Compare Credit Builder Credit Cards
Building credit for the first time or simply repairing your previously bad credit rating these cards are perfect for you. Aslong as you clear your montly payments in full then these high APR cards will show the banks that you can deal with and handle debt correctly to improve your credit rating significantly.
Benefits
One of the main benefits of credit builder cards is that they are available even if you have had some debt problems in the past. By making regular payments to a card of this kind, you can show other lenders that you have become more reliable – or in the case of newcomers to the world of credit, that you stick to a repayment plan and are a responsible customer. Once you have done this for a while, you will stand a much better chance of having your application for cheaper credit cards, as well as mortgages and loans, accepted.
Negatives
The main disadvantage of credit builder credit cards is that they generally have extremely high interest rates- often in excess of 30%. You must therefore make sure you pay off your balance each month as this type of card is a very expensive form of borrowing. Also, don’t bank on being given a high credit limit. Many providers will only offer a limit of £500 – sometimes even less.
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