Credit Card for Bad Credit – Things You Need to Know
A credit card for bad credit may be more than a just an option; it may be a Vital necessity in our economic structure.
Credit cards are rapidly becoming customary & necessary in our world today. A growing number of merchants – particularly online – don’t accept (or would prefer not to accept) cash these days.
Why? Because due to the rise of counterfeit bills and other crimes, cash has become a High Risk! Therefore, it is highly inevitable that you carry at least one piece of plastic with you at all times.
Try renting a vehicle, hotel or reserving a flight without a credit card A MAJOR hassle to say the least! Try making an instant purchase by phone or Internet without a credit card -or some form of electronic payment. It’s just not gonna happen.
Cash may still be king…for now… But it is surely & gradually being dethroned as plastic becomes the preferred method of payment for the consumers who use them — as well as for the merchants who accept them.
From the merchants’ point-of-view:
Merchants have had a long-time problem with counterfeit bills and one way to counter this problem is by accepting credit cards. Doing this, they no longer have to worry if a bill is real. Credit cards give them assurance and confidence that the money is real because it is backed by banks.
And as it pertains to you, the customer:
Surely you’re smart enough to know that carrying a replaceable credit card with you is MUCH safer than walking around with a wad of cash. There are a lot of cRaZiEs out there And You Could Get ROBBED! And if those crooks get away with your hard-earned cash — you might as well kiss it goodbye.
But with a credit card you need not worry about this. If your card is ever lost or stolen you can get it replaced by contacting your card issuer immediately.
Furthermore, your money is FDIC-Insured [back by the Federal Deposit Insurance Corporation] – providing you with the added protection & confidence that your money WILL be replaced if ever lost or stolen.
Below is a summary of Bad Credit Credit Cards benefits. We’ll also analyze the drawbacks too ~ Let’s review…
|Credit Card for Bad Credit|
1. Safer than carrying cash
2. Can rebuild credit
3. Helps track spending
4. FDIC-Insured Funds
5. Image Boost, credibility
6. Second Form of Identification
7. Buying Power & Convenience
|Credit Card for Bad Credit|
1. Subject to higher interest/fees due to bad credit
2. Can cause overspending if not used responsibly
3. Could cause debt if not used responsibly
As you can see, the benefits of owning a Credit Card for Bad Credit do outweigh the drawbacks IF properly managed.
Fees can be reduced dependent upon how you manage your card, and others just come along with the nature of bad credit credit cards. Fortunately, new laws have been put in place to protect consumers from unfair credit card practices.
By being given the chance to receive a credit card for bad credit you have to view it for exactly what it is: A Second Chance Opportunity to Rebuild Your Credit Worthiness. Manage your card responsibly and your credit limit, terms & offers will improve over time.