bad credit credit card
“Bad credit card card” is used to refer to credit cards that can be obtained even with a bad credit rating.
The bad credit card cards provide opportunity to people (with bad credit rating) to improve their credit rating. In that sense, bad credit credit cards act as rescuer for such people.
So, bad credit credit cards also act as necessary a training ground for people who have not been able to control their spending urge in the past.
Bad credit card cards are commonly known as secured credit cards. The bad credit card card (or secured credit cards)
requires the individual to open up an account with the credit card supplier and maintain some cash balance in the account.
Why is that required? Well, credit cards are a business for the credit card suppliers; so how can they trust someone who has defaulted on his/her payments in the past?
After all, a business is about profits and such risks are a threat to profits. The bank or the credit card supplier will generally pay interest on the balance in your account.
However, it’s best to check this with the bad credit card card supplier/bank. The credit limit on the bad credit card card is determined by the cash balance in the account and is generally between
50-100% of the cash balance. These bad credit card cards are also referred to as debit cards, owing to the fact that they work less in a credit-giving manner and more in a debit-giving manner.
There are plenty of bad credit card cards available in the market. When searching for the bad credit card card that is best suited to you,
you should consider 4 things in particular: the minimum balance that you are required to maintain in the bank account, the credit limit that you will receive
(i.e. the percentage of your bank account balance that you are allowed to spend on your bad credit card card), the
fees/other-charges applicable to the procurement of bad credit card card and the rate of interest that you will receive on the balance in your bank account.
An ideal bad credit card card would have no fee/other-charges associated with it and would require zero or a very small amount as minimum bank balance.
It would also have something like 90-100% of bank balance as its credit limit. Moreover, an ideal bad credit card card would also offer a good interest rate on the bank balance.
Bad credit card cards are really a good concept that provides respite to people with bad credit rating by letting them enjoy the benefits of credit cards while they mend their credit rating.
It Is Better To Get Your Credit Card Online
Most of us get credit card offers through traditional snail – U.S. Postal Service – mail, and we know how those offers work.
Many credit card offers in the mail claim that you are already approved, though you may not be, and you still have to wait a few weeks before you hear anything back, after you apply.
Those days are history since the Internet has made applying for credit cards easier. On the Internet, you can apply for a credit card and receive a response in minutes instead of waiting weeks for a response.
When you have good credit, you have almost no problems at being approved online, instantly for a credit card.
Cards that have the best terms and rates are almost always available for those who have good credit. It is wise, before you apply online, to know how good your credit is. You should get a free credit report online, and check your credit standing.
If, at this time, you do not know your credit score of if you have not reviewed your credit report in a long time, now is a good time to do so. Review your credit report, and correct information that does not add a positive comment to your report.
Remember, being turned down for a credit card online may affect your credit score, and future credit offers made to you.
Also, remember to check your credit report at least twice a year, so you will typically know where you stand with your credit.
After you have reviewed your credit report and evaluated how good your credit is, you may apply online for a credit card and get an immediate answer.
Regardless which credit card company you visit online, you will be asked for personal information, such as your name, age, employer, phone number, social security number, income amount, and other personal information.
Prior to filling out the application online for your new card, you should go over the credit card terms and conditions very meticulously.
You should check the APR (Annual Percentage Rate) to ensure that there are no transaction fee surprises. Once you apply, the credit card company will use your social security number to request your credit report.
They will use the credit report to determine your financial credibility and whether or not you should be approved for a credit card.
Before filling out the credit card application, you should make sure that the website you are using is encrypted and secure.
The standard encryption these days is SSL 128-bit. This encryption level ensures that the information you are sending is protected.
If the credit card website has less than 128-bit encryption, it could be possible for someone else to steal your personal information, possibly resulting in identity theft.
When you have finished filling out the application and entered your information to the credit card company, you will have the final decision in a matter of minutes.
The decision will be shown on your computer monitor screen. If the decision is not shown on the screen, it will be mailed to you via traditional postal service.
Upon approval, you should expect to receive your credit card in the mail within a few days. If you do not get approved, you will be mailed the reason why.
Applying for a credit card online is currently the preferred way to request a credit card, since it is much faster than applying by mail.
Now there is no more waiting for weeks to receive a response, and you can know, almost instantly, your credit card approval decision.
When you apply for a credit card online, keep in mind, these days there are hundreds of online credit card issuers seeking your business, which gives you many choices for choosing the credit card and credit card company that is best for you.
If you choose wisely you will procure a credit card that will be of great benefit to you for many years.
Tips on Finding the Best Credit Card Deals
If you are looking for a new credit card, it is certainly to your advantage to search for credit card deals. If you do your homework, you could step into some of best credit card deals offered.
Getting a new credit card should not be a spur of the moment thing. Your credit score can strongly affect your life, so you should take anything involved with it very seriously.
You should
always be well informed about any credit card you are applying for. This means you may need to ask questions and read all of the fine print. Use these tips to help you with your search for great credit card deals.
New Cardholder Incentives
Some of the best credit card deals include new cardholder incentives. The best credit card deals are those that allow new cardholders to make purchases for an extended period of time, without interest charges. Some will offer this for sixty days while others may offer this deal for up to six
months.
These are great because if cardholders wait until they are making a major purchase, they can save a lot on interest while they quickly pay it off.
Rewards Programs
Other great credit card deals include rewards programs. Rewards programs may vary from card to card. Most of them work the same way however.
The more the cardholder uses their card, the more rewards they will accumulate. Rewards may be in the form of flight points, cash back, or other
miscellaneous prizes. These are great deals for cardholders that use their cards quite a bit. Not much is better than being rewarded for spending money.
Interest Rates
Of course everyone looking for a new credit card should consider good credit card deals involving interest rates.
If you can get a credit card with a low interest rate, then you are getting a great deal. Many credit cards will hold interest rates of up to 22%. So, if you can get a lower rate, you are doing great.
Annual Fees
Take notice of annual fees when looking for credit card deals. Cards with high annual fees are certainly not worth your time.
The best credit card deals include no annual or monthly fees. This allows you to be charged nothing if you don’t use your card.
With many people keeping credit
cards for emergency purposes only, this is the best way to go.
Credit card deals usually don’t jump out at you, so they do require a little research. Make a list of what is important to you personally when it comes to your credit card and number them in order of importance.
Try to find a credit card that matches all of those items. When you do find that card, you know you have found the best credit card deal available for you.
Credit Cards: Initiation & Precaution
Credit Cards have become a part of our daily lives these days and it is hard to imagine a day going without the comfort of a credit card tucked in your wallet.
However, convenience comes with risks, which arise due to our negligence. As soon as your credit card arrives, follow a few steps to avoid any inconvenience.
First Step With A New Credit Card
You should duly sign credit card as soon as you receive it. Report the errors (if any) to the credit card company immediately.
You should keep important numbers to be used in case of loss/theft of credit card, your pin number and phone banking details such as your password and terms and conditions, payment options and activation guide safely.
It helps to keep an identity card with your credit card, which might come handy if you encounter any signature mismatch or any problem during any transaction through your credit card.
Precautions With Credit Cards
Credit card use calls for caution to avoid being duped of your hard earned money. You should in all circumstances avoid handing over your credit card or its details to someone else like your friends.
You should avoid using cordless or mobile phones while communicating your credit card details, as it is easier to intercept the radio waves.
While handing your credit card to the gas station attendant you should be careful as your 16 digit card number and its expiry date can be copied by him while swapping a couple of times, which can be misused to commit a fraud.
During an Internet transaction through your credit card you should go through the terms and conditions as well as the privacy policy of the website/company as it is at this platform where your credit card information can be hacked by miscreants.
Credit cards have become more secure with government and other agencies taking steps for its safety and reducing inconvenience to the consumer.
Even then, the onus is on you to take steps to secure your credit card and information, starting by taking evasive steps right from the time when your credit card arrives.
Low Interest Credit Cards Are Considered by Many The Most Popular Credit Cards
Knowledge can give you a real advantage. To make sure you’re fully informed about low Interest credit cards, keep reading.
Imagine the next time you join a discussion about low Interest credit cards. Your friends will be amazed when you start to share your knowledge about low interest credit cards.
If you’re not using a low interest credit card, ask yourself why? This credit card have numerous advantages such as the 0% Intro APR
(annual percentage rate) that enables the consumer to save on interest expense. Several factors should be considered in choosing the right credit card.
Depending on your situation a fixed low APR interest rate might be a better choice than the 0% intro APR if you are planning to carry a credit card balance each month.
If the 0% intro APR changes to a low fixed rate after the promotional period ends then this will be an ideal situation.
If the interest rate jumps up to over 20% then this might not be the best deal. This is why customers need to know what the interest rate will be at the end of the introductory period.
For customers deciding on the 0% intro credit card offer will save money on interest expense which can be used to pay off the loan much sooner.
Low interest credit cards main benefit is to save money on interest expense. These credit cards are very essential in saving money on interest expense when used to transfer
balance from a high interest credit card to a low interest credit card. They may also be beneficial to cardholders who make large purchases and carry a balance forward every month.
Banks charge a fee for balance transfers. Since this fee varies from bank to bank, customers should compare offers to find out which banks charge the lowest fees. Individuals with excellent credit can request to have the balance transfer fee waived.
Customers may be pleasantly surprised to find that low interest cards offer many features similar to standard credit cards.
Features can be similar to a standard credit card such as cash back, rewards, no annual fees, bonus miles etc. It’s important to compare features of low interest cards and to
apply for the one that fulfils your needs and save you the most money. Individuals who are able to pay the balance off each billing cycle will save the most on interest expense.
This is because credit card companies usually waive interest charges if the entire balance is paid on time each month.
Unfortunately, many customers are unable to pay their credit card balance off each month because they are not making enough money or they may be having financial problems.
However, using a low interest credit card could be the best alternative to save on interest expense if you are planning to make purchases and maintain a credit card balance from month to month.
Individuals with bad credit pay an astronomical amount of money for interest expense and fees to credit card companies.
With this kind of financial problem it can be a daunting task to get out of debt. As you can see, having excellent credit is very important because it makes it possible to get approved for a low interest credit card which in turn will save you a vast amount of money on interest expense.
Be aware that credit card companies are able to change the interest rate on your low interest credit card because of late payment or they can change the interest rate for no reason at all. Managing your credit wisely is extremely important for financial success.
Make sure to report errors on your credit report to the three major credit bureaus which are: Equifax, Trans Union and Experian to correct the errors on your credit report promptly.
If you are overwhelmed with bills and credit card debts, why not consolidate your loans into one loan. This will save an enormous amount of money on interest expense.
Consolidating your credit card debts into one loan can improve your financial situation by making your monthly payment more manageable.
This is an excellent opportunity to start the process of improving your credit score. Consolidating simplifies your paperwork and saves time and energy by only keeping records for a single loan instead of several loans.
Card holders will need to know about grace period and the way it relates to their specific low interest credit card. The grace period is between 20 to 25 days.
You have this free period to pay no interest if your payment is credited to your account during that time frame and your account carries no balance.
Customer’s monthly payment must be received by the creditor during this time frame. Learning about grace period as it relates to your specific credit card is very important.
Usually credit cards without a grace period are charged finance charges immediately on new purchases even if your previous month’s bill was paid in full. The internet is best place to do credit card research and submit online credit card application.
The credit card types are organized into categories making it easy to find the credit card you are looking for. Just by clicking on the low interest credit card category will bring up a vast amount of information.
The best thing about applying for a credit card on the internet is the speed and convenience of processing your online credit card application.
No need to travel from banks to banks trying to find the right credit card then having to wait weeks for banks to process your application.
Individuals with good credit can receive instant online approval. This means that the credit card applicant can receive an online approval within minutes of filling out their online credit card application.
Some card holders may believe that that they can use their low interest credit cards to make new purchases and take cash advance with the 0% introductory offer.
They will be surprised when they found out that they are charged different interest rates for balance transfer, new purchases and cash advance.
Protect yourself from identify theft by shredding credit card offers and reporting stolen or lost credit card to your credit card issuer as soon as possible.
Also, it is very important to read the credit card agreement to avoid surprises and unnecessary financial problems. Reading the credit card agreement will give you the knowledge and confidence in choosing and using the card correctly.
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