6 Tips for Secured and Unsecured Credit Card Applicants

6 Tips for Secured and Unsecured Credit Card Applicants

Today, let’s talk about tips credit card applicants, like you, can use as you shop around and compare secured and unsecured credit card programs oered in the market.

Research on the prevailing rates and terms of credit cards.

Find time to consider the current features of secured and unsecured lines of credit available in the market. You can do this by asking for pamphlets or brochures from nearby banks and card issuers. However, you shouldn’t fixate on the interest rate or on the credit limit. After all, catalog credit cards guaranteed approval come with other features such as payment terms and options, fees and charges, additional facilities (like cash advance, balance transfers, etc) and relevant rewards or incentives.

By doing so, you will be equipped with the right information that can help you find and eventually apply for a suitable credit card program. More importantly, such information can prevent you from taking out lines of credit from predatory card issuers and from getting ripped off by popular credit card scams.

Examine your personal finances.

Take a close look at your monthly income and expenses and consider if you can really afford to manage and use a secured or an unsecured credit cards for bad credit. Always remember that even if a credit card can help you manage your financial resources effectively, it can still eat up a significant percentage of your budget especially if you intend to carry balance from one month to the next.

If you discover that you have more than enough cash to cover your future credit card charges as well as your other financial obligations, then you may start shopping and comparing the offers you will receive. However, if you think that you barely cover your monthly bills and expenses then it might be best to postpone your plans of taking out a line of credit, until you become more stable, financially.

Shop and compare.

Visit websites that oer credit card comparison services. After all, by using the tools available in such sites you can easily identify the beneďŹ cial features of each credit card program. Furthermore, you can narrow down your options and select a credit card that perfectly suits your needs, spending habits and budget.

Run background checks on your target issuers.

After coming up with a short-list of secured or unsecured credit cards for bad credit, what you should do next is to conduct personal investigation on your prospective card issuers. Look at their history and accreditation with the federal or state government. And consider what the past and current clients of each firm are saying about the programs they offer and their working relationships with prospective cardholders, like you. In so doing, you can improve your chances of finding a firm that can give you what you want and one that will honor your rights as a credit consumer.

Inquire about the requirements.

Ask what forms you need to ďŹ ll out, which ďŹ nancial or personal documents you need to submit, and the fees and charges you need to pay to ensure the immediate processing of your credit card application. This way, you can have the documents and funds ready before submitting your request for a credit card program.

Read and examine the fine print of the credit card program, before signing your contract.

Take the time to consider the terms, conditions and usage restrictions that will apply to your secured or unsecured credit card. This way, you won’t have any regrets once you have affixed your signature on your credit card agreement.