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4 Unconventional Knowledge About Credit Cards For Bad Credit That You Can’t Learn From Books | Credit Cards For Bad Credit

If you are looking at credit cards for bad credit, you may feel as though you are making an awful lot of decisions. There is a lot to consider before signing up for a credit card, and there are plenty of people that make the mistakes mentioned above and get themselves into a bind financially. Unfortunately, the problem is compounded if you happen to have bad credit. Here are the basic components to remember when evaluating credit cards for bad credit:

Annual fees: Most credit cards for bad credit come with an annual fee of some type. Make sure you look at the annual percentage rate (APR) to compare cards. The lowest APR will often apply if you are making a deposit. If you plan to use the card throughout the year, however, make sure you inquire about the no-load or low-load balance transfer cards. Most interest rates on these types of cards are zero dollars.

Balance transfer fee: Most credit cards for bad credit will charge a balance transfer fee, even if the balance is paid off. For this reason, it is often a good idea to transfer as much of your monthly cash flow into a secured credit card, such as a department store credit card with a low balance transfer fee. Of course, there is a big drawback here. A department store credit card is good only while you are paying off the loan on it, and you cannot add any amount to the balance. If you want to add any amount, then you are going to have to pay interest and possible late charges on that amount.

Application fee: Credit cards for bad credit typically come with an application fee. This can be as high as $50, although you may be able to get a better deal. The higher the APR, the higher the application fee. If possible, avoid credit cards with high APR.

Nerd Wallet: This is the opposite of it. Credit cards that are prepaid generally have higher interest rates, but this can be offset by the fact that you can carry large amounts of cash. With a debit card, all of your money is going directly to the bank. You have no credit cards for bad credit score. The benefits? You have access to a MasterCard, Visa, or Discovery Card anywhere in the world.

First Year Fee: First year fees are usually higher than any other type of fee. These fees are due when you first open the account, and it isn't until the first year that you will pay the full amount. For some reason, banks like to charge first year fees. For most people, this is a red flag, since they think they are going to have to pay a huge amount in “start up” fees. In many situations, this is simply not true. You can avoid paying this fee if you use a checking account.

Late Payment: There are credit cards for bad score holders that charge a fee for late payments. This again is due to the fact that you already have poor credit. You might want to avoid these at all cost. Most of these fees are extremely small, but add them all up and it can be much more than you realize. It would be wise to look around for the lowest rate that you can find.

Bad Score? No Problem: Yes, sometimes bad scores happen, and it doesn't matter how good your payment history is. You may have a low credit limit and/or a late payment fee. In this case, you may be better off just getting an unsecured card and ignoring the rest.


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