Bad credit unsecured credit cards can help rebuild the creditworthiness of people with bad credit, charge-offs, and arrears. Your chance of getting an unsecured credit card depends on your credit rating, earning potential and financial stability. Sometimes these are offered to people with a poor credit history. All major credit card companies, such as MasterCard and Visa, provide bad credit unsecured credit cards.
A person with bad credit has to make a small deposit, which serves as a security to the lenders if you fail to make payments. Depending on the unsecured credit card providers, the deposit amount may vary. Bad credit unsecured credit cards are issued on the basis of minimum requirements. When bad credit unsecured credit cards are approved, the borrowers are not allowed a credit line exceeding the amount deposited. The main advantage of bad credit unsecured cards is that one can easily withdraw cash in times of financial crises.
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The APR (Annual Percentage Rate), card fees, account set-up fees, and programs fees for these credit cards are relatively high. Bad credit unsecured credit cards have a credit limit ranging from $250 to $500. If the borrowers make regular payments, the lender gradually increases the credit limit.
Most of the lenders provide flexible payment plans and free services. However, you have to guard against scams which occur through fraudulent emails, letters, and phone calls. Therefore, utmost care and proper research must be undertaken to select a bad credit unsecured credit card provider. You have to be cautious about some lenders who charge high fees in the form of yearly rates and additional hidden charges.
Most of the credit card companies now render online applications and instant approvals. So the Internet is considered the best source to find bad credit unsecured cards.
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