Bad Credit Credit Cards :: Unsecured Credit Cards
If you have bad credit, the thought of having a credit card is a constant thought. Credit cards are a necessary evil that plague many Americans. With out them, it is nearly impossible to get a hotel room, rental car or airline tickets. Unfortunately, many predatory lenders realize how necessary they are and prey on Americans with bad credit.
These companies offer unsecured credit cards under the disguise of helping you, but in all actuality, they are doing more harm than good. The fees associated with these cards are outrageous and end up costing you big time.
Take a look at one of the most popular cards below. Due to legalities I will not name the card, but this is very common among many of the most popular unsecured credit card providers.
Initial Fees to Get Card
Initial Credit Limit
- $250
Interest Rate - 19.92%
Annual Fee - $48
Account Set Up Fee - $56
Program Fee - $96
Participation Fee - $8 per month ($96 per year)
Total Fees to Get Card - $208
Ongoing Fees to Keep the Card
Annual Fee - $48
Participation Fee - $8 per month ($96 per year)
Total Ongoing Fees - $144
So as you can see from the information above, this card will cost hundreds to get it and then to keep it. In fact when you get the card, your initial credit limit of $250 is reduced to $42. That means that you owe $208 before you even receive the card. Sounds like a scam to me.
My recommendation is to avoid unsecured credit cards all together and get the Applied Bank Secured Visa Card. Check out the info below.
Credit Limit - $200 - $500 (Secured
by savings account)
Annual Fee - $50 (1st Year Only)
Interest Rate - 12.99%
This is the best deal going on credit cards for people with bad credit. Low interest, low fees and they report your history to all three credit bureaus to help you build your credit score.
