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Prepaid Cards for Those Looking for Credit Cards for Bad Credit In an economy that has many consumers seeking credit cards for bad credit, banks are tightening their lending standards. Retail giant Target just announced its fourth quarter earnings report. In addition to suffering from sluggish retail activity, its earnings were hit hard by a $135 million loss it has to reserve to cover its rising delinquent credit card accounts. Tightening its lending standards is a means of survival for the company. As a result, less and less people will be eligible to open an account with the retailer. The retail giant has even said that they are shifting their attention back to giving customers what they need in their stores. The company will likely not approve an account for those seeking credit cards for bad credit. It is a trend that many other retailers, banks and lenders are following. Account delinquencies have caused institutions to decrease credit limits, increase rates and even cancel some accounts. American Express recently took the restrictions a step further. The company announced a deal for its most delinquent account holders to close their accounts. If those delinquent customers pay their balance and cancel their cards by April 30, American Express will give them several hundreds of dollars in cash. Those seeking credit cards for bad credit need not apply to American Express right now. With all the restrictive lending standards being adopted by credit card companies, where do consumers turn when they need credit cards for bad credit? Credit card accounts are one of the ways consumers build their credit history and scores. You need a credit history to get credit. It is a tough dilemma for those struggling to establish credit or rebuild after some financial mistakes. Consumers who are shopping for credit cards for bad credit will find that offers available to them come with extremely high APR rates. Most are well above 30 percent and come with hefty fees. Many consumers who have to choose cards with higher fees and interest rates find it difficult to stay on top of the bills, which then will adversely affect their credit scores and reports. A safe option for those who are shopping for credit cards for bad credit is a credit card that is paid before it is used. A prepaid card has none of the pitfalls of a traditional credit card. It does not tempt a consumer into buying things he cannot afford. A consumer cannot wrack up outstanding balances like he can on a traditional credit card. And a prepaid credit card does not need verification of credit score or credit report, since the consumer pays the balance first. This can be a fantastic solution for consumers who wish to have the convenience of a credit card for everyday uses, but may not qualify for traditional credit cards. They also help those who have previously had credit card debt establish some responsible credit card spending habits. The disadvantage of cards that are paid in advance is that some require a small usage fee and they will not help you build your credit score or history.
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