Bad Credit Credit Cards – Will Citi Offer Low Rates?
Posted on | October 11, 2009 | 2 Comments
Getting a bad credit credit card has become common in America today. Many borrowers ask the question “will Citi offer me a low interest rate?” Well, the answer to that question can only come through the application process. The credit card industry is much different today than it has ever been in the past. It used to be the case that if you had a name and a heartbeat you could get a credit card at a decent interest rate.
Today we are seeing credit card companies turn down borrowers left and right. I think we all know someone who has recently been denied a credit card. I actually have some friends who I would consider financial smart individuals who got turned down for a credit card. Citi is no different from any other card companies in that they are getting a little bit more strict with their lending practices.
If you have a credit score of 650 or below and your income has not seen a drastic increase in the last few years it is very unlikely that Citi is going to offer you a lower interest rate credit card. It is the case that only the best borrowers out there that are going to get a credit card with an interest rate anything less than 13%. Even some of the prime borrowers are going to find that their interest rate has been increased recently.
In a country that is drowning in debt this is not good news for those citizens that live off credit cards. Interest rates being as high as they are on credit cards is going to cause these individuals to get even further in debt because their monthly payments will no longer go as far as they used to go. With interest rates in the 20% range for many borrowers some credit card holders are finding it a problem to pay just the interest no less any of the balance.
With this in mind you might want to do some extra research before you decide on a bad credit credit card. If you find that the best interest rate you can get is 15% or higher you might want to consider another way to get the extra cash that you need. Also be aware that many credit card companies are moving rates up to offset the credit card bill of rights that was signed into effect by President Obama.
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Author: Heather Best
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October 11th, 2009 @ 8:09 pm
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October 11th, 2009 @ 8:45 pm
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