How To Get A Good Credit Card With Bad Credit

Anyone who needs a credit card wants a good deal. But what really makes a good credit card deal? Is it a low interest rate, a high credit limit or big rewards? With so many choices around you, how can you pick a credit with a really good deal?

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Finding a Good Credit Card Deal

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Credit cards are not all made the same. There are credit cards with rewards and there are also non-reward credit cards. Some cards are designed for consumers while some are created for business owners. There are credit cards for corporations and there are small business credit cards as well. You can find credit cards that require good credit and credit cards that accept average credit and even bad credit.

Clearly, choosing a good deal will depend on your own personal needs and lifestyle. In order to say that you’ve found a good deal, you need to match a credit card’s features and offers to your own unique needs.

You need to consider your personal credit history as well. When hunting for a credit card, ask yourself, “Is my credit rating high enough to get an approval?” Take note that credit cards with the lowest interest rates and better terms are often reserved for customers with good to excellent credit history.

In case you have poor credit, you may need to get a secured credit card that reports to the three major credit bureaus (Experian, Equifax, TransUnion). By using a secured credit card, you build up your low credit score one step at a time.

After a year of consistent payment, don’t forget to request for an upgrade to a non-secured credit card account. Now that you have a much higher credit rating, you can ask your credit card issuer for a lower APR and a higher credit limit.

What about the rates?
A low interest rate is important but it doesn’t guarantee a good deal. Some credit cards offer a very low introductory interest rate. You can even find cards that offer zero interest rate as introductory promo. You need to make sure that the regular interest rate after the introductory period will still be reasonable. Otherwise, you could get stuck with a high rate card after only 3 to 6 months of enjoying the low rate.

Unless you made sure about the rest of the fees and the conditions associated with your card, you shouldn’t sign up for a credit card based on a low APR alone. Check if the card carries an annual fee and if it does, consider if it’s worth paying for every year. Consider the late penalty and over-the-limit charges and make sure that there are no hidden costs not stated in your contract.