are having credit reports of your poor credit card use sent out regularly to the main credit bureaus and you are having difficulty managing the card, then this is clearly not going to be great news. Therefore it is wise to think about whether or not you are going to be able to manage the card plus the fees and interest before you apply. Will you manage to improve your credit rating or will you fall behind on your monthly payments?


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