Bad Credit Cards

[Dana]

What are some things that give you red flags for BAD credit cards? Like the ones that will likely be working against you as you use them. I know some are good but it seems like most are not these days.

 

[Frazzeled]

High interest rate. No reward points. No additional warranty protection products you buy.

 

[Tera]

High APR and annual "hidden fees". Those are two things I always tell people to keep an eye out for when credit shopping.

 

[Poet]

Just find the fine print and read it. Sometimes there is a lot sometimes there is only a few lines. It is worth reading BEFORE you sign anything though. Most people do not read it.

 

[Tera]

Just find the fine print and read it. Sometimes there is a lot sometimes there is only a few lines. It is worth reading BEFORE you sign anything though. Most people do not read it.

This is also a good point. I mean this is the case with most things. Sometimes people get scammed when they don't read the fine print.

 

[Britanica]

I hate saying this but in my experience, most of them are bad for one reason or another. If it was not for needing credit for things like buying a home, I wouldn't even have a card anymore. I got into debt in my early 20's because of 3 cards and I am still working on fixing issues from then.

 

[Rhea]

Like said read the fine print. Some of the bad cards offer a fantastic interest rate, but the rate increases significantly after the introduction period. Also make sure you know how much late fees are, and whether a late payment jacks up your interest rate.

 

[Britanica]

Like said read the fine print. Some of the bad cards offer a fantastic interest rate, but the rate increases significantly after the introduction period. Also make sure you know how much late fees are, and whether a late payment jacks up your interest rate.

My friend has a card that sounds great but then you see what they do on paper and they sound like criminals. I guess if she misses one payment, the interest goes up AND she has to pay a fee.