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Article Title: Bad Credit Cards - 5 Major Rip Offs You Need to Avoid
Author: Bobby Tan
Category:
Word Count: 555
Keywords: bad credit card, bad credit cards, bad credit credit card, bad credit
cards
Author's Email Address: [email protected]
Article Source: http://www.articlemarketer.com
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In this article, I will expose five mistakes people make with bad credit cards.
Unfortunately many consumers with poor credit unknowingly hurt their credit
score and waste excessive money on unnecessary fees. Bad credit is a lucrative
industry and corporations know consumers are motivated by two major instincts.
Fear of not being able to get credit and greed to obtain something for nothing.
Unfortunately consumers with problem credit have fewer choices when it comes to
credit cards. Credit card companies assess higher fees and penalties for
people with damaged credit so it's important to make your decisions carefully.
If you have poor credit and you're in the market for a prepaid card or secured
credit card, knowing about the following list of mistakes will help you avoid
paying unnecessary fees or ruing your FICO score.
1) Nonbank Catalogue Cards
If you receive a pre-approved "gold" or "platinum" card with a high limit and
no credit check required, beware! These cards typically require you to purchase
items only from the stores catalogue and scam you into paying merchandise that
is overpriced by as much as 50% or more. Also these companies seldom report to
the credit agencies.
2) 900 Number Telephone Scams
Beware of these type of advertisements asking you to call a 900 number for a
guaranteed large credit line or for "instant approval". These credit scams are
operated by companies who lease phone company lines and profit by charging you
higher than normal call costs. Most of the credit cards they offer gouge you
with high application and processing fees. Some scams have you call a 900
number to get a secured card but all you really get is an application and a
hefty phone bill.
3) Credit Card Insurance
This is just another way for the bank to profit from your account. This type of
insurance usually isn't necessary and extremely overpriced. If you feel you
need this kind of insurance, you're better getting it from an independent
insurance agent.
4) Cash Advances
Cash advances amount to nothing more than a high interest loan. Banks can
charge you a hefty advance fee and you are charged high interest immediately
when you take out the loan. Unscrupulous banks will seek to eliminate any
interest free period upfront and for as long as you maintain an unpaid balance.
A cash advance check functions just like a credit card advance. If possible,
avoid using your credit card for cash advances.
5) "Waive your minimum monthly payment"
is a popular offer credit card companies like to use, especially around major
shopping times during the year. Though it may seem that the bank is trying to
give you a break from your financial obligations, their main goal is to have
you accrue more interest. If you fall for this bad credit card trick, you will
end up owing more debt to the bank. Never miss a monthly payment if possible.
Your goal should be to get out of debt as soon as possible.
Armed with the right knowledge, you can avoid being another victim of a bad
credit card scam. With a little searching, you can find some good prepaid and
secured credit cards designed for people with bad credit. Get one and make your
payments on time. This is one of the best ways to help you rebuild great credit.
Bobby Tan is a debt consultant helping people resolve bad credit issues. Find
Bobby's reviews of the hottest bad credit cards at Bad Credit Card Tips web
blog.
Get Bobby's free 33 Days To Near AAA Credit course. Click -
http://www.badcreditcardtips.com
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