One credit card alternative that won’t turn you down

There are some great credit card deals on the market, but unfortunately not everybody will qualify for them.

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than you put in.

Read More

The content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of personal advice. Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing, which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More.

There are some great credit card deals on the market, but unfortunately not everybody will qualify for them.

For too many, those tempting 0% credit cards and the best rewards credit card offerings are tantalisingly out of reach.

That is because credit card issuers are only obliged to offer their advertised headline rates to 51% of applicants.

You only need a small blemish on your credit record, and you could be offered a hopelessly inferior rate, or turned down altogether.

However, there are honourable exceptions.

Unfairly rejected

There are a number of reasons why you may be turned down for a credit card, and not all of them are fair.

Incredibly, if you have never taken out credit before, many lenders will consider you too risky because you have no credit history. Meanwhile, others may reject you if they think you have too much credit!

If you are not on the electoral roll, again, you could struggle.

Others are rejected because they have have missed the occasional monthly bill, such as a mortgage, rent or mobile phone payment.

Just one slip will show up on your credit report, making it harder to get a leading credit card deal.

This can happen through no fault of your own, such as illness, losing your job, a relationship breakdown, delayed universal credit payment, and so on.

Which is why you need to understand your credit score.

This card says yes

If you are in that awkward position, the icount current account with prepaid Mastercard® could help dig you out of it.

That is because it does not run credit checks on applicants, but offers 100% guaranteed acceptance, with no waiting.

Rather than finding reasons to reject your application, the icount current account with prepaid Mastercard® prefers to take a positive view.

Keep it clean

The icount card is one of the most attractive ‘no credit check’ cards, because it then works with you, potentially helping restore your clean bill of financial health.

Like the best credit cards for bad credit, it could help you rebuild your credit rating so you can qualify for a top deal next time you compare credit cards.

All you have to do is make every monthly payment on time, and the card’s innovative CreditBuilder will report your progress to the various credit reference agencies. Just keep on top of all your other bills, too!

Build it

You cannot borrow money on the card, only spend what you have previously loaded, say, from your salary, benefits payout, or a bank transfer. That is how credit cards and prepaid cards to build credit work.

Once you have showed you know how to handle your money, you can then start applying for those exciting 0% credit card deals again, this time with a much greater chance of success.

If your credit application has been knocked back, why not order the icount current account with prepaid Mastercard® and start building now?

Apply Now

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

The Motley Fool receives compensation from some advertisers featured on this page. Please know that our opinions and ratings are not influenced by compensation.  Our editorial and premium services teams may cover some of the companies who advertise on our site.  Our investing editorial and share picking operations are completely separate from personal finance editorial, and one does not influence the other.   The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers.

More on Credit cards

Vacation travel planning concept with map.
Credit cards

What is a foreign transaction fee?

Wondering what that foreign transaction fee is on your last credit card statement? Here's how the fees work and how…

Read more »

Personal Finance

4 lessons from recent identity theft cases

Recent identity theft cases and statistics remind us that we need to keep our guard up and keep our perssonal…

Read more »

Personal Finance

Key credit card terms made simple

We often hear these terms but, seldom really know what they mean! Here we provide a simple breakdown of some…

Read more »

Credit cards

What is home equity? A new buyer’s guide

Recently bought a house or are planning to buy one and are unsure about the concept of home equity? Here's…

Read more »

Credit cards

5 ways to borrow money for home repairs

Encountered a home repair problem that need fixing immediately but don't have cash? Here's how to borrow money to fix…

Read more »

Credit cards

The benefits of paying off your debts early

Thinking of paying off your debts ahead of schedule? Here's a brief breakdown of the benefits you stand to gain…

Read more »

Personal Finance

Good debt vs bad debt: what’s the difference?

A brief summary of the main differences between good and bad debt with common examples of each.

Read more »

Personal Finance

4 ways to avoid debt in university

Breaking down how students can avoid debts while in school.

Read more »