Advice on credit cards for people with bad credit

In light of the current, global economic state; financial institutions like banks have begun to offer low interest rate credit for individuals with bad credit. Many of these cards are offered with a low rate APR, in other words your interest charges per year. However, low rate charges usually expire after a stipulated introductory period. Low rate interest cards for people with poor credit usually represent the best option for a bad credit rating. Go into as many banks as you possibly can, sit down with a consultant and ask questions about the charges, credit rating and any other general information you may need. Make sure you understand all the information handed to you. If you don't have the time or you cannot get to a bank, pick up the phone and phone them.

The benefits of a low rate cards for people with poor credit, is that it allows the individual the opportunity to repair their history. These low credit card rates are also beneficial in the long term, if you cannot pay your card balance at the end of the month having a low credit card rate will ensure that you will be paying the least amount of interest on your card.

Beside low interest rates on these cards, the downside of having a unsecured credit cards is that these cards come with no rewards compared to a standard credit card with a higher interest rate. Higher interest rate cards offer rewards packages, such as frequent flyer rewards or cash back rewards. Another disadvantage is that the low interest rate may only be valid for an introductory period.