Getting a Credit Card with a Bad Credit Card History
You may have some bad luck in the past with credit cards - it's extremely easy to get in way over your head.
So if you are struggling with a bad credit card history but need to get back on your feet financially , there are credit cards available for you.
Typically these bad credit cards come at high interest rates - 19%-22%, and all have annual fees anywhere from $25-$150 .
So why apply? These are great for "re-establishing" credit in your name, re-building credit worthiness and increasing your FICO score.
For example, if your credit is considered very bad ( FICO credit score below 550), you can still qualify for a "bad credit" credit card like "Total Visa". A card like this charges about 19% APR and a $48 annual fee. Decent features as well...You get 24 -7 customer service.
Another example is Orchard Bank Secured MasterCards® , a great card to rebuild your credit "Name" and only charges 7.90% and a $35 annual fee. It accepts bad credit as low as 300 FICO credit score.
Also consider when signing up for a bad credit credit card:
- Cash Advance fees - they usually are a few % points higher than the basic APR.
- Grace Period - usually 25 days.
- Late fee - 25$-35$
- Overlimit Fee - usually around 35$.
- Account Opening Fee or sign up fee - can be anywhere from $20 - $200
- Foreign Purchase fee - usually 0 - 3%
So, it may be wise to consider applying for a "bad credit" credit card in order to rebuild your credit.