How to Avoid Unfair Bad Credit Credit Card Deals

Did you know that you can still be granted a suitable credit card account, despite your fair or bad credit rating? Yes, by simply applying for bad credit-credit cards, you can gain access to lines of credit you can use for covering your day-to-day expenses.

List of credit cards for people with bad credit-minA gentle reminder, though: not all credit cards for bad credit come with reasonable features. This is why we have decided to discuss with you today excellent suggestions you can employ to boost your chances of ending up with the right credit card program, no matter how low your credit score might be.

Why Diligence Pays Off

Some consumers may eagerly sign up for a credit card offer without first checking other options. Nevertheless, even though the offer may sound amazing, it is still recommended that you study your choices first before submitting your application.

Different credit card issuers, each have their own rules and restrictions. Some credit cards for bad credit may impose higher interest rates or require a higher amount of security deposit than others. The only you can be sure that you have made the right choice is by first shopping around.

In addition, not all bad credit credit cards or secured credit cards report payments to the major credit bureaus. If your goal is to rebuild your damaged credit at the soonest time, make sure that your payments will be regularly reported to the three consumer credit report firms (Equifax, Experian, TransUnion).

A Variable-Rate is Bound To Change

Consumers also need to be aware that credit cards with variable interest rates are bound to change at any time. This is because the APR is dependent on the Prime Rate. Hence, if the Prime Rate increases, your credit card APR is more likely to go up as well.

The Credit CARD Law offers some protection against unexpected rate changes but there is no cap limit on variable interest rate increases. If you choose the wrong card, you could still get stuck with a high rate credit card much to your disappointment.

What about introductory rates? Credit card issuers usually offer an introductory APR to attract new cardholders. However, keep in mind that the low rate will only be applicable during the introductory period which can last for 6 months or longer. After the introductory period, regular rates will apply.

Unsecured Credit Card Upgrade Options

Will you be able to get an upgrade to an unsecured account? Not all bad credit credit cards offer automatic upgrading if the cardholder proves to be a good payer for at least year. With some issuers, you may have to make the request yourself.

Remember that switching to an unsecured credit card will give you the privilege to enjoy lower rates and higher limit without maintaining a security deposit in your account. Hence, after a year of consistent payment, be sure to ask your issuer for an upgrade to an non-secured credit card account.

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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