Are you searching for a credit card with no credit check and no deposit because you have bad credit?
If so, you’re probably considering:
- Prepaid cards
- Secured credit cards or
- Credit cards with no deposit for bad credit
Each of these types of cards has pros and cons. All of these cards can work for people with bad credit. But there’s one thing you need to watch out for: FEES.
In general, people with bad credit tend to pay more for credit. But you can keep more of your hard-earned money if you learn how to avoid credit card fees.
Here are 5 ways to avoid credit card fees when you have bad credit:
- Read the fine print. Look closely at the terms and conditions before you get a card. Some companies charge higher fees than others. Some prepaid cards charge a monthly fee of $9.95 or more and some secured and unsecured credit cards charge an annual fee of $99 or more.
- Pay your bill on time. Credit card companies typically charge late fees of $39 or more for each missed payment.
- Watch your Your balance is how much you still owe your credit card provider for things you've charged.... Many credit cards charge an over-limit fee if you spend more than your credit limit allows.
- Don’t get a cash advance. Need cash now? Avoid getting a cash advance with your credit card. You could pay 5 percent or more in fees.
- Keep your card active. Some prepaid cards charge an inactivity fee of $5 or more. And some credit card issuers will close your account if you don’t use your card for a long time.
Follow these rules to lower your chances of getting surprised with a big fee because you made a little mistake with your card.