Guaranteed approval credit cards or bad credit credit cards are very popular in the market.
Obviously, many people who are need credit cards have bad credit history and therefore, cannot qualify for credit cards that require good or excellent credit. In response, many credit card companies issue guaranteed approval credit cards for their bad credit market.
Not all bad credit credit cards are worth getting. Below are practical tips on how to find the best guaranteed approval credit cards and avoid credit card fraud.
Avoid giving personal information to credit card affiliate websites.
It is recommended to check out online reviews to better compare different cards. However, you need to be very careful when signing up for a credit card from an affiliate website. Why so? The risk of fraud and identity theft is greater on these sites so it’s best that you go to the official credit card website when submitting your online application.
Check your sources well.
Some credit card review websites may give biased reviews on the cards that they endorse. This is why you shouldn’t pick a card based on the reviews alone. Such reviews should only help you narrow down your choices. Afterwards, you should do further research on the prospective cards you’ve chosen.
Be Aware of Credit Card Fraud.
Filling out online applications can be tricky. Some consumers don’t even bother to read the complete Terms & Conditions. They simply sign up and submit their application. But doing so can be risky since you can end up with the wrong choice. You will not know everything about a card unless you take the time to study the contract. So read the fine print no matter how lengthy or how small the prints are.
Compare each credit card carefully.
Guaranteed approval credit cards vary when it comes to rates, fees and conditions. Don’t let a low introductory interest rate fool you. Some cards may start out with a very low rate which only applies for a short time period. As soon as the introductory period runs out, the interest rate could easily balloon up and by then, it may be too late to back out.
Yes, apart from the introductory rate, you’ll want to make sure that the regular interest rate will remain reasonable. Don’t forget to examine possible hidden costs particularly on transaction charges. Does the card carry an annual fee? If yes, how much would you need to pay each year to keep your account active? How much are the penalties for late payment and over-the-limit charges? What are the privileges you can enjoy as a cardholder? These are all important factors that you should consider before making a choice.