Bad Credit Credit Cards - Use Wisely
Written on 11:37 AM by zorayda
Bad credit credit cards are normally designed for people with a bad credit history. People with a low credit score can usually get a card specifically for their needs. Orchard bank is one such institution that provides cards to improve your credit score as they report to the major credit bureaus on a regular basis. Take advantage of the opportunities available, find the best rates for a bad credit credit card and start rebuilding your credit today.
Unsecured
Unsecured cards for a bad credit history come without any collateral. The unsecured options usually come with much higher interest rates.
Secured
With the secured options, your credit limit usually matches the amount that you deposit. With on-time payments you can usually be considered for unsecured offers after some time, normally 6-12 months.
Interest
If you pay off your credit card balances in full each month, you can typically avoid high interest rates and late fees associated. But remember, by paying only the minimum each month you will incur interest at very high rates especially if you have a credit card designed for bad credit. Consumers with poor credit usually will have higher interest rates because of the risk of default. The fact that these types of cards carry a high interest rate usually 20% - 30% or more shouldn't stop you from getting one, in an effort to get your credit score on the road to recovery.
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