Bad Credit Cards
When you have a bad credit score it makes getting a credit card difficult. You quickly get sick of hearing DECLINED, REJECTED & NOT APPROVED.
This makes you feel like a second class citizen. To make things even tougher for you, the sub prime lending business is in complete upheaval.
Many lenders have closed their doors and stopped lending. However there are still some options available.
What to look for:
There are a few important things to look for in a new bad credit card.
- Fees
- How much is it going to cost you to have this card? - Savings
- Is it going to save you money? How do you benefit?
One of the most effective ways to raise a bad credit score is by building new positive accounts on your report.
Fees, sub prime lending is the most profitable form of lending. This is because there are fees and higher interest rates.
For example; an unsecured credit card (gives you a credit limit) will charge you outrageous fees. Such as account maintenance, application fee, and very high interest rates.
Savings – how do you save money with this card. Or in other words how do you benefit by having this card in your pocket?
Which card is the best?
Unfortunately with all the turmoil in sub prime lending we actually don’t recommend a credit card.
Instead we suggest you get a prepaid debit card. Specifically the AccountNow Gold Prepaid Visa Card.
A prepaid debit card works this way: you must first deposit money onto you card before you can make purchases using your card. Two HUGE benefits are:
1. No Interest Charges, Late Payment Fees, Over the Limit Fees – EVER!
2. Manage your money better. Since you can only spend what you deposit you will never risk going into debt!
Additionally the AccountNow Gold Prepaid Visa offers a Free $25 just for using Free Direct Deposit. And you get free online bill pay. This will save you tons of money on check cashing fees and buying expensive money orders.
