If you're looking at cards for bad credit, you'll need to decide whether you want
an unsecured subprime card, which typically have high rates and fees, or a secured credit card, which requires an initial deposit to open.
But you'll likely regret getting an «
unsecured subprime card.»
The three main types of credit cards available to those who need a second chance are
unsecured subprime cards, closed - loop store cards, and secured credit cards.
Not exact matches
A fee harvester
card combines two risky types of loans in one:
Unsecured and
subprime.
Do you have advice for others considering
unsecured subprime credit
cards?
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If you have bad credit or no credit and want to build credit, try to obtain a
unsecured credit
card with a credit line from a
subprime card issuer.
An abundance of fees is especially common among
unsecured cards designed for
subprime consumers.
This means you represent a high credit risk and will likely need to select either a secured credit
card — one that requires an initial security deposit — or an
unsecured subprime credit
card.
In general, having a bad credit score automatically narrows the options down to the
subprime unsecured credit
card market or a secured credit
card that will require an initial deposit.
This may mean applying for a
subprime unsecured credit
card or opening a secured credit
card.
With poor credit, your options will generally be between
subprime unsecured credit
cards — which tend to have high rates and fees — or secured credit
cards, which require an up - front deposit to open.
Since creditors view bad credit as a sign of credit risk, those with bad credit are typically limited to
subprime unsecured credit
cards, which often carry particularly high interest rates and fees, or secured credit
cards, which require a deposit to open.
Unsecured cards won't require a deposit, but most subprime unsecured credit cards will require a program or processing fee to open your account, in addition to an annual or mainten
Unsecured cards won't require a deposit, but most
subprime unsecured credit cards will require a program or processing fee to open your account, in addition to an annual or mainten
unsecured credit
cards will require a program or processing fee to open your account, in addition to an annual or maintenance fee.
This means most prime credit
card issuers won't feel comfortable offering you
unsecured credit, so your credit
card options will likely be limited to secured credit
cards or
subprime unsecured credit
cards.
Unsecured card options are limited to closed - loop store
cards that can only be used on branded purchases, and
subprime credit
cards that will likely charge high fees and interest rates.
With bad credit,
unsecured credit
cards will be harder to obtain from prime issuers, so you will need to obtain a
subprime credit
card.
For example, an
unsecured credit
card typically carries more risk than a secured loan, so regulations tolerate much higher interest rates on
unsecured credit
cards than allowed even on
subprime mortgages, which are backed by collateral.