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Self-protection is not as complicated as it sounds. The APR or Annual Percentage Rate is, by law, a number that every financial institution has to show when offering a credit card. You already have a bad record and you get only one chance to straighten that out.
good payment history
Although it may not be considered as fraudulent if you make a mistake, it can significantly delay the processing time if, for instance, your date of birth and social security number are not correct. This is why it is very important that you read the terms and conditions carefully before accepting the offer. When you do not have a credit card always ready to hand over, you will find yourself asking this question again and again.
In order to understand what an unsecured credit card is, you first will need to understand what is meant by a secured credit card. A secured credit card is backed by a saving account. This saving account will serve as a guarantee or collateral for the secured credit card. Because the secured credit card is backed by the guarantee of your own cash deposit this credit card is guaranteed to be approved.
Eligibility for Obtaining a Secured Credit Card
There are three main eligibility criteria for obtaining a secured credit card besides having a saving account, are:
1. be of legal age and have proof of residence
2. have a telephone connection at home
3. have a valid social security number
The advantage of using a secured credit card is that you have set your own credit limit. This is will the exact amount that you have deposited in your saving account. The downside here is that, since the amount in the saving account acts as collateral, you will not be permitted to draw this money out of the bank till your credit card dues are paid back in full.
What is an Unsecured Credit Card?
From the above description you must have somehow made up a rough idea of what an unsecured credit card can be. An unsecured credit card is a card which is issued to people who have a bad credit history. These cards are issued at very high interest rates, ranging between three to thirty percent per month. The interest rates are so outrageous sometimes, that some USA states have passed ceiling limits in order to protect the consumer from being overwhelmed by the charges.
Inspite of the huge interest rates, the unsecured credit card has a good market. This is because a person, who has a poor credit history and needs a credit card desperately, will be grateful to get one on any terms. The credit card issuer is allowed to charge the inflated interest rates because they take huge risks on their money which is advanced without any guarantee of getting it back.
The unsecured credit card is a way out of a financial jam but a very risky one and also can be a very expensive one. In order to get out of debt, you will need to consult a debt counselor and work out a program whereby you can remedy your financial status and credit record. When you reach this stage, it is difficult, but not impossible. Provided, you ask for help before it is too late.