Obtaining A Bad Credit Credit Card.

There are some credit cards for bad credit that just about anyone can get. What you need to know about a credit card is the high interest rate, late fee policies, and their collection procedures. Credit cards that offer a lower introductory interest rate, with a zero percent interest on balance transfers for up to a year, and offer some sort of incentive is considered a good credit card. A bad credit credit card is going to have a high interest that will continue to rise despite the market decline on interest rates. In fact, they will often raise the interest rate to the maximum amount rather than lower it and not work with you. Below are two different credit cards that you can deal with that are poor credit credit cards.

First, the worst card is the Wamu card. While it is an easy card for someone to obtain when they have had a bankruptcy or even just had credit problems in the past they are not willing to work with you. They will raise your interest rate even if you have made on time payments the entire time and are paying down the balance rather than increasing it to its maximum limit. When you call up to negotiate, they are unwilling to work with you and will not supply a reason for the increased interest rate despite the market for other credit cards. Most other credit cards will not raise a card to 33% interest and are willing to work on lowering the balance if you have been a good customer. This is not so with Wamu.

Another bad credit credit card to stay away from is MBNA. This company will not work with you or provide good customer service. They are a low-end credit card that offers high interest rates, and most of the customers who have had their cards have had a problem with security. It is very easy for their system to be breached and a person to use your credit card number. While they do remove the charges when it has been stolen, it is a long process and they do not offer any explanation as why it happened other than they do not monitor cards with small balances. Another thing with this credit card is the increased credit limit. If your first card was stolen rather than alerting you to the charges that looked like potential theft, they raised your limit allowing the person to charge even more.