where can i get a credit card with bad credit and on centrelink payments?

Question

in australia only

Answer 1

www.capitolone.com

Answer 2

You will most likely either have a co-signer on your application/account or you will have to give them a security deposit in order to obtain a credit card. All of the major credit cards offer secured credit cards. The cost and security fee's for the secured credit cards varies from company to company.

One of the best Companies with the lowest rates and security deposits is Capital One. Try to find out if Capital One offers secured credit cards in Australia. They are really good at working with people to repair or estabilish their credit. In North America they charge you a $59.00 a yearly fee for the card and a security deposit. They then, depending on how bad your credit is, will issue you a card with a credit line anywhere from $200-$750 with a security deposit between $75-$200. If after a year you have made all of your minimum payments on time and have not missed a payment they will credit your account the amount you gave as a security deposit. Also after a year it is possible to switch to a credit card with them that has no annual fee and a lower interest rate.

Also you can apply for a prepaid Matercard or Visa. It's new to the market and works like a debit card. You put money into your account and it credits your card that money. You can only spend what you have in your account though so essentailly it is not a credit card although it is accepted like one at restaurants, stores, etc.. They also charge fees and it really won't help you repair your credit. It is also difficult to find locations where you can "re-load" your card.

Or you can contact your local credit counselling centre and/or company. There are some free credit counselling centres so look in your phone book or an on-line listing for these agencies. Most bankruptcy firms also offer credit counselling. They would be the ones to best advise you on how and from whom to apply for a credit card as well as the best way you can go about repairing you credit.

Good luck and I hope this will help you out! For more information try: www.1stcreditcards-issuers.com/capital one