Bad Credit Credit Cards 0 APR – February Brings the Credit CARD Act
Posted on | January 31, 2010 | No Comments
Finding a bad credit credit card with 0% APR is going to be extremely difficult in February as the credit CARD act takes effect at the end of the month. Many credit card companies are adjusting their business strategy due to this new legislation. It is highly likely that bad credit borrowers will no longer be able to borrow money at cheap rates.
Prior to the credit crisis many credit card borrowers received offers in the mail almost daily. Most of these credit cards offered a 0% introductory rate APR for up to 18 months. You have probably noticed that the length of time for introductory APR has dropped significantly. Most credit cards are only offering this introductory rate for up to six months.
Do not be surprised if this is shortened even more after the credit CARD act becomes law. There would be no surprise if credit card companies stopped offering low introductory rate APR‘s the bad credit borrowers. If you have a credit score below 620 you are going to see the number of offers you get drastically decline.
Most credit card borrowers will also see the interest rates on their current credit card increase. There have even been some good credit borrowers who have seen their interest rate increase to well above 20%. Unfortunately, the only thing you can do is call and negotiate a lower rate if you have financial leverage.
Author: Tiffany Mann
Comments
Leave a Reply