Safe to say that people are people right? I mean, whether you’re talking about folks in the USA or the UK, we all have characteristics in common. One trait we all seem to share is impatience. You know, the desire for instant gratification. We’ve al heard the saying “Why put off till tomorrow what you can do today.” How about the 21st century edition of that saying: “Why save up for the things you can buy with credit cards today.”
I’m kidding, but only a little. People around the world are able to satisfy their appetite for NOW because of the proliferation of credit cards. It’s no different in the United Kingdom than anywhere else. You’re going to find people looking for secured credit cards in the UK as much, or more, as you do in the United States.
Credit card offers and terms in the UK are very similar to those in the US. They’ve legislated laws to ensure that credit issuers are completely truthful in explaining the terms of their credit agreements. Interest rate and annual fees will also be similar, and so will credit limits.
Unfortunately for some, credit card companies in the UK are just as careful about who they extend credit to. If you’ve committed financial sins in the past, or if you haven’t established much credit history, you probably won’t be able to get a normal credit card. For you, the best way to go will be no fee secured credit cards in the UK.
There are plenty of companies in the UK offering secured credit cards. Here’s a short list:
- Capital One
- FirstPlus
- Vanquis
- Aqua Card
- Cash Plus Mastercard
These cards won’t be dissimilar form those in the US. You’ll have to secure your credit line with a cash deposit, you’ll probably pay a fee to keep the account open, and you the interest rate will be high. Hang in there though. Over time your credit rating and history will improve to the point that you’ll be able to get a normal credit card and my research tells me that’s not such a bad thing. For starters a lot of the UK credit cards I’ve searched for seem to have an initial 56 day grace period (as opposed to 25-30 on cards in the US). Not a bad deal at all. I’m sure we’ll talk more about that in the future.
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There are a lot of options for you to take a look at. The best credit card deals are going to depend on what you are looking for and what type of credit history that you have. Obviously the best deals are for those that have a higher credit score. If you are in the 700′s or 800′s then you are going to be just fine. I don’t think you will have to worry about high interest rates and if your credit is that high then you probably don’t even care about rates anyways because you are probably very effective in paying all of your bills on time.
So before I discuss anything about credit cards, make sure that you are willing to find out where your credit is and take a look at what you can do to improve your credit score. You can make multiple payments a month and contact any creditors that you owe to pay off debt. Then you can make sure that you have a checking and savings account open. Have a couple credit card accounts that you keep in good standing. Don’t take on a lot of other debt if you can and then it will just take time of good payments that will help you to improve your credit.
So after you have improved your credit then I would look at a major credit card issuer like Visa, MasterCard, or Discover. I have seen a lot of Orchard Bank Credit Cards for students and also a lot Capital One for people with poor credit and looking for lower limits. If you are looking for lower interest rates then I would say that Capital One is good card. A lot of cards will offer very low introductory rates. Be aware that this could change in a heartbeat. So it is important that you are able to check out the terms and conditions to see what is required from you and what obligations the company has. Many only need 15 days to notify you that they are going to change the interest rate.
I suggest that after you have figured out where your credit is, decide what is important to you. You might want a higher credit limit and you are willing to sacrifice your interest rate to get it or maybe a limit might not matter, you just want to get a good interest rate. Many of them will be around 15%. If you can find one lower then that for more than just an introductory rate then you will be doing well.
Tags: bank_credit_cards, capital_one, credit_cards_for_students, credit_card_accounts, credit_card_issuer, high_interest_rates, improve_your_credit, improve_your_credit_score, introductory_rates, orchard_bank
Student Credit Cards | Mack Bartlett, 30 Jun 07 | 
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We share the same language, the same name for our currency, we even share a few professional hockey and basketball teams. Why wouldn’t we share similar financial problems and solutions?
After a tough financial stretch, people are just as likely to be looking for secured credit cards in Canada as they are here in the US. Canada has similar bankruptcy laws to those of the US and the same credit bureaus monitor a person’s management of their debts. That being the case, a secured credit card in Canada will be just as useful for improving credit rating up there as down here.
Here is a short list of companies in Canada that provide secured credit cards:
1. Capital One Bank
The capital one website doesn’t say much about its terms other than the fact that your credit limit will be determined based on your credit score. No mention of interest paid on the security deposit, so I doubt they pay any.
2.CIBC
CIBC seems to offer similar terms as the others with one exception. They only let you apply for a secured credit card at a local branch of the bank.
3. Home Trust Bank
Requires a minimum deposit of $1000, but can go up to $10,000. They pay no interest on your security deposit, and charge a $7.50 monthly fee. I looked over their terms and conditions and these guys seem a little steep on their fee structure.
4. Horizon Plus
This card requires a minimum deposit of $500 and pays 2% annually on that deposit. They also charge a monthly fee of $5.95 to keep your account open.
These companies will have a fairly simple application process and you’re highly likely to get approved. After all, why wouldn’t they approve you when they have your cash securing the line of credit they gave you? In fact, getting secured credit cards in Canada for people with bad credit is pretty easy. You can get a credit line of up to $10,000 (if you’re willing to put down a $10,000 deposit).
The game is the same in Canada as it is in the US – open a couple of secured credit cards, and put a balance on them every month. Make sure it’s an amount you can manage and pay off before the payment is due. The credit bureaus on both sides of the border need to see you use the credit card intelligently. That means no late payments! Don’t risk making your credit score even worse!
Tags: bankruptcy_laws, capital_one, credit_bureaus, credit_cards_in_canada, improving_credit, secured_credit_card, secured_credit_cards, secured_credit_cards_in_canada, secured_credit_card_in_canada, security_deposit
Secured Credit Cards | Mack Bartlett, 26 Jun 07 | Comments (0)
The major credit cards for students can be some of the best choices and honestly will probably be the most comfortable for you. For many of you, you are just like me…sheepish. I like to go with a well known brand name because I have heard of them. I know they exist and that many people use them, so the chances of them scamming me tend to be less even though they have more customers. We all figure that they have gotten these customers because they have built a reputation with giving out good credit card offers and they don’t intend to bomb you with high interest rates, an enormous amount of fees, and all of these hidden and misleading charges in the Terms and Conditions…all things you’re not really thinking about when you start to apply for student credit cards.
The American consumer society has become used to not trusting businesses and having to do a lot of research because of the tactics of careless companies. This is warranted because they want to make sure that you truly can provide them with solid value and at the same time it goes too far. That is why it is so important for companies to brand themselves excessively to drill themselves into your mind.
How many Capital One commercials have you seen with their funny skits ending with a simple question, “What is in your wallet?” How many priceless MasterCard commercials have you seen that have made you all warm and fuzzy inside when you realize it is all about making people happy, no matter what goes on the card. This is the beauty of credit cards. They are trying so badly to warm up with you to get your business, but everyone does this.
Obviously for them to spend millions on ads, they have gotten somewhere to do so. It just didn’t happen and surely not by destroying trust with millions of customers. If they did then the government would shut them down. Instead, they have solid systems in place. They take good care of their customers and are willing to resolve issues with you to keep your business. You have to build their trust too in this relationship because it is their money that you are using, no matter what you want to think. So if you build that trust then it should not matter.
So for a college student it doesn’t matter if it is Capital One, Visa, MasterCard, Discover, or whomever. They are all good. You just need to be fair to yourself and see what they all have to offer. Don’t go and apply for a boat load of cards or pick your favorite card based on your favorite commercial. Do your research first before your apply. Start with one card and build a good credit history and then you can move on to other lines of credit as you build a stronger income in your life and establish a household.
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Capital One is a great provider for a lot of people with struggling credit. I suggest that you take a strong look at them if you are a student and you have had some bad credit in the past or just simply don’t have any credit history. Everyone starts from scratch. If you are in high school or college it is best if you can get some good history going before you buy the home and get the nice car or for future investments where credit is important like real estate or security systems.
Capital One has some solid rates for first time credit holders. Their range can be anywhere from the high teens to the low twenties in APR. This credit percentage can very. Understand that it isn’t fixed and even if it was, it would be probably for a few months and then the rates would alter. It also might be news to you that the interest is high, but you just have to be diligent with your payments. There are no annual fees,which is a nice plus. Some card companies can nail students with a lot of fees. This is a safe option that you won’t have to face a lot of hidden charges with.
For those that are trying to improve a lackluster credit then you will probably have lower interest rates by 5% then a new credit customer. Although if you are late on a fee, then expect your interest rates to double. They put bad credit customers on a short leash. If you are late you will also pay a fee anywhere between $20-$40. You will have to pay an annual fee, usually around $19. The credit limits for both of these types of cards will be between $300 to $3000. You probably have a better chance to get a higher limit if you have previous history, even if it is bad.
Capital One Student Credit Cards For Canada
These tend to be guaranteed credit cards, but they do have some hurdles that you are going to have to jump. It is interesting to see how Canada runs their credit cards compared to America for students and people with a challenged credit history. There is an annual fee of around $60 and a security fee for the account. This security fee is basically similar to many secured credit cards in America.
The interest rates are the same as a secured credit card too, around 20%. You won’t be able to get as high of a credit limit as an American student, the highest they offer is only $750 Canadian. Even with the currency rates that is still an advantage to the American student. Never the less, this is a great opportunity for a Canadian college or high school student to build a strong history or rebuild a shaky past.
