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Unsecured credit cards offer a revolving credit line and not requiring an initial deposit.
These credit cards are for the average consumer who needs a credit card for personal use.
Mid America Bank & Trust Company offers credit cards to people with limited or damaged credit. The credit cards are issued in partnership with different companies that service credit card products. This bank also issues the credit cards helping consumers to establish or rebuild their credit.
The annual percentage rate or APR is a numeric representation of a credit card’s interest rate that you’ll pay annually. Your interest rate will be determined by a bank or a credit card issuer based on your creditworthiness and your credit score. However, some credit cards come with a fixed interest rate, which means your interest rate will be the same as it is advertized. And there are cards with introductory APRs. Introductory APRs are usually lower than regular interest rate but only for a limited time period and apply to specific transactions only.
One of the ways to build good credit is to use a credit card that is reported to all three major credit bureaus monthly. You can improve your credit simply by making all due monthly payments on time and keeping your balances low. The payment history makes 35% of your FICO credit score, so paying on time is very important. If you have other credit account, don’t forget to keep them in good standing as well. Keeping one credit account in good standing and defaulting on the others won’t do any good to your credit score.
The general requirements to qualify for a credit card are as following: you should be at least 18 years old (19 if you live in Alabama), have a valid social security number, physical address and a stable income. You may have bad credit, limited credit or no credit at all and still qualify for a card provided the card is aimed at people with poor credit. Some cards come with pre-qualification which doesn’t impact credit scores. This feature will allow you to see if you qualify for an offer or not.