Secured Credit Cards in the UK
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.
Tags: capital_one, credit_card_companies, credit_card_offers, credit_issuers, firstplus, secured_credit_cards
Secured Credit Cards | Mack Bartlett, 8 Jul 07
2 Comments
Other links to this post
RSS feed for comments on this post. TrackBack URI
By Opal: Vegan Momma, July 8, 2007 @ 3:02 pm
Yes you do have people that look for instant gratification. I remember reading the stats on the average American and the debt they were in. I was shocked that it was so high. When I first got a credit card in my mid to late twenties I had to get a secured credit card although I didn’t have bad credit however since I never used credit cards I didn’t have a history back then I used Capitol One for my secured credit card and would recommend it to anyone that needs the a secured card.
I think it would be fabulous if you include a section on ways to stay out of debt or how to use credit cards wisely.
By Tricia, July 9, 2007 @ 5:00 am
Wow, you sure do have a lot of credit card info here. Good to know if I’m ever looking for a new card.