Unsecured Credit Cards For People With Bad Credit
Unsecured Credit Cards For People With Bad Credit means credit cards that individuals can access with no money down. Many people seem to confuse credit cards with prepaid cards. These are not the same. A credit card means that you have access to cash or funds that you have not earned. A prepaid card is similar to a debit card, it really is just using cash that you have a stored value for. The secured card is actually different. The secured card requires hypothecated funds against the principal balance on the card. This means that the bank or card issuer can recover at least the principal amount from the card holder. However there are several options for people with bad credit to obtain an unsecured cards. These are offered by some card issuers. The first option we look at First PREMIER Bank Gold MasterCard. This master card is offered by the First Premier Bank and there are several top aspects to this card. Primarily once you apply online the decision to offer credit is made in 60 seconds. The APR or Annual Percentage Rate on purchases is 9.9%. Another great aspect is that if you keep good credit with these cards they report to four top credit bureaus each month. You have 24 hour access to you r account both online and by telephone. You also have the great prestige of having a gold card even though you have bad credit. The most amazing thing is that the yearly fee is USD$48.00. Though this seems like a great deal unsecured credit for people with poor credit is going to come with several fees. We have highlighted those that we consider notable.
- The initial minimum credit limit will be at least $250
- An Initial charge of USD$149 billed to the card
- APR for Cash Advances 19.9% and Penalty APR 19.9% for Purchases.
- Minimum Finance Charges – $0.50
- Late Payment Fees – $25
- Monthly Participation Fee of $9.95
These are hefty fees, however this card was actually designed to assist in rebuilding credit score and not actually for spending. Its one of those cards, though unsecured actually can quickly place you in a much more difficult situation than before. You can learn more about the card before applying. In order to apply for this card click the link below.
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