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Bad Credit" Credit Cards: How To Avoid Them

 

People with difficult credit ratings are often wrongly suffering from high interest rates on mortgages, insurance and auto loans. They also find it difficult to get credit card approval. The whole situation can bcredit. The first thing I tell you is to get a credit card for people with bad credit. The second thing I tell you is in bold:e very frustrating. I often receive emails from consumers asking what they can do to replenish their

READ THE FINE IMPRESSION.

There are only a set number of credit cards for people with bad credit.At first glance, many look alike. They all help build and rebuild your credit by reporting to the major credit bureaus monthly. They all provide you with the visa or Mastercard that you need for many purchases. And all of these are necessary evils that can save you thousands of dollars in auto and mortgage lending rates in the future. However, you should read the fine print before applying for one of these credit cards, as they often charge high annual fees, installation fees, and even monthly fees. Here I will look at some examples of fees that current "bad credit" credit cards bury in the fine print. Of the first three cards I will examine, only one is user-friendly.

Bad Credit Card # 1: 

This credit card charges a very low interest rate on an unsecured credit card. However, your first look shows that there is a one-time installation fee of $ 29. Not bad. So far, the next fee is a one-time fee of $ 95. So far we have up to $ 124 in spending. It has to be, right? No no. Add an additional $ 48 for annual fees and $ 6 per month for account maintenance fees. This will cost your new credit card $ 244 in the first year and $ 120 each year thereafter. This is not a small change, and a card like this should only be considered if it cannot be better accepted for bad credit by an unsecured credit card.

Bad Credit # 2: 

This credit card charges a very high interest rate for an unsecured credit card. It can't be good. However, the installation fee is only $ 29. Maybe this card is not that bad. There is this annoying monthly maintenance fee of $ 6.50 per month, which increases the cost of this unsecured credit card to $ 107. Maybe we found a good deal. Not enough. The annual fee is $ 150. Yes, $ 150 a year. Not only does this increase the initial cost to $ 257, but you also pay $ 228 a year just to keep the credit card. There has to be a better offer.

Bad Credit # 3: 

This credit card is available as a secure and unsecured credit card based on an issuer credit check. The interest rate is average, even competitive. The fine print now shows that one-time setup fees apply. However, depending on your balance, these fees can only be $ 0 or $ 49. So far so good, especially if your credit isn't bad. But there has to be a huge annual fee. Not enough. The annual fee for a secure credit card is only $ 35, and for an unsecured credit card, this fee can be as little as $ 39 or up to $ 79. So far, the cost of this card has been between $ 35 and $ 128. Now is the time for monthly maintenance fees. It has to be huge. Or not. It's $ 0. This means that the highest amount you can be charged for this credit card is $ 128, or about half the price of competitor cards.