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Bad credit cards to tackle with bad credit

[Thursday, November 11th, 2010]

If you have a bad credit history and are looking for credit cards, there are a lot of chances that you will find bad credit cards. Applying for these credit cards without reading and comprehending the fine print might spell trouble for credit card holders who might end up spending a lot of money to obtain very little credit.

A good case of a bad credit card comes from a recent offering that includes a large unsecured credit limit, a low rate of interest and also help to establish a good credit score. The customers are expected, in return to pay an application fee of 99 dollars which would supposedly be refunded after the first purchase of the customer. However, the customers don`t seem to be finding this credit card promoted by the company and a search shows a lot of customer complaints who have paid 99 dollars but never really received the car. This case underlines the downside of the credit card industry where such companies operate.

There are other cards too that offer false hope to credit card customers who seem to have an imperfect credit rating. Such credit cards might end up doing more bad than good for customers with bad credit history. The First Premier Gold credit card for example, levies 45 dollars processing fee and 30 dollars annual fees, which together amounts to the maximum fees that credit cards can charge legally.

But the fee charged by the credit company doesn`t end there. The interest rate on this credit card offer is a whopping 59.9% which is 4 times the average interest rate of credit cards.

A card holder with bad credit can end in lifelong debt if the credit limit on such a card is reached. The monthly interest rate is so high that the interest would be twice the minimum payment requirement.

There are a lot of other cards which are as bad or worse than the credit card offering in this case, which is why credit card customers with bad credit should be careful about what card deals they accept.

With the holiday season fast approaching such offers are likely to attract a lot of credit card customers who are already in bad credit. Such credit cards will draw the customers further into the web of bad credit and a lot of debt. The spiraling rates on the credit cards could be hard to manage.

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