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Watch Out For These Predatory Credit Cards That Are Destroying Peoples’ Credit
Pennygem
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9 months ago
If you have poor credit or no credit history, choosing the right credit card can be difficult. There are options out there, but you need to have your eyes peeled for predatory cards. PennyGem’s Johana Restrepo has more.
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00:00
If you have poor credit or no credit history, choosing the right credit card can be difficult.
00:09
There are options out there, but you need to have your eyes peeled for predatory cards.
00:15
MarketWatch recommends looking for cards with annual fees around $50.
00:19
Some cards have application fees, activation fees, processing fees,
00:24
and maintenance or membership charges that can all be avoided with a little research.
00:29
Usually, the lower your credit score is, the higher your interest rate will be.
00:34
According to NerdWallet, while cards are trying to make a profit,
00:39
high interest rates are more about risk to the lender.
00:42
Some credit cards tailored for people with poor credit can charge up to 30% or more APR.
00:49
Try to find alternative options like looking into a card from a credit union
00:54
or cards that require a refundable deposit.
00:57
Cards that don't offer upgrade paths are still useful,
01:01
but if you're using your card responsibly, you'll outgrow it,
01:05
which means you may be stuck with a card that is costing you an annual fee
01:09
or that may impact your credit score when you try to close it.
01:13
Closed tandem close it.
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