For consumers with very bad credit, cards with favorable terms can be very difficult to obtain if one insists on the unsecured option. We have discussed this elsewhere at this site and made a number of comments on bad credit cards and their pitfalls. We have also discussed bad credit credit cards issued by major companies and how these compare with each other.
Prepaid plastic (note: technically, these are not credit cards) is an alternative for subprime consumers who seek the convenience of being able to make payments for services where the use of cash or personals checks is awkward or unavailable. These do not improve your credit rating and are not going to help you rebuild your history. We have written more about prepaid cards here.
Bank of America Secured Cards:
B of A offers a secured Visa Card for bad credit. It comes with a standard APR of 14.99%. This is also the APR for balance transfers for this card. These rates are competitive and we can therefore recommend this Visa as well. Note that the dafault APR is however a very high 29.99% if you are late in making payments or are overlimit. For consumers who are rebuilding their credit and can discipline their spending and payment habits for this purpose hwever, this is a good offer to consider.
