Unfortunately, the options to get a new credit card are strictly limited for people with less-than-desirable credit histories. The restrictions are so stern, in fact, that many consumers with bad credit are unable to buy simple consumer goods, or are slapped with very high interest rates.
There is good news, however, and it comes in the form of 'no bank account' credit cards. These cards allow people with low credit ratings and no bank accounts to enjoy the purchasing power of a credit card.
'No bank account' credit cards are usually pre-funded, meaning the cardholder 'reloads' it with money in order to use it. This arrangement is perfect for people who want to control their spending and limit themselves only to what they can afford. Most individuals recovering from bankruptcy use this type of card. It not only reestablishs credit history and demonstrates financial liability to creditors – it also affords users the convenience of a fully-functional credit card while living within their income.
If you are thinking about getting a 'no bank account' credit card, do not hurry – you should first shop around for the best deals.
The best 'no bank account' cards offer the same benefits as a regular credit card, such as rewards programs and online access and management. The card should be accepted in millions of locations around the world, and have ATM access for easy cash withdrawals, and other such convenient features.
You should also find a credit card provider that does not ask for annual fees or transaction fees, and offers free customer support either via the telephone or online. Some companies even go so far as to provide 'wireless alerts' to 'no bank account' credit cardholders – such a service will enable you to easily keep an eye on your account via text messages (SMS). The added features will certainly help you budget your finances even more effectively.