Looking for credit cards for those with bad credit? Based on the US situation, Brazil could see a significant increase in the number of unemployed in the coming days. Losing a job in the midst of the crisis could contribute to more Brazilians becoming delinquents.
We usually find Brazilians who are in debt or have some outstanding bills.
Unfortunately, Brazilian consumers can tarnish their name in the marketplace, or have it deformed, or protest their name at a notary's office.
Therefore, due to the restrictions that the consumer has on his name, it becomes virtually impossible to obtain a credit card for someone with a bad credit history.
The good news is that you can choose a credit card even if your credit score is low.
So what do you want to know about the best credit card for people with negative credit ratings? Read this article!
How do credit cards for those with bad credit work?
In general, credit cards in this category, that is, for those who are in short supply, have a special point: they are usually sent.
This means that the consumer has access to a negative credit card, but to guarantee payment, the amount of the invoice is always deducted from their salary.
This avoids incurring new debt, in addition to the one the person with bad credit already has and is trying to pay off.
Furthermore, it is important to mention that there is not only the option of payroll loans, but it is also possible to have a prepaid credit card, without any deduction on the negative salary.
The number of people with bad credit ratings at the credit protection agencies, SPC and SERASA, exceeded 63 million at the end of 2020. It will be more difficult for these people to install and make purchases online.
If you belong to this group and didn't know that it's possible to apply for a credit card even if you have a negative credit score, we've listed 4 options with no annual fee for consumers with credit restrictions.
4 credit card options for those with bad credit
1. Caixa Simples credit cards
The Caixa Simples card is a deduction card for retirees and INSS beneficiaries. In addition to the annual fee waiver, the card also offers lower interest rates.
As the card uses part of the benefit as collateral, it charges up to 3 times fewer fees than normal cards, according to Caixa.
With the card, you can also withdraw 95% of your credit limit in cash without paying any fees.
In addition to allowing online and installment purchases, lower rates can also be an alternative to more expensive debts, meaning you can use part of your credit card limit to pay off old debts.
2. Trigg credit cards for those with bad credit
Trigg is a credit card that you apply for directly through the app and is fully managed through your phone. The card application and approval process takes place within minutes of placing the order.
In addition to easy approval, the card also has its own cashback program, where customers who make purchases with the card receive up to 1.3% back on their invoice value.
For those in a hurry to make a specific purchase, there is a virtual card feature before receiving the credit card for those with bad credit.
Trigg has an NFC system for card purchases, a Member system that rewards the user for each friend invited to start using the card.
3. PagBank credit cards for those with bad credit
We've already written an article about prepaid credit cards, which goes into a bit more detail. They're primarily for those who need to make occasional purchases and have a negative debt balance.
The big difference with a PagBank card is that you can use your account balance as a credit card without having to request a prepaid card or pay the issuance fees that are common for this payment method.
In addition to standard features like online shopping and prepaid services, you can choose how to use your balance, whether it's debit or credit.
4. Credit cards for people with bad credit from Banco Next
The bank, which emerged from Banco Bradesco's initiative to democratize banking services, also offers a payroll deduction card for those who receive their salary in a direct deposit account.
The big difference is that the Próximo card isn't just for pensioners and civil servants. Private-sector workers under the CLT (Consolidation of Labor Laws) scheme who receive their salaries through Next can apply for a payroll card without consulting the CPE (National Social Security Administration) or SERASA (National Social Security Agency).
The bank informs that it is conducting an internal credit analysis and may or may not disclose the card to those denied depending on the analysis, but it is an alternative for those who are not INSS pensioners.
In general, credit cards for those with bad credit can bring relief to the family budget and help get through stressful periods. However, it's important to note that card debt is one of the main reasons why Brazilians fail.
It's a good idea to try to reorganize your finances, as negative credit cards can charge higher interest rates cardholders
A good way to get started with financial planning and organization is to read previous articles that delve deeper into the topic during times of crisis.
Credit cards for those with bad credit are an opportunity for people with banking restrictions to obtain a line of credit to make their purchases in a moderate and more conscious manner.
In this way, the financial market is giving you an opportunity to obtain a credit card to make your purchases in a conscious and simplified way. It is worth checking out the post and checking which cards are available.
