Credit Cards

Credit Cards

This payment card provides the holder access to credit to buy goods and services. This form of short-term financing provides an option to borrow funds at the point of purchase. Because credit cards are issued by banks, businesses and other lending companies, the cardholder’s borrowing limits are predetermined according to the holder’s credit rating.


Some individuals have credit ratings that may not qualify for mainstream credit cards. A nonprime credit card enables these people to enjoy the same kind convenience which they could not get with a conventional credit card.

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A nonprime credit card can be categorized as secured or unsecured. For individuals who are trying to repair their credit, the right one can be of great help.

Secured Credit Cards

This gives lenders more security because of a cash deposit required of this card. The deposit will ask as a cushion ensuring the payment of credit balances.

Unsecured Credit Cards

Unlike a secured credit card, this one does not require a cash deposit as collateral. The cardholder will have to make consistent payments toward the monthly payables, and the lender will have to trust the borrow to make on-time payments.

Credit Cards – FAQs

What is a nonprime credit card?

It is a type of short-term financing for borrowers who have had some setbacks to their credit. Unlike prime or conventional credit cards, a nonprime credit card provides people with bad credit access to credit.

Who are nonprime borrowers?

Individuals with a limited or blemished credit history who seek for financing can be classified as nonprime borrowers. They are seen as ‘riskier’ borrowers because they do not meet standard credit requirements.

What makes a nonprime credit card different from other conventional credit cards?

Nonprime credit card functions like any other credit card. What sets it apart from the conventional one is it caters to borrowers who would not otherwise qualify for a credit card because of a bad credit.

Is a cash deposit necessary when I use a nonprime credit card?

Depending on what type of nonprime credit card, a cash deposit may or may not be required.


For a secured credit card, it is a need. The money will act as a security which ensured payment of the balance.

Can a nonprime credit card really be used to rebuild and repair credit?

Yes. As long as the cardholder uses it responsibly, a nonprime card can help build your credit. Referred to as “second chance” credit, it can help improve your credit score as long as you keep your spendings and payments well managed.

How do I rebuild my credit with this credit card?

The best way to achieve this is by being efficient in keeping your credit card debt in good shape. You must make on-time, full payments monthly. Also, make sure you keep your expenses in check.


A nonprime credit card provides you with an opportunity to repair a damaged credit. However, if you overspend this will drive your credit score further down.

What are the pros in being able to build my credit?

A good credit standing will bring better opportunities for you, especially in financing.


This will help you secure better terms and rates when you apply for different loans. You may even swap your nonprime credit card to a prime one with much lower interest once you have met conventional credit standards.

Are there any fees associated with a nonprime credit card?

Various lenders may have varying fees when you get a nonprime credit card. These may include the following:


  • Application fee and processing fee which is paid up-front and one-time,
  • An annual fee
  • Late-payment fee. Missing payments may not only require you to pay this fee, it will also tarnish your credit report.
  • Balance-Transfer Fee. this fee applies when you transfer a balance from one credit card to another.
  • Other fees: maintenance fees, monthly processing fee (these fees vary per lender)

What are fees associated with non-prime credit cards?

When you apply for and use non-prime credit cards, you will incur fees such as:

  • One-time fees: Cover an application fee and a processing fee.
  • Annual fee: Pays for the privilege of using the card.
  • Monthly processing fee: Varies depending on the issuer.
  • Balance transfer fee: Happens when you transfer balance between credit cards, usually 3% to 5% of the transferred amount.
  • Late fee: Relates to a late payment. Aside from incurring a fee, any missed payments will hurt your credit report.
  • Other fees: Include maintenance fees.

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