BAD CREDIT CASH LOANS AND FINANCING: Unique Content Article: Three Credit Cards Meant For Those People With Low Credit Score

Three Credit Cards Meant For Those People With Low Credit Score

by Harold Hawkins

Do you want a "Bad Credit" credit card? Individuals with difficult credit histories often suffer unfairly from high mortgage, insurance, and car loan rates. In addition, they have difficulties getting approved for credit cards. The whole situation can get extremely frustrating. Frequently, I get emails from consumers wondering what they are able to do to restore their credit. The very first thing I tell them is to buy a credit card designed for people with bad credit. The second thing I tell them is written in bold: READ The small print.

There are actually only a small group of credit cards for individuals with bad credit. At first glance, many look exactly the same. They all help build and restore your credit by reporting to the major credit bureaus on a monthly basis. They all provide you with the Visa or Mastercard you have to make many purchases. And they are all necessary evils that can help you save 1000s of dollars in mortgage and car finance rates in the future. However, you must read the small print before you apply for one of these simple credit cards, as they often charge high yearly fees, set-up fees, as well as monthly fees. Here, I will examine a few examples of charges current "bad credit" credit cards bury in the small print. Of the three major cards I will examine, only one stands apart as consumer-friendly.

Credit Card #1: This credit card charges a very low interest rate for an credit card. However, your first fine print glimpse reveals that there is a one time setup fee of $29. Not too bad. So far, since the next charge is a one time fee of $95. So far, we are up to $124 in expenses. That's got to be it, right? No. Add in another $48 for that annual fee and $6 per month in account maintenance fees. That brings the price of your new credit card to $244 the very first year, and $120 each additional year. This is no small change, and a card such as this should be thought about only if you cannot be accepted for a better credit card for bad credit.

Credit Card #2: This credit card charges a very high interest rate for an unsecured credit card. This cannot be good. But the setup fee is only $29. Maybe this card is not so bad. There is that pesky monthly maintenance fee of $6.50 per month which brings the price of this unsecured credit card to $107. Maybe we have found a bargain. Not quite. The annual fee is a whopping $150. Yes, $150 every year. That not only brings the initial cost up to $257, but additionally, you will pay $228 a year just to keep up with the credit card. There needs to be a better offer.

Credit Card #3: This credit card is available as both a secured and unsecured credit card, based on the issuer's review of your credit report. The interest rate is average, even competitive. Now, the fine print reveals that there's a one time setup fee. However, based on your credit, this fee is often as low as $ or as high as $49. So far so good, particularly when your credit is not that bad. But, there has to be a massive annual fee. Not exactly. The annual fee for the secured credit card is only $35, and for an credit card, this fee can be as low as $39 or up to $79. So far, the cost of this card ranges from $35 to $128. Now its time for the monthly maintenance fee. This one needs to be huge. Or not. Its $. That means the most you might possibly be charged to acquire this credit card is $128, about 50 % of what competing cards are charging.

Undoubtedly, you will find significant differences between "bad credit" credit cards. From the three offers we have reviewed, just one does not take you to the cleaners. In reality, "bad credit" credit card #3 provides great value. All positive changes to your credit history and credit score will lead to lower loan rates, lower credit card interest rates, lower insurance rates, and ultimately, 1000s of dollars in savings. The path to reconstructing credit has its expenses, but in the long term, reconstructing your credit with a "bad credit" credit card is the fastest and most cost-efficient method to correct the often regrettable circumstances that have damaged your credit in the first place. - 41115

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New Unique Article!

Title: Three Credit Cards Meant For Those People With Low Credit Score
Author: Harold Hawkins
Email: kevinlynch2@gmail.com
Keywords: banking,blogging,business,credit,credit cards,credit repair,debt,family,finance,real estate,loans,education
Word Count: 725
Category: Finance:Credit
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