Top 5 Australian Credit Cards for Bad Credit Holders

Bad credit holders are considered to be at risk due to their negative financial history. But don’t worry. If you have bad credit, there are still many options open to you that can improve your credit score. One way that you can do this is by getting a credit card that is right for you. Take your first steps to improving your credit history by learning about these 5 best credit cards for Australians with bad credit records.

Citi Clear Platinum Credit Card
You can greatly improve your credit rating if you choose the Australian Citi Clear Platinum Credit Card. It is perfect for those who aim to handle their debt in a more conscious way. If you apply by 31 March 2020, you will start the first year with $0 annual fee. After the first year of use, you will have to pay $99 annual fee, that’s why this option is only suitable for paying off your current debts. This card offers additional savings and no balance transfer fee. According to the bank’s eligibility criteria, you have the option to transfer balances from other loans, store cards, and credit cards.

Horizon Credit Union Visa Card
If your goal is to save on daily spendings but you have credit card debt, the Horizon Bank Visa Credit Card can be a good option for you. They don’t ask for an annual fee and offer a special interest rate of 4.99% p.a. for cardholders on balance transfers and purchases for the first 5 months. This card is eligible with Apple Pay, payWave, Samsung Pay and Google Pay. What is really outstanding of this card that you can own this card without having to pay anything if you maintain your interests at zero. It has another great advantage. If you decide to choose this card, you will become part of a mutual which implies that you can save more due the offered lower rates.

ANZ First Credit Card
If we have to summarize the best features of the ANZ First Credit Card, we can use the bank’s own description: “A simple everyday credit card with a low ongoing annual fee”. Its annual account fee is only $30. Even though there are credit card options that offer no annual fee, the ANZ First Credit Card gives you some plus. If you apply for this card, you will automatically receive complimentary Purchase Protection Insurance and Extended Warranty Insurance on your purchases. They offer 20.24% p.a. interest rate on purchases, cash advances and standard balance transfers. Their interest-free period on purchases is up to 55 days.

Virgin Australia Velocity Flyer Card
The Virgin Australia Velocity Flyer Card offers half annual fee in the first year, that is $64. After the first period, they revert to $129. This fee seems higher compared to its competitors, however, this card can be a good option for travelers. It offers an Exclusive $129 Virgin Australia Gift Voucher, each year that you can use for booking Virgin Australia Holidays packages and Virgin Australia flights. They give you complimentary transit accident insurance as well. You also earn Uncapped Velocity Points and three additional bonus Velocity Points per $1 on your daily purchases in the first three months. They ask no balance transfer rate with a 1% balance transfer charge for 22 months.

Discover it® Secured
You can build your credit greatly with the three main credit authorities if you choose Discover it® Secured credit card because it is a real credit card. They offer no annual fee while you can earn unlimited 1% cash back on all purchases while up to $1,000 cash back at restaurants and 2% at gas stations. Let’s see what about the costs! They ask 24.74% variable for regular APR that can vary with the market based on the Prime Rate and 10.99% for 6 months for Intro Balance Transfers APR. If you pay your whole balance by the due date, they don’t charge any interest on purchases.