Getting the Best Credit Card for Bad Credit

Are you in search for a bad credit credit card? If yes, then this article can help you better decide which credit card for bad credit can truly help you rebuild credit history.

The Hunt for the Right Bad Credit Credit Card

List of credit cards for people with bad credit-minMany credit cards for bad credit are associated with high interest, high fees, and high deposits. Although you may not be able to qualify for the best deal because of your poor credit history, bear in mind that you must never settle for credit cards that can only put you at a greater risk of bad debt.

The New Credit Card Law has imposed a new restriction on bad credit card fees. Today, upfront fees cannot exceed more than 25% of the cardholder’s credit limit. Also, watch out for no annual fee credit cards for bad credit. If indeed, no annual fee is required, see to it that there will be no hidden fees or expensive interest rates to make up for the free yearly cost.

Choose a Card that Matches Your Personal Needs

The amount of security deposit required depends on the Issuer and can range from $300 to $500 or more. If you really need a higher credit line, then you should be ready to submit a higher cash deposit. Nevertheless, it may be smarter to start with a low credit line so you can control your spending and focus on rebuilding your credit history.

Use a comparison tool from a reliable credit card review website. Match up the interest rates, fees, credit limit, etc. Once you have narrowed down your choices, visit the official website of the card issuer to review the complete terms and conditions.

Make it your goal to use your secured credit card to rebuild your bad credit. See to it that your payments will be reported to the major credit bureaus (Equifax, Experian, TransUnion). Also, ask your Issuer if you can automatically get an upgrade to an unsecured account you have shown consistent payment for a certain period.

After receiving your secured credit card, use it to pay for your important bills. However, avoid the risk of debt build-up by paying off your full balance on time at all times. Stick with just one bad credit credit card and be sure to review your billing statement each month.

 

choose the best credit card for bad credit

 

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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NHBS Inc © 2022

NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

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