Are Bad Credit Credit Cards Worth The Risk?

By Guest • Jul 1st, 2009 • Category: Credit

No one can ever tell you whether a credit card is totally bad, but if you give a credit card to a child that is sure to end up as one. However, that is not the only way a credit card goes bad. What do you really have to know about a bad credit credit cards?

There’s one thing you have to know about bad credit credit cards and that is they have high interest rates than the regular cards. Just like when you’re applying for a brand-new card, you would have to check the variables such as credit limit, APR, and the enrolment that are part of the credit card package.

It is fair to state that their high rates make up some of the stringent restrictions.
One of these restrictions that you can get from this type of credit card is the high start-up fee.

That is in addition to what you have to pay for annual fee and the monthly service charge. Technically speaking while still looking at it, you already have to pay for a balance. That’s how bad it can get.

The good thing about this type of credit card however is that it will only take a day for you to process.

Well, for one main reason, you won’t be required to submit a pair of requirements. It is also easy to make use of. You can phone in or browse the Internet for some good prospects. 

It is also said that a no credit checks credit card company reports to three credit bureaus and that means when you avail of a credit card, especially the bad credit one, you have a great chance to save your bad credit history by  good monthly repayments.

Just don’t forget about one thing that’s common to every transaction that involves contract or any written agreement: Before you attach your most valuable signature to these documents, please read the fine print.

You may well be surprised at some recognisable points that you may want to think over. The catch here is never to fall into the trap and try to check as many offers as possible.

However, perhaps the greatest tip you should know is that you must check your credit records every now and then. It is a major factor that affects the interest rates you can get, your insurance premium, or even your job! 

It’s also a great way to make sure that your identity’s still intact. Otherwise, you can easily see someone who is stealing it.

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More on this topic (What's this?) Read more on Credit Cards, Credit Score at Wikinvest

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