Getting a Credit Card If You Have Poor Credit

In today's world getting a credit card when you have poor credit doesn't take a rocket scientist. The fact is, a lot of companies are still willing to issue a credit card to you even if you have poor credit. The catch is, they are going to charge you an arm and a leg in interest payments. If you're not interested in paying 23% or even more for the privilege of carrying a small piece of colorful plastic in your wallet or pocketbook, you'll be happy to know that there are several simple alternatives.
One of the most common alternatives, and certainly one of the simplest, is to apply for a secured credit card from Orchard Bank or Capital One or any of a number of other banks that offer such cards. With a secured card you deposit a certain amount of money into a (usually) interest-bearing savings account. Your bank then issues you a standard-looking credit card with a credit line equal to the amount that you have on deposit. You may not withdraw money from the savings account that secures your card as long as you have an outstanding credit balance unless you wish to close your account.
With a secured credit card you are treated in virtually exactly the same way as you would be if your account were not secured. You are still subject to late fees, penalties, overdraft fees...the lot. For this reason it is very important for you to pick and choose your secured card just as carefully as you would any other credit card.
And the best way to do that, of course, is to find a website with plenty of choices and which allows you to compare lots of different cards side-by-side so you can make an informed business decision as to which one is right for you.
One thing you do not want to do is to think that you have to come crawling, hat in hand to the credit card companies and simply take the first thing they offer you just because you have had trouble with credit in the past. There are lots of secured cards out there for you to choose from. All you need is a good site where you can easily compare them and then cherry-pick the best one.
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