Unfortunately, as with other products for people with bad credit, the costs and fees of these cards are
higher than regular credit cards.
Another thing you may need to know about using secured credit card to build credit history is that, it may require that you pay annual fees that are
higher than regular credit cards.
There may be application fees, processing fees, and annual fees
higher than a regular credit card.
Resist the offers to open up a new retail credit account: Sure, it's great to get the instant 10 percent to 15 percent discount, but interest rates on retail credit cards is often as much as 15 percent
higher than regular credit cards.
There is a small credit card processing fee, which is removed from each payment, but it's not
any higher than regular credit card processing fees.
Not exact matches
The annual fees on rewards
credit cards are usually
higher than that of
regular cards.
Interest rates will be
higher than regular bank loans but lower
than credit card rates.
Retail
credit cards also are easier to qualify for
than a
regular credit card, but they typically come with smaller
credit limits and
higher interest rates.
In addition, interest charges of secured
credit cards are usually
higher than regular, unsecured
credit cards.
Fully paying off your
card balance in full each month — and not ignoring your bills in the mail — is one important step in avoiding the pitfalls of
credit cards; if you pay off only your minimum of $ 38 but your balance rests at $ 1,100, you may still be charged a
high APR (and interest rates can tend to be
higher on rewards
credit cards than regular cards).
The
regular variable APR for purchases and balance transfers is a bit
higher than the student
credit card, however.
Your cash withdrawal may also be charged at a
higher interest rate
than regular credit card purchases and if you do it regularly, your
credit rating might be affected.
Credit cards typically charge a
higher APR for cash advances
than for
regular purchases, and interest starts accruing immediately.
The annual percentage rates (apr) of reward
cards are usually
higher than that of the
regular credit cards.
If you fail to do that, you may be charged retroactive interest on any remaining balance, at a rate that could easily be
higher than you pay on your
regular credit cards.
Store
cards also aren't good for consumers who plan to carry a balance because the average APR on a store
card is around 26 %, much
higher than the 17 % average for
regular credit cards.
Balance transfer
credit cards often have
higher limits
than a
regular credit card.
If you tend to carry a balance, you'll end up going deeper into debt and paying a
higher rate of interest
than a
regular credit card.
Typically, cash advances are subject to
higher interest rates
than your
regular credit card purchases (20.9 % and
higher is normal).
Among the potential dangers it cites: large fluctuations in value, scamsters trying to capitalize on the hype surrounding these currencies and
higher costs
than you'll face with
regular cash or
credit cards.
The apr may be
higher than that of
regular credit cards.
But generally, reward
credit cards usually attract
higher APR
than regular cards.
CreditCards.com survey: Retail
credit cards boost rates, cut rewards — Even more hard - hit
than regular credit cards, retail
cards are reducing reward programs and raising rates to compensate for their
higher charge - off rates.
Regular credit cards score
higher than department store
cards.
The
regular variable APR for purchases and balance transfers is a bit
higher than the student
credit card, however.