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Bonsai Finance: Getting a Credit Card for Bad Credit

If you are one of the millions of people with a bad credit, it is easy to feel like accepting whatever terms and conditions a credit card issuer gives you. While it is true that you may have limited options because of your credit history, you still have other options to get financial help like getting a credit card for a bad credit. By using a credit card properly and paying your due on time, it is possible to help rebuild your credit history without having to pay significant amount of credit card fees. Just imagine getting approved for a credit card, responsibly using it, and paying your dues on time, but in the end you just realize that all your good efforts are not being reported to the credit bureaus, thus working with a credit card company reporting to credit bureaus such as TransUnion, Experian, and Equifax is important.

The best option for a credit card for those people with a bad credit are secured credit cards because prepaid debit cards cannot help rebuild credit. A good secured credit card requires a cash deposit but it works like a regular credit card, wherein you can borrow money and you are assured that your good payment behaviors are being reported to the credit bureaus to help rebuild your credit score. There are credit card issuers taking advantage of people with poor or bad credit by charging them with excessive fees. The annual fee, balance transfer fee, and late fees are the most common fees on credit cards for poor credit. The acceptable annual fee for credit cards for bad credit is $30, and you need to consider it a red flag for any amount more than this. When it comes to transferring a balance from one credit card to another, the acceptable and reasonable balance transfer fee is between 3% to 5% of the transferred amount. Balance transfer fee is not usually charged for people with good credit. The maximum late fee is $27 for the first offense, and $38 for the succeeding.

It is worth it choosing a credit card offering tools to help you in monitoring your credit using debt-payment calculators or free financial education programs for improving your overall financial health. What are the good credit card management strategies you can do to your advantage? Provided that you pay on time for at least a year, a credit card issuer can help you switch from secured credit card to unsecured credit card, so work with a trusted and reliable credit card issuer to help you achieve this. You can also find an unsecured credit card without annual fee. For people with a bad credit, they usually want to eliminate plastic cards, but this is the fastest way to help rebuild a credit, so this is your best option if you have a bad credit.

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