Bad Credit Cards

If you have ever gotten in trouble with your credit card the term bad credits cards may seem obvious. However, this statement is not universally true. Credit cards can actually help you make the purchases you want, and if paid on time and used with respect, they can actually save you money.

Don’t take this as gospel truth. While the major credit card companies have a good reputation for honesty, there are many other smaller credit card companies that prey on the unsuspecting.

If you want a credit card that is reputable you should look at the following companies:

Visa
Master Card
American Express
Discover

If you are looking at another type of credit card you should be wary. They may be a disreputable company that will fly by night, having purchased their first-class plane ticket with YOUR hard earned money.

Here are some of the ways that bad credit card companies will try and steal your money.

• Bad credit card companies that prey on you and elderly people. These people tend to be overly trusting and will believe what they are told. If the company seems to be targeting these people you should stay away.
• They may blatantly charge over limit fees and improper late fees
• They may mandate payment schedules based on holidays and days that banks and malls are closed, thus preventing you from making your payment on time.
• Bad credit card companies might shorten payment periods without giving you explicit and fair notice.
• Your interest rate may increase if you make a late payment.
• They may use negative billing for their services like fraud protection and payment protection. This basically means that they will charge you for the service even if you haven’t asked for it. You have to go to them and ask for each ‘service’ to be removed individually.

Make sure to do your research when looking at which credit card to buy. You can even notify the major credit bureaus like Equifax, Tans Union and Experian and let them know if a bad credit card company id operating in your area.