If you have bad credit, there are still credit card options available to you. The choices you have are either a subprime credit card or a secured credit card. Rebuilding your credit history is tough when you have bad credit.
Annual Fee: You may find some credit card options which charge yearly fees, but not all of them do. The types of credit cards which typically have yearly fees include premium credit cards, subprime credit cards, and secured credit cards. The fee amount charged per year will vary. Some fees start at $0 and go up to $500. It all depends on which type of credit card you apply for.
Regular Purchase APR: When you make a standard purchase with your credit card, the amount charged gets added to your revolving debt balance. On top of that, there is a certain amount of interest which gets added to this balance too. This interest is called the annual percentage rate, or APR. Your credit rating greatly influences your APR, which is why the percentage fluctuates regularly. People with perfect credit may only have to pay 10% APR while people with terrible credit pay up to 35% APR. For this reason, it is important to review all the terms and conditions on your credit card application prior to signing it. Make sure you know the true APR after the initial trial period expires. Sometimes these credit card companies will try to lure you in with 0% APR for 12 months, but they won’t tell you what the APR is after those 12 months. You must look for it in the fine print.
Intro Purchase APR: When you see a credit card plan which offers an introductory purchase APR of 0%, this doesn’t necessarily mean it’s a trick. Sometimes you’ll find some good low-interest credit card plans which charge 0% APR for the first 6 months, 12 months, or sometimes even longer. This means that all your credit card purchases within this time period won’t have interest charges added onto the debt balance. However, once the introductory period expires, the standard purchase APR will then apply. Again, check the terms and conditions to see what this APR is.
Balance Transfer Fee: If you owe money on multiple loans or credit cards, you can clear this debt by moving it to another credit card which has more available credit. This is basically a way to consolidate your debt so that you only owe money on one account instead of several accounts. However, whenever you transfer your debt balances to another account, you must pay a balance transfer fee of anywhere between 3% and 5% of the total transferred debt amount. For instance, if you owe a total of $10,000 on all your loan and credit card accounts, a 5% balance transfer fee on this amount would cost you $500.
Regular Balance Transfer APR: Sometimes a credit card company will offer a regular balance transfer APR to new credit card account holders instead of a balance transfer fee. This balance transfer APR is usually a generous deal which ranges from 0% to a very low APR. However, this low balance transfer APR is only available for a limited introductory time period. This could last for 6 months, 12 months, or longer. Once the introductory period is over, the normal rates apply.
Cash Advance Fee: If you want to take out a cash advance on your credit card, you will either be charged 3% to 5% on the transaction amount or a fixed fee of between $5 and $15 per transaction. The greater amount of the two is the one you will pay. For instance, if you take a $200 cash advance on a credit card which charges a cash advance fee of 10% or $5, you will end up paying 10% because that is the greater amount. In this case, the cash advance fee is $40.
Are you in need of a credit card? Are you worried that your limited/bad credit score could prevent this from happening? Alternatively, are you concerned that your average credit rating score means that you will not receive the best credit cards available on today's market? Well, if you have any of these worries, TheCreditWiki are happy to help.How do we do this? We have accumulated and rated popular credit cards using our unbiased criteria. This criterion includes features, rewards, expenses and financing costs.
We understand the components required when it comes to choosing the right credit card for you, to ensure that it precisely fits your budget and lifestyles. If you decide to use our help when you are selecting the 'right' credit card for you, we will ensure that you will receive the best possible deals.Selecting a credit card has never been easier. We strive to provide understandable information, rather than jargon to ensure that you will always know what to expect from each credit card offer. We will make you aware of the banks that secure the credit cards and will ensure that you do encounter any hidden costs or "surprises" which might jeopardize your financial progress.
TheCreditWiki can help you regardless of your credit history. It doesn't matter if you have average, bad or limited credit at all we can find a solution for your needs. Please utilize our comprehensive know-how about the credit card industry to your advantage. We will advise you on whether or not specific credit cards will have annual fees, and what you need to expect when you are accepted. We will supply an outline of the regular purchase APR clearly, as well as providing you with the 'scoop' on the up-to-the-minute reward types and rates.
Every credit card applicant should be over 18 years old.
Beiqing road, NO.68 yard, NO.24 building, tower D, NO.3 floor, room 049, Haidian District, Beijing