| Instantly Approved Pre Pay VS Platinum Rewards |
| By Credit Federal |
Published
06/15/2008
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Credit Card
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Search and Compare Credit Card Offers and Avoid Bad Cards
We all want the best of everything. As you search for the best credit card (for you), keep in mind your credit score will dictate what cards you can qualify for. If you have a bad credit history, not only will your options be limited, but you should also seek a credit card to rebuild credit.
Regardless of your credit history, here are cards you may want to strike from consideration:
- Credit cards that don't report to at least one major credit bureau. Even if you already have excellent credit, you'd like to continue having a great score, right? A credit card is a great way to prove your credit worthiness, but only if your timely payments are reported to a bureau. For those who are trying to establish or rebuilt credit, having the credit card issuer report timely payment history on a credit report can boost your score faster than any other type of financial activity due to how credit card (revolvling credit) is calculated.
- Credit cards with high initial fees. You could end up getting a credit card with a balance even before you make your first purchase. Cards with fees such as account setup fees, program fees, participation fees, joint spouse fees and fees for credit limit increases. There are some subprime, bad credit cards, that have fees so high that the fees nearly exceed the initial credit limit. Again; however, your credit history will have a lot to to with the cards you qualify for, and the best credit cards require the best credit.
- Credit cards with a high minimum APR (the annual percentage rate is the interest rate applied to balances that you carry from one month to the next).
- Credit cards that offer a 0 introductory rate balance transfer, but have a sky-high rate for the amount transferred (or balance of the transfer) once the introductory period expires.
Keep in mind that these are only tips to help you narrow down the card that's right for you. Be sure to read the full Terms, Conditions and Disclosures in the credit card's fine print before you even apply, and again before you accept the card (in case the issuer switched you to a lesser card than the one you had applied for).
Another tip is to ask friends and family which credit cards they use, and the features they like and dislike.
If your bad credit history (or no credit history) prevents you from getting approved for a decent unsecured credit card, consider getting a secured card instead until you rebuild (or build) a good credit history. Many secured credit card issuers will later offer an unsecured card, and also report to major credit bureaus.
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