Apply for Instant Bad Credit Credit Cards – Low Rates and No Fees?
Posted on | December 1, 2009 | No Comments
Many bad credit borrowers are likely to apply for an instant bad credit credit card prior to the Christmas holiday. Most of these borrowers would like to know that they can get low rates and no annual fees. Unfortunately that is not likely to be the case. After the credit crisis many credit card companies have totally changed the ways in which they allow borrowers to qualify for credit cards.
In the past we can all remember getting several offers for credit cards in the mail each week. Most of these offers included a 0% apr for the introductory period, no annual fees and some very attractive rewards programs. Most of the time when we applied for these credit cards we were approved almost instantly even if we did have bad credit.
Today this is not the case as these credit card companies have realized that there are many bad credit borrowers out there who have absolutely no intentions on paying these credit cards off. The unsecured debt that these credit cards offer are the last thing that most struggling Americans are going to pay off when they get in a bad financial position.
If you have a credit score of 650 or below and you have seen your credit score drop over the last few months then you are going to find it very difficult to qualify for a low interest rate credit card with no fees. Unfortunately these credit card companies are demanding a much better credit score or you are going to get punished with a much higher interest rate. This higher interest rate is going to make it much hard for you to pay off this credit card if you build up a large balance.
There are many credit cards available out there but it would be a very wise decision to do quite a bit of research before deciding which card to get. If you have a low credit score then you will want to make sure you know what the APR is before using a credit card. It would also be a good idea to check and see what type of annual fees these bad credit credit cards charge.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Tiffany Mann
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