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Guaranteed credit cards

Guaranteed credit cards

Our guide will bust a few myths on guaranteed credit cards, letting you know if they actually do exist and what you can do to if you’re worried about having a poor credit rating.

Anelda Knoesen
From the Money team
3
minute read
posted 10 JANUARY 2020

A guide to guaranteed credit cards

The short answer is ‘no’. That can seem confusing, especially if you see providers advertising ‘guaranteed credit cards’ or ‘guaranteed acceptance credit cards’. But typically, what they mean is that a card issuer is definitely going to consider your application – not that you’re guaranteed to be accepted. All credit card providers will check your ‘credit card eligibility’ by reviewing your borrowing history before they decide on whether to accept your credit card application.

What can I do if I have poor credit history?

You can take steps to build a more positive credit rating. However, this will take time. Credit Builder cards are designed for people with poor credit histories (or no credit history at all). You’ll find that credit builder cards usually come with higher interest rates than other credit cards. You could also find that you’ll have a low credit limit to begin with. If you prove you are able to use this type of card responsibly, the provider may increase that limit in time and this could help you improve your credit score. And as long as you clear the balance in full each month, you typically won’t pay any interest.

How else can I improve my credit score?

Pre-paid cards can be a useful alternative to credit cards. They allow you to load cash on to them that you can then use to spend in any way you choose. Most pre-paid cards are provided by Visa or MasterCard, so are able to be used in all the same shops and restaurants as other cards. They’re also a useful alternative to carrying cash around.

There are many other ways to start improving your credit score, including making sure you pay your bills on time, being on your local electoral roll and even moving home on a regular basis. Find out more how to improve your credit score or find out about cards that help you build your credit score.

Where can I compare credit cards?

If you have poor credit history or have no credit history at all, you can still use our site to compare credit building credit cards.

The card which will work for you will depend on your personal circumstances. Compare credit cards quickly and easily.

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