As you all know, owning a bad credit point is not easy to make a credit card. However, there are still organizations that offer credit cards for bad credit. Today let’s join us to learn about the pros and cons of this special credit card.
In the previous post, Info Credit Free introduces people to the Swift Code PNC Financial Services Group Inc in the US, to get more information people can read the article Swift Code PNC Financial Services Group Inc to transfer money overseas. Now, let find knowledge about credit cards for bad credit in the post today.
CREDIT CARDS FOR BAD CREDIT
Just like a lot of article posts such as credit check agencies, where can you check your credit score, lending institutions for personal loans, personal loans for a poor credit score…, this post about credit cards for bad credit also includes some main parts.
1. What credit cards for bad credit?
People may know you have bad credit because they have previously registered credit cards, loans or other credit-based services and have been denied. If you don’t have a credit card, check your credit score to see your exact location.
You can get your credit score automatically in the letter after being denied credit if your credit score is the reason you are denied. On the other hand, you can buy your credit points directly from FICO via myFICO.com or through any of the three credit bureaus. You can get free versions of your credit score from CreditKarma.com, CreditSesame.com or Quizzle.
Beware of websites claiming to offer free credit scores as a gimmick to sign up for you for a registered credit monitoring service. If you have to enter a credit card number for a “free” credit score, it is a sure sign that you are signing up for a trial subscription and you will be charged if you do not cancel.
2. Some credit cards for bad credit
There are very few credit cards aimed at people with bad credit. Capital One Classic Platinum approved candidates with low credit scores to 577 according to CreditKarma.com. The card has a regular APR of 22.9% and an annual fee of $ 39. You can get an annual fee waiver if you ask.
Previous Orchard Bank credit card is a good choice for those with bad credit. However, the company that issued the Orchard Bank card (HSBC) was bought by Capital One in 2012 and the Orchard Bank card has stopped working.
Reputable retail stores to approve applicants with bad credit. You have a better chance to be approved for a limited credit card that can only be used at that store instead of a credit card supported by Visa or MasterCard.
Please note that retailer credit cards come with low credit limits and high interest rates. The best way to manage a card like this is to charge only a small amount and pay your balance in full each month.
2. Some advantages and disadvantages of credit cards for bad credit
2.1. Some advantages of credit cards for bad credit
- Purchasing power: Credit cards allow users to make large purchases that they may not be able to pay.
- Rewards: Many cards offer rewards programs that will accrue points, discounts, or other benefits such as frequent customer miles.
- Convenience: Credit cards reduce the need to carry cash. Most retailers accept credit cards and they demand a lot for online purchases.
- Tracking capabilities: Electronic record keeping with credit cards makes it easy to track spending and identify fraud.
- Use in an emergency: There are times when money is a simple solution for emergencies. If you encounter an unexpected cost, credit cards can be the quick and easy solution you need.
- Building a credit history: Using a credit card with responsibility over time will build up your credit history, qualifying you for better interest rates and other financial benefits.
2.2. Some disadvantages of credit cards for bad credit
- Overspending: Overdraft: Credit cards can make life easier, but they can also make overspending easier. With credit cards, you spend money that you don’t need. If you are not careful, this can quickly lead to unexpected debt..
- Interest and fees: Using credit is actually a loan. And you cannot borrow for free. Managing wrong credit cards can not only lead to high balances, or maximum cards, but also leads to debt in the form of interest and fees.
- Fraud: Credit cards (and other forms of electronic payment) carry unique risks. Credit cards can be stolen, their numbers can be copied and they can be used to steal your money and identity.
- Debt mount: If you bring the balance on your credit card from month to month, it can be very easy for fees and interest rates to rise. Many people do not believe that credit cards will be the gate to further debt, but if you are not careful, then exactly that will happen.
This post is about credit cards for bad credit. We provide this information to offer you with some of the necessary information that is useful for getting the best credit cards even if having bad credit. Also if you are using credit cards and would like to know how to borrow money with bad credit, please refer to the Where to get a loan with poor credit link we just provided in the previous article.
In addition, we provide a variety of information on insurance or the Swift Code of each bank in the US in many previous articles. If you are living in the US and want to know about insurance or code, people should read some articles like such as comprehensive car insurance, Swift Code Bank of America Corp, Swift Code Citigroup Inc, private health insurance…
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