Credit Card Offers to Avoid
Not all credit card offers are worth the paper that they are written on. In fact, some are downright terrible. With the thousands of offers out there, why would anyone choose anything less than a terrific offer? Well, if your credit isn’t good that could be a big reason why you chose a particular offer. Yet, even some offers for people with good credit are substandard. Keep reading and we’ll look at the different credit card offers that really should be avoided.
Low Interest, Low Credit Line – If you are offering a low interest rate credit card what good is it if the credit line is too low? Nice of them to offer to you a 3% opening APR, however with a credit line of one thousand dollars or less you’ll have a hard time making use of their “good offer.”
Application Fee – Paying an application fee is ridiculous. The only cards requiring such a stipulation are those for people with terrible credit. If you have bad credit, the last thing you need is another credit card. Expect to pay an elevated interest rate too for the “privilege” of using one of these cards.
Annual Fee – There are so many cards out there not charging an annual fee, so why would you pick one that does? Well, in the case of some business cards or perk laden consumer cards a small, annual fee could be worth it. However, if you are being charged a year for a card with a credit line of 0 or 00 then you are being taken to the cleaners.
Penalty APRs – Watch out for that card offer touting a low rate. It could double or triple the moment you are late even just once with a payment. Think 6.9% is an attractive rate? Think again if you are late: how does 25.9% sound to you? Awful!
No Deal Convenience Checks – If you haven’t used your credit card in some time, don’t be surprised if you find a heavier than usual envelope in the mail offering to you convenience checks to pay off expenses. In most cases these checks are not only convenient, but costly. You could be charged the cash advance rate to borrow money and/or a fee to use each check. Only go for those deals where fees are not charged and borrowing rates are very low. Read the fine print!
Certainly, most credit card offers are decent but you need to know what you are getting before agreeing to a card that is no bargain at all.
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