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Bad Credit Unsecured Credit Cards – Can I Get a Low Interest Rate?

Posted on | October 20, 2009 | No Comments

Bad credit unsecured credit cards are getting more popular as the recession continues.  Many bad credit borrowers need some extra money to pay for bills and they want a low interest rate on this money.  Unfortunately it is very hard to get a low interest rate on a bad credit unsecured credit card but that does not mean that you cannot benefit from getting the extra money that a credit card allows.

Obviously a credit card does not immediately give you cash in your pocket but you can use that credit card to make purchases you would normally make with cash.  By doing this you will be able to keep the money you earn and use it towards other things that do not accept credit cards such as rent payments or electric bills.

There are many companies out there that offer a bad credit unsecured credit card but it is important that you do a significant amount of research.  Not all credit cards are created equal and you do not want to get stuck with a credit card that hinders you for many years down the road.  We have all had a credit card that has caused many problems because the rate keeps getting changed or the amount of rewards we get adjusts every three months.  We have all had our problem credit cards in the past and you don’t want to go through this again.

The one major issue that most people have with a bad credit unsecured credit card is the fact that the interest rate is generally very high on these cards.  Some bad credit credit cards have interest rates in excess of 20%.  Obviously you will want to get as low of an interest rate as possible on any loan or credit card you get but it seems to be getting harder and harder as the economy struggles to get through the recession.

Do not be afraid to contact some of the credit card companies and ask questions.  If you do not ask questions up front you are going to get saddled with issues in the future that you cannot change because you signed the contract.  You will want to do your best to get a low interest rate but do not sacrifice everything else to get an interest rate that is a few percentage points lower than a competitor.

Please check out our unemployment forum where we encourage you to post comments below whether it be a strategy you used to get a job, possible tips or links to those who are unemployed or even a rant about your previous employer and how they laid you off.  Anything goes as long as there are no obscenities or direct insults to other posters.

Unemployment Forum

Author: Heather Best

Category: Bad Credit Credit Cards

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