Apply for Instant Bad Credit Credit Cards – New CARD Act Changes
Posted on | March 10, 2010 | No Comments
If you are looking to apply for an instant bad credit credit card you may want to look over the new Credit CARD Act changes that have been made to the industry. These changes may be good or bad based on your situation but it is something that you must recognize before getting a new credit card.
One of the major changes that the act brings about is that credit card companies must give a 45 day notice before they can increase your interest rate. With this being the case there’s a very good chance that credit card companies will have a higher interest rate initially so they will not have to warn you about a future interest rate hike because you won’t see your rate go up because it is already high.
This is very important to understand that you are looking to apply for an instant bad credit credit card. Make sure to realize what interest rate you will get after the introductory rate is over. Many people get enamored with the fact that they get a low introductory rate but this will not last forever.
When this introductory rate is over having a high balance you could cause you to see a significant amount of interest building if your interest rate is very high. Some borrowers are finding that their interest rate jumps to about 20% after the introductory rate period is over.
Author: Heather Best
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