Bad Credit Credit Cards: Who has guaranteed approvals?
Credit card companies with guaranteed approvals are common in the industry, but these credit cards must be viewed with a bit of skepticism. Some credit card companies that offer guaranteed approvals do not deliver when the customer is trying to use the card from day to day.
In interest rates on these guaranteed approval credit cards are often the things that make these cards hard to use. Users may not realize what the interest rate is going to be when they apply for the card. The interest rates may be very high, or the card may have many fees that make it hard for people to make their payments.
These cards are not accepted in many locations because they do not carry a major card logo. Every credit card that people use should have a logo from a major credit card provider. The major providers are accepted all over the world, and it is wise for the customer to understand where they can use their credit cards before they apply.
The Late Fees
There are many credit card companies that are easy to work with, but some credit card companies will charge steep fees for late payments of other items. No one can afford to pay over and over for the late fees on their card. Also, the card may have an annual fee that could be detrimental to someone’s balance.
The guaranteed approval credit cards in the industry are going to allow some people the chance to build up there credit, but there are other cards that will not help to this end. Some credit cards make it very hard for people to make payments on time, and the only credit card people should have in their wallet is the one that offers lower fees and payments.