One of the most popular credit cards that people trying to re-establish credit are attracted to are the low-limit unsecured credit cards. These cards do not required the consumer to put up any funds upfront. Instead they offer a very low credit limit and charge the set-up and processing fees to this credit line. Giving the opportunity to pay them over time with interest. These fees can be up to and in excess of $250 reducing the initial amount of credit extended to less than $50, less than a tank of gas.
Other than timely payments consumers have no control over how quickly this credit limit is increased. Credit line increase are usually limited to one or two in a 12 month period. Interest rates on these types of cards are usually higher than other cards.
Consumers looking to increase their credit scores have to be very consciousness of their spending habits with these types of cards. Due to the low limits it is very easy to go over the limit and incur additional fees and charges.
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ReplyDeleteI think secured credit cards are also a very good option for those who wants a credit card but can't get one due to bad credit. Compare credit cards here.
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