Tenant Credit Cards

Tenant Credit Cards

Tenant credit cards are just the same as any other type of credit payment card. When you apply for a credit card you will often have to declare your housing status and so if you are a tenant this will be included in your application.

Credit cards can be a very unsuitable way of borrowing money for many people. If you do not pay off your credit card bill in full when it is due you will have to pay interest on the money you are borrowing. In general this is an expensive way to borrow money because the interest rate charged on a credit card is often higher than the interest rate on a loan. If you need money for a short term but you think it will be for more than just a few months, you might be better to look at borrowing a loan instead.

However, tenant credit cards can be perfect if you need money fast for short term borrowing. Borrowing money on a card and paying it off when the bill is due means it is like "free money" for a short term, you don't have to pay interest on this.

There are lots of credit card deals on now because the card business is very competitive and there a a lot of different credit card providers. Many providers offer special deals like 0% APR rate on balance transfers, 0% APR rate on purchases, free credit card gifts or other incentives that UK credit cards offer such as travel cover or roadside assistance.

The newest type of card is a pre paid credit card. If you are a tenant with bad credit a prepaid credit card could be perfect for you (although if you are looking to borrow money it will not help you). The prepaid credit cards are aimed at people with bad credit or people with low credit scores such as students and younger people who are below the legal borrowing age of 18. For pre paid cards there are no credit checks so ccjs, defaults and arrears, in fact none of your credit history is taken into account.