Banking services chronicle published this article Bad Credit Credit Cards How You Can Avoid High Fees
Bad Credit Credit Card #1 This credit card charges a very low interest rate for an unsecured credit card. However, your first fine print glimpse reveals that there is a one time setup fee of $29. Not too bad. So far, since the next charge is a one time fee of $95. So far, were up to $124 in expenses. Thats got to be it, right? No. Add in another $48 for the annual fee and $6 per month in account maintenance fees. Thats brings the cost of your new credit card to $244 the first year, and $120 each additional year. This is no small change, and a card such as this should be considered only if you cannot be accepted for a better unsecured credit card for bad credit. Bad Credit Credit Card #2 This credit card charges a very high interest rate for an unsecured credit card. This cant be good. But the setup fee is only $29. Maybe this card isnt so bad. There is that pesky monthly maintenance fee of $6.50 per month which brings the cost of this unsecured credit card to $107. Maybe weve found a bargain. Not quite. The annual fee is a whopping $150. Yes, $150 every year. That not only brings the initial cost up to $257, but you will also pay $228 a year just to maintain the credit card. There has to be a better offer.
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