If you are searching online in order to get an unsecured credit card, you are in luck because you should be able to find unsecured credit cards for people with bad credit. But, like most things in life there is a balance with regards to the benefits of having an unsecured credit card. On one hand you are able to obtain a credit card despite your credit history and poor credit score, but on the other hand you will have to pay a higher interest rate on purchases and cash advances than you would with a regular credit card. This may be a good way to start to increase your credit score after you tried to settle credit card debt and took a hit on your credit score.
Often times, you will get some offers in the mail for bad credit unsecured credit cards, but be careful and make sure that you read all of the details. These types of cards aren’t just easy to get credit cards as you would imagine. Remember that the easiest credit card to get is available only to someone who has a good credit rating. Many times these mail soliciting credit card companies need to recoup the costs of sending out the mail, and so they tack on fees just to open an account and process your unsecure credit card application. These can often be well over $200, and so be careful to read everything. Also, if you are ever late with a payment or if you go past the maximum credit limit on the card, they will hit you with a lot of high fees.
Also, they will probably instantly raise your interest rate, which affects your minimum payment amount, causing you to have to pay more each month just to meet the minimums to begin paying off your unsecured credit card debt. One of the best ideas is to shop around. You may need a credit card quick, but choosing the wrong unsecured credit card can really hurt your credit even more in the long run.
For listings of recommended credit cards to apply for
check out the FPT credit card reviews page.
A good idea for people searching for unsecured credit cards for bad credit is to go with a bank that is known nation-wide, in order to make sure that you won’t be hit with ridiculous and outrageous fees. The last thing that you want is to hurt your credit even more with an unsecured bad credit card. You probably won’t be able to get an unsecured credit card after bankruptcy, you would have to put something up for collateral because of your poor credit card history.
Though you will have higher fees in exchange for the unsecured credit card, you can still find ones with lower fees than other bank. Just be sure to pay on time and not go over the limit and you can be well on your way to restoring your credit.