Do you have bad credit history? Do you want to have a credit cards despite having bad credit score? If the answer to these questions is yes, then bad credit card is all that you need. Bad credit cards give the people with bad credit history a convenience of carrying a card along with helping them in re-establishing their credit rating. Secure Credit Cards
Bad credit cards are only targeted and limited to people who have terrible credit scores and the interest rate charged on them are almost always considerable higher than what is offered to the conventional credit cards holders. This can be considered as the price which a person with bad credit score has to pay if he wants to carry a credit card.
You may even be required to deposit a registration fee, an annual fee and a participation fee along with the high interest rates if you have bad credit score. See Unsecured Credit Cards For People With Bad Credit here
To rebuild their lost credit, most of the people agree on paying the price for bad credit cards. Let me explain you the charges that come when you apply for a bad credit card. The company would charge you around $30 as the applicants’ one time set up fee. Further you would be required to pay $94 (approximately) as one time program fee along with another annual fee of $48 and $72 as the participation fee. So the accumulated initial cost for establishing this card comes down to be $244, with a primary $250 credit limit. Bad Credit Credit Cards Instant Approval
These huge charges and fees are justified by risk of applicant but vary depending on how bad the credit history of the applicant is. Many companies guard the high primary fees along with high interest rates, which sometimes exceed 20%, based on the credit history of the person applying for the card. Companies also do issuance of the bad credit cards for applicants that do not show themselves as being responsible for their financial commitments.
In the end, I would say that no doubt that charges and cost associated with bad credit cards is high, but if you look at the positive side then you would realize that such cards help a person to use the benefits of holding a card along with an opportunity to build their credit rating. As and when you use cards and repay bills on time, companies increase your credit limit along with decreasing the interest rate they charge. When companies send positive reports to the credit bureaus, your credit history improves and you move closer to the financial independence.