There are only a limited number of credit cards for people with bad debts. At first glance, most people look the same. They all help build and rebuild your debt by reporting to major credit bureaus every month. They all give you the Visa or Mastercard you need to buy more often. And all of these are just some of the basic necessities that can save thousands of dollars on real estate and car loan rates in the future. However, you should learn to print well before applying for one of these credit cards, as they usually charge higher annual fees, setup fees, and monthly payments. Here, I will examine a few examples of current “incorrect” credit card costs that are clearly hidden. Of the three major cards I will check out, only one is as striking as the one that suits the consumer.
“Bad Credit” Credit Card # 1:
This credit card charges the lowest interest rate for an unsecured credit card. However, your first print caption shows that there is a one-time setup fee of $ 29. Not so bad. So far, the next payment is a one-time payment of $ 95. So far, we have reached $ 124 in costs. That should be the case, should it not? No. Add another $ 48 annual fee and $ 6 per month to account for maintenance payments. That brings the cost of your new credit card to $ 244 for the first year, plus $ 120 for each additional year. This is not a small change, and a card like this should only be considered if you are not eligible for a better-unsecured credit card with bad credit.“Bad Credit” Credit Card # 2:
This credit card charges the highest interest rate on an unsecured credit card. This would not be good. But the setup fee is only $ 29. Maybe this card is not so bad. There is that complicated monthly maintenance fee of $ 6.50 per month which brings the cost of this unsecured credit card to $ 107. Maybe we got a transaction. Not really. The annual fee is $ 150. Yes, $ 150 a year. That not only brings up the initial cost up to $ 257, but you will also pay $ 228 a year just to keep a credit card. There should be a better offering.“Bad Credit” Credit Card # 3:
: This credit card is available both as a secure and unsecured credit card, based on a credit provider review of your credit history. The interest rate is moderate and competitive. Now, a good print shows that there is a one-time setup fee. However, depending on your debt, this amount can be as low as $ 0 or as high as $ 49. So far so good, especially if your debt is not so bad. But, there should be a big annual budget. Not really. The annual fee for a secure credit card is only $ 35, and for an unsecured credit card, this amount can be as low as $ 39 or up to $ 79. To date, the cost of this card ranges from $ 35 to $ 128. Now it's time for the monthly maintenance payment. This should be great. Or not. It costs $ 0. That means the maximum amount you can be charged for getting this credit card is $ 128, about half of that amount charged for competing cards.Obviously, there is a big difference between “bad” credit cards. Of the three services we have considered, only one can take you to the cleaners. In fact, the “bad” credit card # 3 offers a lot of value. All the positive changes in your credit history and credit score will translate into lower loan rates, lower credit card interest rates, lower insurance rates, and finally, thousands of dollars in savings. The road to debt restructuring has its costs, but over time, rebuilding your credit with a “bad” credit card is the fastest and most cost-effective way to fix unusual situations that have damaged your debt in the first place.
