Sunday, December 23, 2007

Bad Credit Credit Cards

Chances are you've gotten your share of offers for Bad credit credit cards, Bad credit visa cards and Credit cards for people with bad credit. Re-establish your credit with a pre-approved bad credit credit card, regardless of your credit history, some with low introductory rates and other perks. Many of these solicitations urge you to accept "before the offer expires." Before you accept, store around to get the best deal. A credit card is a word form of borrowing that often affects charges. Credit terms and statuses impact your overall cost. So it's wise to compare terms and fees before you hold to open up a credit or charge card account.

The following are some of import terms to see that generally must be disclosed in credit card applications or in solicitations that necessitate no application. You also may desire to inquire about these terms when you're shopping for bad credit credit cards.

Annual Percentage Rate. The APR is a measurement of the cost of credit, expressed as a annual rate. It also must be disclosed before you go obligated on the account and on your account statements. The card issuer also must let on the "periodic rate" - the rate applied to your outstanding balance to calculate the finance charge for each charge period. Some bad credit credit cards allow the issuer to change your APR when interest rates or other economical indexes - called indexes - change. Because the rate change is linked to the index's performance, these programs are called "variable rate" programs. Rate changes raise or lower the finance charge on your account. If you're considering variable rate credit cards, the issuer must also supply assorted information that lets on to you: that the rate may change; and how the rate is determined - which index is used and what further amount, the "margin," is added to determine your new rate. At the latest, you also must have information, before you go obligated on the account, about any restrictions on how much and how often your rate may change.

Free Period. Also called a "grace period," a free time time period allows you avoid finance charges by paying your balance in full before the owed date.

1 comment:

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