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Second Chance Credit Card - Is it For You? A second chance credit card is a credit card aimed at customers who have experienced credit problems in the past, but can still benefit from the everyday uses of a credit card. The card providers believe that these people deserve a second chance to show that they can look after their finances. These cards are also often referred to as 'bad credit' credit cards, and the main purpose of cards such as these is to help the cardholder improve their credit rating, whilst at the same time allowing them to pay bills, purchase products and services and access most of the benefits of a standard credit card. A second chance credit card can come in several forms, depending on how poor the individual's credit rating actually is. Some people will be offered an unsecured card, others a secured credit card. People who have a particularly poor credit history may be offered pre-paid card instead. It is a good idea to contact a credit provider before you make your application, as they will be able to provide you with details on which card you are most likely to be approved for. This is important because every unsuccessful application can further adversely affect your credit record. An unsecured second chance credit card is similar to the regular Visa or MasterCard that many of us are used to. The main difference is that these cards will often bear higher annual percentage rates of interest (APR), meaning that the customer will pay more money in interest if they do not pay their bill off in full every time they receive their statement. The reason for the higher rate of APR is that the cardholder represents a greater risk to the lender. A secured card differs in that the card owner is required to make an initial deposit of their own money. This in turn becomes their credit limit, and they are not able to exceed this. If the customer then abuses their card and misses payments, money will be taken from their deposit. If they manage their finances well and close the account on good terms, they will receive the deposit back, sometimes with interest added. Both of these types of second chance credit card can help the customer improve their credit report, as the provider will (usually) report to the three national credit agencies on a regular basis. Over time, a cardholder can rebuild their credit score and become eligible for credit products that offer better rates of APR and lesser fees and charges. A pre-paid card is not actually a credit card at all. The owner has to top up their card in order to use it, through a process such as Direct Deposit or by adding funds at a designated location. These cards will not enable people to improve their credit score, as the card user is not being extended a line of credit. A second chance credit card can be beneficial for those who have had previous credit issues, but still require the everyday benefits that a credit card can provide. The charges, fees and APR associated with these cards can vary widely, so it is recommended that people do their research before applying.
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