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Bad Credit Credit Cards – Will Visa Give Me a Low Rate?

Posted on | November 13, 2009 | 2 Comments

Bad credit credit cards or something many borrowers are seeking right now with the Christmas holiday coming up. Many bad credit borrowers are finding that they need extra money to make ends meet and buy Christmas gifts for the children and family. One of the easiest ways that people find by Christmas presence is by using a credit card.

If you desire to get a new credit card you’re going to find this process to be a little bit difficult. Several borrowers want to know that Visa or MasterCard can offer them a low rate on a bad credit credit card. Unfortunately this is no longer the case as these companies have found it very difficult to make ends meet financially. Several major CEOs have stated that the credit card industry will not be profitable until the beginning of 2011.

With this being the case credit card companies are unable to offer you a low interest-rate especially if you have bad credit. In fact, many prime borrowers are still not getting low interest rates. We all know very good borrowers who are seeing 15 to 20% on their current credit cards. This is bad news for anyone who has extremely bad credit.

If your credit score is 650 or below you are going to find it very difficult to find a credit card with an interest rate under 20%. To make matters worse, the credit crisis has made credit card companies realize that many borrowers are likely to default on their payments or rack up large balances that never get paid.

The only thing you can do to lower the interest on your credit card is to improve your credit score. This is sometimes difficult in the current economy. If you do not have the extra money to pay down high interest debts that it is unlikely that you will be able to greatly increase your credit score.

Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below.

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Author: Mike Garner

Category: Bad Credit Credit Cards

Comments

2 Responses to “Bad Credit Credit Cards – Will Visa Give Me a Low Rate?”

  1. Kim Hanlin
    November 14th, 2009 @ 10:27 am

    I’m wondering what kind of credit cards are avalible without a 29% intrest? I have a credit score of 669.. Could you please help me find one?

    Thank you,

    Kim Hanlin

  2. Bad Credit Credit Cards – Will Visa Give Me a Low Rate? Leading just to Me
    December 3rd, 2009 @ 6:41 am

    [...] original here:  Bad Credit Credit Cards – Will Visa Give Me a Low Rate? By admin | category: low interest, low interest visa | tags: all-know, case, enviro, low [...]

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