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If you have bad credit
Many people find themselves on their credit card company’s bad credit list. The reason for your “not-so-favorable” credit history could be related to a variety of reasons. Your finances could have run into rough weather, defaulting on credit repayments often can get you on the credit card company’s bad credit blacklist.
Bad credit credit cards
Having a bad credit history does not have to be the end of the road for you as regards credit cards. Although getting a regular credit card is tougher for people with a bad credit history, it is not impossible. There are bad credit credit cards offered by banks for precisely these people. Often people with poor credit histories have to face steep APRs and very little in the way of “additional incentives”. However, bad credit credit cards do offer a way of rebuilding a borrower’s financial reputation: if a customer is able to demonstrate financial responsibility by meeting monthly repayments, they can expect to be offered a better card with a better rate. On the other hand, if they still fail to meet the repayments their credit rating will receive a severe blow.
Things to remember
If you decide to go for a bad credit credit card, be sure to expect high APRs besides annual charges and even a security deposit (in some cases). People with a bad credit history have the option of applying for a secured credit card or a pre-paid credit card. The APRs on these type of credit cards can be anywhere between 9.9% to as high as 30% depending upon your credit rating. For people with a bad credit history, it is imperative that the balances on the card are kept as low as possible and the repayments be made on time.