Is it possible to get credit cards after bankruptcy?

A growing number of Australians are experiencing bankruptcy.  It is now the case that bankruptcy does not need to mean that there will never be any credit, and that includes credit cards.  Someone who has been made bankrupt will often only have access to specialised credit card offers.  The credit card deals with high levels of rewards and low interest will not be open to bankrupts.

If a credit card advertises itself as being available to a bankrupt, it will often charge very high fees and interest rates and also offer low credit limits.  The card providers within the bankruptcy market have been accused of taking advantage of bankrupts due to the poor terms on offer.
Specialist credit cards marketing themselves to bankrupts tend to have very high fees.  One alternative is to look for cards that advertise themselves to people with poor credit, as many of these cards will consider people who have been through bankruptcy.

It is quite common for a credit card provider to wait for a period of time after the bankruptcy before extending credit, and this differs according to the provider.  This means that it is prudent to check the policy with the provider applying for a card.

A large number of applications for credit cards over a couple of months is seen as a sign that the applicant is desperate for credit, and will hurt the credit history, and bankruptcy should be bad enough.  These borrowers have historically proved to be a reliable indicator for future poor payment.  Someone applying for a credit card should space out the applications, and it is more important to carefully study the policy of the lender towards applicants with bad credit.

Prepaid cards should be considered as an alternative to credit cards.  Prepaid cards have the money on the card paid up front rather than built up as a debt.  They can pay wherever credit cards are accepted, such as on the internet.  They tend to be ignored for credit repair.

Secured credit cards are a longer term alternative for bankrupts who wish to repair credit.  A secured credit card will be secured against a house owned by the borrower, if they have managed to keep this through bankruptcy.  If the credit card falls behind the provider is then able to repossess the house.  As this drastically reduces the risk to then providers are willing to extend credit to many borrowers who they would otherwise refuse.  If the credit card debt is carefully paid back then it will gradually reduce the adverse credit score and the credit history will slowly be repaired.