Credit cards for people with bad credit
Bad credit is something many people are getting used to with the introduction of the National credit act many people found themselves unable to apply for credit, loans or even accounts. In light of the current, global economic state; financial institutions like banks have begun to offer low interest rate credit cards for individuals with bad credit.
Low interest rate credit cards give the individual the opportunity to make purchases frequently without having to worry about interest rate fees.
Many of these credit cards for people with bad credit are offered with a low rate APR, in other words your interest charges per year. However, low rate charges usually expire after a stipulated introductory period. Low rate interest credit cards for people with bad credit usually represent the best option for a bad credit rating.
The benefits of a low rate credit card for people with bad credit, is that it allows the individual the opportunity to repair their bad credit history. These low credit card rates are also beneficial in the long term, if you cannot pay your credit balance at the end of the month having a low credit card rate will ensure that you will be paying the least amount of interest on your bad credit credit card.
Beside low interest rates on credit cards for people with bad credit, the downside of having a low rate credit card is that these cards come with no rewards compared to a stand credit card with a higher interest rate. Higher interest rate cards offer rewards packages, such as frequent flyer rewards or cash back rewards. Another disadvantage is that the low interest rate may only be valid for an introductory period.
Go into as many banks as you possibly can, sit down with a consultant and ask questions about the charges, credit rating and any other general information you may need. Make sure you understand all the information handed to you. If you don’t have the time or you cannot get to a bank, pick up the phone and phone them. Ask the consultant to send the relevant information to your email address, you can take a look at the information in your own time and make an informed decision. Alternatively go online and compare credit card rates and the necessary criteria for low rate credit cards for people with bad credit.