Bad Credit Credit Card Application – Get Deals for Holiday Gifts
Posted on | December 21, 2009 | 1 Comment
Many shoppers will submit a bad credit credit card application this holiday season. Many people will do this because they want to get deals for holiday gifts. Most retailers will offer you a credit card along with some coupons or discounts in hopes that you will continue to shop at their establishment. Unfortunately, most of these credit cards have an interest rate of 20% or higher and some of them have an interest rate above 30%.
Before you decide that applying for one of these retail credit cards is right for you it is a very good idea to step back and think about how much money you will pay in interest over time. If you were to hold a balance on this card then it is highly likely that the amount of money you save this holiday season will be greatly outweighed by the amount of money you pay in interest over time.
Retailers offer these credit cards instantly because they want you to sign up at the cash register. They do not want you to go home and think about it because you will realize just how high the interest rate is and how bad of an idea this credit card application would be. Once they have your name and information they will almost instantly verify you as a customer and give you a credit card that will come in the mail.
When you receive this credit card you are likely to consider cutting it up and throwing it away but most credit card borrowers do not do this. Unfortunately, they receive more offers in the mail which causes them to immediately go to the retailer and continue to make more purchases this time with it being on the bad credit credit card. This is very bad when it comes to a personal finance decision because you will start to build up huge amounts of interest over time.
When you go into a retailer this holiday season make sure to think about your actions before you actually fill out that credit card application. One good idea is to ask the person submitting the application to you what the interest rate on the credit card will be. It is highly likely that that person has absolutely no clue what the interest rate will be which is a good sign for you to walk away and say that you do not want that card.
Author: Tiffany Mann
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December 22nd, 2009 @ 11:25 am
[...] Bad Credit Credit Card Application – Get Deals for Holiday Gifts Many shoppers will submit a bad credit credit card application this holiday season. Many people will do this because they want to get deals for holiday gifts. Most retailers will offer you a credit card along with some coupons or discounts in hopes that you will continue to shop at their establishment. Unfortunately, most of these credit cards have an interest rate of 20% or higher and some of them have an interest rate above 30%. [...]