If you have a credit score below 600, chances are you will have difficulty qualifying for a credit card. However, Americans with poor credit scores are oftentimes the ones who need credit the most. Many are forced to turn to alternatives like payday loans that come with exorbitant interest rates and penalties. In rare circumstances, these loans can help but most times it ends up in a cycle of debt and borrowers are never able to recover.
FS Card is a start-up whose sole product right now is a credit card targeting those with “less than perfect” credit histories. The card, which is called “Build” and has MasterCard branding, allows consumers to avoid the local payday lender’s sky-high rates and gradually improve their FICO sore.
FS Card’s strategy is to target “deep subprime customers” in the 550 to 600 credit score range, offering transparent rates and fees and low spending limits to start, said the company’s CEO.
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