High Risk Credit Card Rules

If you have found a high-risk lender, take note that you should follow the rules to avoid complications. Cardholders’ should NEVER carry a balance over to the following month. The cards should only be utilized to purchase necessities that you can repay when the card statement arrives. Make sure that you do not carry the balance over to the grace period since fees will be included in your next statement. If you intend to send, your payments through snail mail are sure to mail the checks earlier than the due date to avoid late mail arrivals. High-risk cards are tricky and even if the mail is late, it is considered a ‘default’ which then the provider will charge high rates of interest, which will make it harder the following month to repay your dues.

High-risk card lenders should always submit your payments of good faith to the credit reporting bureaus. Therefore, if you have faithfully made your payments on time for half a year, then make sure that the lender is doing their part by sending out the reports. This is VERY important, since the reports will build your credit rating and you may be eligible for other credit cards later. Also, remember there are selfish people all over the world, and some lenders will neglect their responsibility to you, to hinder you from getting additional credit somewhere else.

Requesting Lower Interest Rates

If you faithfully make payments for a ‘year’ make sure that you contact the card provider, asking them to reduce your APR or rates of interest on the card. Lenders are often out to make profit, and will fail to offer their customers better deals. Therefore, it is your responsibility to contact the provider, asking for lower rates of interest. If the provider denies your request, it is advised that you close the account and find another deal.

When times are hard, credit cards come in handy, but if you feel that you are uncomfortable with credit cards, then you may want to consider other options. For instance, if you are uncomfortable with the plastic coated cards, then you may want to find a lender for bad credit candidates that will offer you a loan to consolidate your debts. Regardless of the method applied, credit cards or loans for bad credit have ONE goal and that goal is to get out of debt.

Aspire is one of the few choices that offer high-risk credit cards. However, I noted after reviewing their site that the site does not appear to have security or encryptions to protect your information. Therefore, if you apply for a credit card online make sure that the site has security. You can determine security by looking at the bottom of the website for Security Lock & Key, or else notice in the Search Engine if there is an ‘s’ that follows the http://; if there is not, find another site immediately. To help you out I will look for a few resources that will help you get a credit card, as well as protect your identity. I personally feel that any AUTHOR writing articles about credit cards should put HIGH emphasis on PRIVACY, CONFIDENTIALITY AND ID PROTECTION! Those that fail to place this information in credit card articles are often sales articles and they make me wonder what the motive is behind the work?

CARD OFFERS is one of the securest sites online that offers high-risk credit cards. They provide optional cards with various interest rates and fees. Few of the cards include, Orchard Bank MasterCard Classic, which offers 15.90% V APR, and $39 Annual Fees. Blue Cash from American Express has no annual fees, and 11.99% V APR.

The First Premier Bank Gold Visa/MasterCard has a 9.9% V APR, and an annual fee of $48. The card is issued by First Premier Bank and is especially customized for people with bad credit. Like many other cards, there are fees attached. The annual fee, plus a setup fee of $29 is part of the fees attached with this card. There is also a $95 ‘program fee’ and a monthly participation fee of $6. According to the provider, the fees are not uncommon; therefore, the cards will cost you for the first month around $178. This is steep; therefore, (although the site is secured) I recommend you continue searching for a high-risk credit card.


Note: The information given in this article was correct at the time it was written. However, the author does not guarantee the correctness and completeness of this information at any time. The Credit Card Market is constantly changing and you should make sure you check for the latest rates and terms before applying for any credit card.