Are you struggling with a poor credit score and finding it difficult to get approved for a credit card? Worry not! Flik Eco has got your back. In this article, we will discuss the best credit cards for bad credit in the UK and how they can help you rebuild your credit score while providing some useful financial benefits. So, let's get started and find the perfect card that suits your needs!
Best Credit Cards For Bad Credit UK Table of Contents
Why Consider a Credit Card for Bad Credit?
Why Consider a Credit Card for Bad Credit?
If you have a poor credit score, obtaining a traditional credit card can be quite challenging. However, there are specialized credit cards designed for those with bad credit. These cards can help rebuild your credit score by demonstrating responsible credit use over time. Additionally, they might offer other benefits, such as cashback rewards and convenient payment options.
Top Credit Cards for Bad Credit in the UK
Here are some of the best credit cards for bad credit available in the UK:
1. Aqua Classic Credit Card
- Starting credit limit: £250 - £1,200
- Representative APR: 37.9%
- Eligibility: 18+, UK resident, no bankruptcy in the past 18 months
The Aqua Classic Credit Card is designed to help you improve your credit score while offering a manageable credit limit. The card reports your account activity to the three major credit bureaus, which can help build your credit score over time. Additionally, the card has no annual fee and offers free access to your credit report and eligibility checker.
2. Vanquis Bank Chrome Credit Card
- Starting credit limit: £250 - £1,000
- Representative APR: 29.5%
- Eligibility: 18+, UK resident, not currently in bankruptcy
The Vanquis Bank Chrome Credit Card offers a lower APR compared to most cards for bad credit, making it a suitable option for those looking to minimize interest charges. You can also increase your credit limit every five months, up to £4,000, by demonstrating responsible credit use. The card has no annual fee but does charge a £12 fee for late payments.
3. Capital One Classic Credit Card
- Starting credit limit: £200 - £1,500
- Representative APR: 34.9%
- Eligibility: 18+, UK resident, not in bankruptcy or received a CCJ in the past 12 months
The Capital One Classic Credit Card comes with free access to your credit report, helping you monitor your progress as you rebuild your credit score. This card also offers an online account management system, giving you the tools to stay on top of your finances. The card has no annual fee and provides email and text alerts to help you manage your account.
Tips for Using a Credit Card for Bad Credit
When using a credit card for bad credit, keep the following tips in mind:
- Pay your balance in full and on time each month to avoid interest charges and potential late fees.
- Keep your credit utilization low by only using a small percentage of your available credit limit.
- Regularly review your credit report for errors and address them promptly.
- Don't apply for multiple credit cards in a short period, as this can have a negative impact on your credit score.
Best Credit Cards For Bad Credit UK Example:
Sarah, a young professional from the UK, has a poor credit score due to some missed payments and high credit utilization on her previous cards. To rebuild her credit score, she applies for an Aqua Classic Credit Card. With a starting credit limit of £600, Sarah uses the card responsibly, making small purchases and paying her balance in full each month. Over time, she sees her credit score gradually improve, allowing her to qualify for better credit cards and loans in the future.
With the right approach and a suitable credit card for bad credit, you can make significant strides in rebuilding your credit score. By choosing one of the cards mentioned in this article and using it responsibly, you can work towards improving your financial future. If you found this article helpful, don't forget to share it with your friends and explore other guides on Flik Eco for more personal finance tips and advice!
