00:00If you have poor credit or no credit history, choosing the right credit card can be difficult.
00:09There are options out there, but you need to have your eyes peeled for predatory cards.
00:15MarketWatch recommends looking for cards with annual fees around $50.
00:19Some cards have application fees, activation fees, processing fees, and maintenance or
00:25membership charges that can all be avoided with a little research.
00:30Usually, the lower your credit score is, the higher your interest rate will be.
00:35According to NerdWallet, while cards are trying to make a profit, high interest rates are
00:41more about risk to the lender.
00:43Some credit cards tailored for people with poor credit can charge up to 30% or more APR.
00:50Try to find alternative options like looking into a card from a credit union or cards that
00:55require a refundable deposit.
00:58Cards that don't offer upgrade paths are still useful, but if you're using your card responsibly,
01:04you'll outgrow it, which means you may be stuck with a card that is costing you an annual
01:09fee or that may impact your credit score when you try to close it.
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