Rate for risk credit cards

Stuart_Forbes

Can anyopne shed any light on rate for risk cards - past experiences etc?

I'm thinking about taking on a rate for risk card with barclays, but the write up on moneysavingexpert.com is pretty damning:
"
Some credit cards operate a rate for risk policy. This means they have a range of credit cards and you will be offered one depending on their credit score of you. In the worst cases you can actually apply for a card, then be sent a much worse, totally unsuitable card from its range, thus leaving you with a wasted search on your credit file. (read more on credit scoring and how it works).
This type of system should be banned, but isn’t, so beware; if you’re applying do consider first whether you’ve a realistic chance of being accepted."

Canm anyone tell me anything about these cards?

Thanks,

Stu

ShelfStacker_3

If you use the high rate card responsibly (no overlimits, payment on time) then your credit score should increase and you should be able to get a better card in due course - that's the purpose of the cards, really. So long as you pay off the card in full every month you should be A-OK wrt interest.

I have a Vanquis card (45% APR), Capital One (34.9%) and Aqua (35.9%), the first of which is cut up - all of them with perfect payment history. Using them I've been able to build up a good credit history with no black marks, and once a few more searches fall off my credit file I should be in line for a better card.

HTH