Bad Credit Credit Cards 0 APR – Need Christmas Shopping Cash Today?
Posted on | December 17, 2009 | No Comments
Bad credit credit cards with 0% APR is something that many consumers will look into this holiday season. The Christmas shopping season is in full swing and many consumers are coming to the realization that they may need some extra shopping cash. If you are in this situation you may think that getting a quick retail credit card might be the way to go but it would be advisable to step back and think about your decision.
If you have very bad credit then you are going to find that very high interest rates follow you anytime you have the desire to borrow money. If you want to get a credit card you may have the option of 0% APR for the introductory period but this will not last forever and there is a good chance that the interest rate on these types of credit cards could escalate to extreme levels; possibly above 25%.
If you have a credit score under 650 then you are going to find it nearly impossible to get a credit card with an interest rate below 15%. Unfortunately the credit card industry has changed for the worse when it comes to consumers. Since the credit crisis, many borrowers are finding that their credit card interest rate has increased even if you have a great credit score and have not missed a payment in the recent past.
If you have missed a payment you know just how much your interest rate can increase. Some readers of Subprime Blogger have reported that the interest rate on their credit card went from 3.99% all the way up to 26.99% because of one missed payment. You can expect that to be the case on many credit cards as these companies are looking for a way to make a profit and higher rates is definitely a way to get more money out of consumers.
Before deciding that a bad credit credit card is right for you it is important to look at your current financial situation. If you already have several credit cards and multiple lines of credit out then it might be a good idea to focus your efforts on paying these debts down before deciding that you need another credit card. If you get another card you are likely to use it for all your expenses which will quickly build the balance.
Author: Heather Best
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