Is your credit score low but you are badly in need of a new credit card? Credit cards for people with bad credit are not exactly the top of the iceberg when it comes to credit flexibility or low fees. Its a fact that those of us who have suffered poor credit are in for a bit of a rough ride. So its a wise move to prepare ourselves with some good quality information about how to choose and what to be aware of.
No matter if you are looking to get your card by an online application, by telephone or by visiting your local bank, the facts remain the same - you need to study the terms and conditions closely and try to pick a card that matches closely to your needs. By this I mean - for example - if you intend to pay off your balance in full every time (good thing to do!) then the interest rates do not matter to you as much as would say the annual fee for the card. So in this case go for a card with a very low or no annual fee.
There are a number of points that are very important to think about:
- what are the over limit fees and the late payment fees? If you have every intention of using your card to the max then its as wise to know what the over the credit limit fees are, just to be safe. This way if you do stray a bit over limit you are well prepared for the consequences. The same goes with late payments too - no hidden surprises if you already know how much you will be charged for making late payments to your account.
- Fees for Cash Advances Avoid! Unless you are really stuck for cash, and I mean REALLY stuck for cash, its by far the best thing to avoid cash advances on your credit card account. By using this facility you are just telling your card issuer "take my money I don't need it" because the fees for the advance are high. Best off without the cash advance.
- are there annual fees and how much are they? Credit cards for people with bad credit do tend to attract an annual fee, more than the standard credit card does. Not only is this in place because the issuing bank want to profit from the card's use, but they also need to protect themselves against any losses too, which is understandable.
Things may not seem to bright with regards to credit cards for people with bad credit, but its really a case of making a good choice of card in the first place - one to meet your needs as closely as you can find. In addition, sticking to your credit limits and paying the balance on time every time. This way you are on the right path to rebuilding your credit score in short time!
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