Consilidating

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The credit card company holds your deposit in a savings account and will use it to cover the balance if you default on a monthly payment.

An unsecured credit card just means that you don’t need to provide a security deposit, and is the type of ‘normal’ credit card that most consumers are familiar with.

The card’s key features are: While the RBC Visa Classic Low Rate card doesn’t guarantee acceptance for applicants with low credit scores, it stands out from other card application processes in that it (supposedly) doesn’t have a set minimum credit score for applicants that it will approve.

RBC claims that it considers applicants’ overall credit history, savings, and debt to income ratio as part of a holistic assessment of your financial standing.

There’s no credit check before approval, so even if you have a bankruptcy or foreclosure in your financial history, you can still get this card.

Other key features include: Refresh Financial Secured Visa has a 21-day interest-free grace period on all new purchases.

Once approved, you can use it like any other credit card, and Home Trust will report your payments to both Equifax and Trans Union, helping you re-establish your credit.

The card’s key features are: The card comes with a standard 21-day grace period on all new purchases before you’ll be charged interest, so you can avoid paying the slightly higher interest rate as long as you pay off your balance within that time frame.

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The application process is simpler, you won’t risk losing your security deposit, and you won’t tie up your money in a security deposit.The penalty for going over your credit limit a second time, however, is severe: your card will be cancelled.It’s also important to point out that Refresh Financial Secured Visa does charge every month that you don’t use the card, so it’s only a good choice for cardholders who are going to use it regularly.If you have bad credit history, one of the fastest and most effective ways to change that is by using a credit card responsibly.If you make sure to pay the balance on time every month and keep your credit utilization below 30%, you can restore your credit score faster than you might think.

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