Do You Know the Signs of Credit Cards to Avoid?
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by: barrywaters
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Is your credit rating poor? When you have bad credit, qualifying for credit cards can be hard. Youll find that its far easier to get a card that will make your situation worse, than a card that will make your situation better. Predatory lenders exploit your lack of options and offer you cards with high interest rates, dangerously bad fee schedules, and other terms that you would reject out of hand if you had access to better offers. Here are some of the signs that credit cards are predatory:
* Sky high interest rates. When you have poor credit, youll pay higher interest no matter what, but predatory credit card rates are well beyond anything reasonable. Look online to find out what interest rates legitimate lenders are charging for credit cards for people with poor credit, and turn down any offers that are noticeably higher than average.
* Monthly or weekly fees. Legitimate credit cards absolutely never charge weekly or monthly fees. When a credit card comes with weekly or monthly fees, you can be sure that its line of credit is tiny. Predatory lenders do this so your line of credit will rapidly be eaten up by fees instead of by charges. You barely get to use your card before youve reached your limit, and the lender gets to extract money from you for the privilege of not using its card.
* Credit applications or loans that require you to pay up front fees like "application fees." Charging a fee before a loan is actualized is illegal. If a company asks you to shell out any money at all before your loan or credit line is approved (even if they say you are pre approved), refuse the offer and report the company to the relevant authorities.
* Unethical billing practices. Predatory credit card companies sometimes try tricks like mailing you a bill on the bills due date, meaning that by the time you get the bill, your account is already past due. Close the account and start sending in your payment checks on your own, without waiting for the company to send you a bill.
This list of danger signs is nowhere near exhaustive. Educate yourself before you start your search for credit cards. You are in a vulnerable position, and you need credit cards that will help you up, not push you down. Find more Credit cards . Credit card applications . Credit cards for bad credit . Credit cards for bad credit . Credit cards for bad credit .
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Learn more about credit cards for bad credit, stop by www.getsmart.com/credit-cards.
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