Credit Cards to Avoid
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by: barrywaters
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Word Count: 454
Youre wise in the ways of credit cards. You know not to be taken in by offers of 0% interest rates, and you know your regular APR from your default APR. But are you aware of all the other tricks credit cards can play on you? Before you take out a new card, check to see whether it is one of the types of credit cards to avoid.
• Credit cards that charge an annual fee. Annual fees are a throwback to days when credit was hard to obtain and credit cards were the province of the rich. Nowadays, with every five and dime offering its own credit card, theres no excuse for annual fees. If you find an offer thats perfect apart from an annual feel, call the company and ask them to waive the fee. Many companies will do so.
• Credit cards that charge a fee to allow you to pay your bill over the phone or the Internet. These fees will soon be as obsolete as annual fees, but right now, many issuers still charge their tech friendly customers to pay electronically. If the card you want levies these fees, check to see whether only expedited payments carry a fee, or all payments are hit. If normal electronic payments dont have a fee and only expedited payments (rush payments you make when there is no time to get any other form of payment in before the deadline) carry a fee, the card may still be a good deal. (Just watch your deadlines.) If the card levies a fee for any regular telephone or online payment, throw the offer away and find a card thats a little farther into the twenty first century.
• Credit cards that charge a monthly maintenance fee. Cards with these fees are designed for consumers with poor credit ratings who cannot qualify for any other cards. To make matters even better, such cards usually have a credit limit so low that the fees quickly eat up the available balance. If your credit rating is in the dumps, avoid the temptation to improve it with one of these cards. Instead, find a lender who will give you a secured credit card, which is backed by a deposit which you place when you take out the card.
With a plethora of credit cards from reputable lenders on the market, even people with poor credit can find a credit card that does not charge exorbitant and unnecessary fees. Read the fine print carefully until you understand all the details, and call the issuer if you have questions. You deserve a credit card that helps, not hurts, your financial situation.
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Get more info about bad credit credit cards, see getsmart.com/credit-cards.
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