5 Major Drawbacks Of Bad Credit Credit Card
With a bad credit and less than perfect credit history, getting a credit card with competitive features is not that easy. In this article we take a look at the 5 major drawbacks that come with a bad credit credit card.
1. High APR
With a bad credit card the interest rates are reasonably higher. Forget those 0% intro APRs- they rarely come with a poor credit card. So, keep your credit card balances low, to stop this high APR from burning a hole in your pocket.
2. One time processing fee
Some credit card companies charge a processing fee for people with bad credit who apply for credit card. This is generally charged by credit card companies due to the credit checks, other formalities and risk involved in providing a credit card to bad credit people. If you are going for a secured bad credit credit card then this fees can be waived, otherwise it has to be paid. The catch here is that credit card companies demand upfront payment of processing fee. But, a wise credit card consumer will find a credit card company which charges the fees to the credit card not demands cash in advance.
3. High annual fee
Keeping the bad credit card is definitely going to cost a lot in terms of annual fees depending on the credit report it can go in hundreds of dollars per year. Bad credit credit cards with 0 annual fees offer is very difficult to find.
4. High late payment fee
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