Credit Cards For Bad Credit - Don't Get Burned By The Bad Offers

Having bad credit can be a living nightmare. Your interest rates go up, your available credit shrinks, and meanwhile everything gets more expensive. Even worse, a few early mistakes can make it nearly impossible to get all but the worst of credit cards to try to re-build your credit report. There are many credit cards that are aimed specifically at people with bad credit but the problem is not finding a credit card for bad credit it's about finding a good credit card for bad credit.

Banks and credit lenders know that if you have a poor credit score you simply won't have the options that individuals with good credit have. Someone with a credit score well above 700 can be really picky. They should get cards with a lot of bonuses, rewards programs, no annual fee, and very low interest rates, often around 8-10%.

If you have bad credit you won't be so lucky. Credit cards for bad credit often have high interest rates, annual fees, and some cards are outright predatory. Some of the worst types of credit cards for bad credit have huge annual fees, huge interest rate, and fees for paying online, for not having a balance, a "minimum monthly transaction" fee, and even a large fee for closing down the account.

You want to avoid these types of cards at all costs. While technically you can re-build your credit that way, there's no reason someone should be able to take advantage of you because of your credit score. There are banks who want to work with people who have bad credit and give them a fair second chance. Many of these credit cards will have small fees, but nothing like what was described above, and the credit line will be small, but the interest rate will be reasonable. Making your first few payments on time will usually be rewarded with credit line increases on the average every 6 months.

Finding good credit cards for bad credit involves doing the homework, and reading the small print. On many of the credit card offers sent, there are large tables that make it easy to see what the card has to offer; but don't trust this without reading the rest! Many predatory cards will show the positives of a card in big numbers on the little chart in the brochure, but many of them won't include all the fees on the chart; those will be in long dull looking small print paragraphs further on in the hopes that whoever is applying fails to read them.

As hard as it can be on the eyes, you should never sign up with a new credit card until you are sure that you are familiar with all the terms. Do the homework to find good credit cards for bad credit that give you a fair chance at rebuilding your credit without ripping you off. Some banks, like Orchard Bank, are especially well known for having great credit cards for rebuilding your credit score.

There are many places to find research on the right type of credit cards for bad credit and they can get you back on the right pace. The Orchard Bank Platinum Card is widely viewed as one of the best " credit repair" credit cards out there, though there are many other options, as well.

Just remember to do your research on credit cards for bad credit and you'll be on your way to having a great credit card that has you back on the road to positive credit.

JP Sheets, founder of 825credit.com,, is a personal finance expert and consumer credit advocate who specializes in responsible credit management and creation. He can be reached online with comments, questions and other inquiries at jeff[at]825credit.com.

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