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Thursday, February 12, 2009

Factors To Consider Before Getting A Secured Credit Card

By Ras Reed

Some people are just simply bad with credit cards. They can't seem to meet their monthly payments no matter what they do. People like this are more inclined to incur credit card debt and have a bad credit rating history.

A bad credit past can barricade you from innumerable things. You could be passed over for a job in the bank because of your bad credit rating or your application for a loan may be turned down. A bad credit past does not make you look persuasive. It portrays you as someone who is incapable of handling financial decisions or making sound financial judgments.

If you have a bad credit past, don't despair. That's where secured credit cards come in. Secured credit cards are also called bad credit cards because they are produced chiefly to assist those who have bad credit past.

To get a bad credit card you will need to open up an account with the credit card supplier as a guarantee that you will pay your monthly bills. You will need to maintain some cash balance there which will be gathering interest as paid by the credit card supplier. In your search for a bad credit card, you should consider the following;

- Minimum balance: A bad credit card supplier will need you to deposit a minimum balance in an account with them. The minimum balance varies from one credit card supplies to the next. Finding the credit card supplier that presents the minimum balance you can afford will assist you boost up your credit card.

- Credit limit: This refers to the amount of money on the credit card that you can spend and is calculated by deriving the percentage of your bank account balance.

- Extra fees or charges: You may need to pay extra money to get a bad credit card. Some bad credit card suppliers don't charge you anything to get hold of it while others do. It's better to go for a bad credit card that has a zero charge.

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