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Credit Card Debt Relief

Saturday, March 10, 2012

Instant Approval Credit Cards For People With Bad Credit

Do you want a credit card but are afraid to apply because you have had bad credit in the past? If so, you may be in for quite a surprise. There are companies offering cards for individuals with bad or less than perfect credit. You may even be able to get instant approval credit cards with bad credit. However, the important thing is to always read the fine print before applying for an offer.

Cards designed for people with bad credit will help them rebuild their histories because they report to the major bureaus every month so if you pay your bills on time, your score will improve with these offers. However, you may be paying a steep fee for this privilege, at least with some of them.

Here are a few examples of some things to watch for that do more harm to you financially than any good they may do:
  • Offers charging a "one-time setup fee"
  • Offers charging additional "one time fees"
  • Offers charging high annual fees
  • Offers charging account maintenance fees
While all these fees may sound like small individual fees, some offers are charging this to customers that have bad credit and feel they can't get anything else. The charges can easily add up to over $200 per year. All these fees are also in addition to the high rate of interest they are charging. It may not be unusual to see various charges for individuals with bad credit but they shouldn't be this high.

Be careful to research and comparison shop so that you can find you some good deals that may charge an annual fee and even set up fees but nothing like what I mentioned up above. Secured and unsecured offers are offered online for consumers with bad credit. Instant approval credit cards are generally designed for individuals with good credit but some companies have options for other consumers as well.

Secured cards are a great way to rebuild your credit and may be available with instant approval. Your limit on secured credit cards is the amount that you deposit into the account. If you make your monthly payments, your score will gradually improve and you'll be approved for unsecured offers with much better terms.

About the author:
Bill Glass, Editor-in-chief www.DealsForCreditCards.com
DealsForCreditCards.com is the leading credit card marketplace, bringing consumers and card issuers together online. Compare hundreds of offers side-by-side, calculate balance transfer savings and apply online. Visit the site to compare instant approval credit cards today.

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