Credit Cards
If you are credit challenged, you may think that you have no
options when it comes to obtaining credit cards. However, with
the multitude of banks offering credit cards today, you do have
choices if you know where to look. There are a number of credit
cards available to you whether you have good credit, bad credit,
or average credit.
Many people are under the impression that credit cards are only
for people with perfect credit. While the major providers of
credit cards like Visa, MasterCard, Discover, or American
Express do prefer to offer credit cards to people with excellent
credit, there are a range of credit cards out there available to
most people. Financial institutions usually have a range of
credit cards for people with all different types of credit.
If you are credit challenged, meaning you struggle with your
credit rating, you may still have the option of unsecured credit
cards, secured credit cards, and prepaid debit cards. Each one
of these credit cards comes with benefits, so you will need to
assess your financial situation and how you will use your credit
to determine which credit cards are best for you. For instance,
if you plan to only use your credit cards in case of emergencies
or for securing travel arrangements, then you may only need a
prepaid debit card.
However, if you want credit cards that allow you to borrow money
for a short period, then you might want to look into traditional
unsecured credit cards. Even if you have bad credit, there are
unsecured credit cards available for you, though you may have to
pay more for your annual fee or interest rate. This means that
if you have bad credit, you may want to pay close attention to
the types of purchases you put on your credit cards. If you are
only planning to pay a minimum balance each month, the purchases
you place on your unsecured credit cards will cost you
significantly more. Therefore, you will want to avoid putting
unnecessary items on your credit cards.
If unsecured credit cards are not an option for you, then
secured credit cards are a great way to begin rebuilding your
credit. Secured credit cards require that you put a deposit into
a saving account as collateral against the balance of the card.
Secured credit cards are a way for financial institutions to
reduce their risk when offering individuals credit cards. If you
are responsible with your payments, your secured credit cards
will often become unsecured credit cards as the bank continues
to increase your unsecured available balance. Also, since your
deposit is in an interest bearing account, you will find that
you will be earning money on your investment, too.
Read the rest of the article here: Credit Cards.
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