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Having a less-than-perfect credit score can make it difficult to find a credit card. Usually bad credit credit cards are riddled with high interest rates and charge the user a ton of additional fees. It may seem like it’s not worth the trouble or extra expense. However, having a credit card will help you rebuild your credit and allow you to do things such as rent a hotel room, rent a car, etc. If you’re looking for a credit card, here are some ways to find the best sub-prime credit cards. Consider a Secured Card Secured cards require an upfront deposit that becomes your credit limit. These cards may require a deposit as low as $200, while others allow you to add as much of a deposit as you can afford from $50 to $5,000. Secured cards may still charge an annual fee or a one-time authorization fee, so make sure you read the fine print. Secured cards will keep your deposit for up to 2 years as assurance that if you don’t pay your bill they can collect their money. Many secured cards, though, can eventually be converted into a regular credit card if you do the following: - Pay your bill on time
- Don’t overspend your credit limit
- Keep your credit score at an acceptable number
Look for Cards with Low Annual Fees You may not have a choice when it comes to the interest rate you’re charged. When you have bad credit, you’re at the mercy of the creditors who see you as a risk. However, spend some time looking for credit cards that do not charge excessive fees like monthly service charges, expensive annual fees, and authorized user charges. Report to Credit Bureaus Lastly, when searching for bad credit credit cards, make sure the company reports to the major credit bureaus. You don’t want all your hard work at rebuilding your credit to go unnoticed.
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