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Bonsai Finance: Get a Credit Card Even You Have a 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. People with a bad or poor credit may have limited options because of their credit standing but they can still get financial help from alternative sources. It is possible to help rebuild your credit history with the help of a credit card as you pay on time without having to pay exorbitant credit card fees. Just imagine getting approved for a credit card, responsibly using it, paying your bills on time, and in the end you realize that all your efforts are not being reported to the credit bureaus.

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 secured credit card will require a cash deposit, working like a regular credit card, wherein you can borrow money, pay on time, and assured that good payment behaviors are reported to credit bureaus to help rebuild your credit history. 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. For balance transfer fee, it should only be around 3% to 5% of the transferred amount to transfer a balance from one credit card to another. For individuals with a good credit, balance transfer fees are usually not charged. When it comes to late fees, this can take a hit, but the maximum late fee is $27 for the first offense, and $38 for the succeeding for missing a due date.

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 best credit card management strategies that can help you financially? 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. Paying an annual fee is just used to keep an older card open but it is not worth it, even if your older accounts can help with your credit score. The fastest way to help rebuild your credit is through using a credit card so this is your best option if you have a bad credit.

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