Here's the deal. Your credit card application just got approved, but before you even get your card activated, you already owe your credit card company $247 on account of the bunch of fees you get charged just for opening the account. Oh yeah, they call it the account setup fee, the participation fee, the annual fee, and the monthly maintenance fee. Your credit limit, furthermore, is only $300. So once you receive your credit card you have only $53 in remaining credit. The good news (?) is that they will raise your limit by $100 at a time, for which "privilege" they will charge you $25 every time.
Congratulations on getting approved for a credit card? Condolences may be more like it.
Yet there is a bank that offers just such a deal - and obviously there are people who are taking it up. Apparently, this credit card product has been designed to "help" people with bad credit - help them do what, though? Get in deeper in debt, perhaps? Maybe help them ruin their credit even faster?
If you have bad credit, please, don't think you deserve a bad deal. You don't. It's not true either that you have to put up with bad rates and bad terms just because you have bad credit. You have enough credit repair options. You just have to know where to look.
It doesn't even have to take a lot of effort on your part. Use the internet and find credit card products for which you can be approved. Secured credit cards (credit cards where you deposit money to secure your credit limit) will give you a comparable credit limit to the one above mentioned but none of the crippling and pathetic fees.
If you want ultimate proof that credit card comparison is necessary before you sign up for a credit card deal, then this is it. If you do not do some groundwork research before you leap at a credit card offer, you may end up with just such a nasty deal. Watch the video about this bad credit card deal from Money Talk News:
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