Adverse Credit Cards

People who are self-employed, especially if adverse credit is a problem, are far more likely to be anxious with regard to the outcome of a credit decision. Fortunately, there are instant decision credit cards available to self-employed or adverse credit customers. As with all adverse credit financial products, they are likely to attract a high APR to under-write the increased risk posed to the lender. Pre-paid credit cards operate differently as the consumer is using their own money.

Instant Decision Credit Card Types

Self-employed and adverse credit customers have a more restrictive range of instant decision credit cards available. Those with adverse credit can re-build their credit rating with the Capital One Classic Visa credit card, Aqua Visa credit card and Vanquis credit card. Others may wish to choose from a range of pre-paid credit cards.

Capital One Classic Visa Credit Card

The Visa card provided by Capital One is an instant decision credit card available for individuals that are seeking to improve their credit rating. It offers both the self-employed and adverse credit customer a maximum credit limit of £2,500. Customers are charged 34.9 per cent on any unpaid balances, which is the most competitive of the instant decision credit cards out there. If an account is well managed, the credit limit may be increased after a period of 4 months.

Aqua Visa Credit Card

The Aqua Visa credit card isn't as well known as the Capital One card, but it offers adverse credit customers an opportunity to get credit and improve their credit rating. At 35.9 per cent, the rate of interest is only fractionally higher than the Capital One card. The Aqua Visa credit card has a limit of £2,200. Adverse credit customers will benefit from 51 days interest-free credit and no management fee.

Vanquis Credit Card

The Vanquis credit card charges adverse credit customers 39.9 per cent, but there is no annual fee. The credit limit on this instant decision credit card is based upon affordability. Those choosing to make the minimum monthly payment will enjoy 56 days interest-free credit which is useful for self-employed people that have a less consistent revenue stream.