If you have a bad credit rating or poor credit history, most credit card providers will be unwilling to accept your credit card application. However, some credit card providers specialise in providing cards to people who have been turned down by other providers. Luma and Aquis offer bad credit credit cards to people with a range of financial circumstances. If you are looking for a new credit card provider, but have a bad credit rating or poor credit history, consider the offers currently available from Luma and Aquis.
Luma
The Luma credit card is available for UK residents over 18 years of age. In order to qualify for a Luma card, you must be registered on the electoral roll. While Luma considers applications from people with previous bad debts and defaults, you will not be accepted if you have been made bankrupt within the last 12 months. The Luma credit card can help you to repair a bad credit rating, providing you pay at least the minimum amount every month. The minimum amount will be the sum total of any interest, charges and penalties added to your account throughout the previous month, as well as 1% of your total account balance.
The Luma credit card gives you a credit limit between £200 and £1,500, depending on your financial status, personal circumstances and ability to make repayments. It also comes with free purchase protection and an Internet Fraud Guarantee, which gives you extra security when making purchases online. Luma provides an online account management facility that enables you to keep track of your spending, check your balance and view your statements. You will also have access to telephone support for any queries or issues you may face.
The representative APR for the Luma card is currently 35.9%, although this rate is variable and subject to change. All purchases, balance transfers and cash advances are charged at an annual interest rate of 35.94%. Balance transfers and cash withdrawals incur a fee of 3%, with a minimum transaction charge of £3 for cash withdrawals. Purchases made while travelling overseas are charged at 2.75%. Late payments, returned payments, returned cheques and exceeding your credit limit will all be charged at £12.
Aquis
The Aquis credit card is available for UK residents over 18 years of age. As with the Luma credit card, the Aquis card can help you to repair your credit rating, as long as you make the minimum repayment on time every month. The minimum repayment will be the sum total of any interest, fees and charges that have been incurred during the previous month, along with 3.5% of your total balance.
The Aquis credit card gives you a credit limit between £250 and £3,000, depending on your particular financial situation and ability to make repayments. Aquis provides a range of online tools to help you manage your account and take control of your finances. The online account management facility enables you to analyse your recent statements, keep track of your spending and make payments or transfers.
The representative APR for the Aquis credit card is 29.8%, which is one of the lowest rates currently available on credit cards for people with poor credit. However, the actual interest rate of your credit card will depend on your personal circumstances and financial situation, with some people paying interest rates of up to 59.9%, so it is important to check the details of your contract thoroughly before accepting a credit card. All purchases are charged at an annual interest rate of 29.84%, while purchases made while travelling abroad will incur a transaction fee of 2.99%. Balance transfers and cash advances are charged at an annual rate of 39.94%. There is no fee for making a balance transfer, but cash withdrawals will incur a fee of 3% (minimum £3 per transaction). Late payments, returned payments and exceeding your credit limit will all be charged at £12.
If you have poor credit and are looking for a new credit card provider, comparing as many bad credit credit cards as possible can help you to make an informed decision. Always remember to read the terms and conditions carefully before signing a contract, as there may be additional fees and charges to pay for some services.
Sam Jones the author of this article recommends his readers to use uSwitch.com when looking for bad credit credit cards.
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