Endorsed Cards

First off, le’s dispel some common mis perceptions. There is no such thing as an “unsecured” credit card in the UK. Unsecured is a word borrowed from the US which has absolutely no place in the UK. An “unsecured” mastercard credit card is the equivalent to a “guaranteed acceptance” credit card. In the UK, consumers are not as stupid as some of their US counterparts when it comes to seeing right through this.

The only guaranteed acceptance credit card in the UK is a prepaid mastercard. There are literally hundreds of options for a prepaid card in the UK, only three of which we endorse here at the consumer watchdog. They are:

• The Most Popular Cashplus Prepaid Mastercard
  
• The Tuxedo Prepaid Mastercard
• The Virgin Prepaid Mastercard

The above cards would be considered “unsecured” as they are prepaid. You cannot spend any money that you have not “topped up” with already. Therefore, you are no risk to the credit card companies, or yourself! Credit card companies do not offer “secured” cards to UK consumers because we are not as consumption blind as the US.

The prepaid mastercard market has boomed in the UK and is set for an incremental rise in 2008.Consumers are realizing that they don’t have to pay extortionate fees (With exception of the american express rewards card) and criminal interest rates for a credit card to buy online when they can simply get a prepaid mastercard and avoid all the trouble.

We wold suggest that if you are considering a credit card and have poor credit, don’t. Get a prepaid card instead and use your head.