Bad Credit Unsecured Credit Card Reviews – Indigo Platinum Mastercard Review
If you are trying to get credit, or you simply know that you will be getting credit soon, there are a few things you need to know to make the best decision. First of all, you should decide between unsecured and secured credit. Secured credit cards tend to be better for people with bad credit since they are backed up by a needed safety deposit. Also, secured cards are often backed up by an equivalent cash deposit at the bank, making it even easier for those with bad credit to qualify for one.
However, this advantage isn’t always a good thing.
The only reason that secured credit cards makes it so easy for people with bad credit is because it allows them to use credit just like everyone else. Secured credit cards usually make it so that you can use your card just like you would any other card – make purchases online and everywhere and use the money in your account as you please. This is great if you want to do some online shopping or go out to eat, but it is not so helpful if you want to go on a two-week vacation or plan on going back to school and going to work. In this case, unsecured credit cards would be more useful.
Unsecured cards also tend to have high-interest rates and fees.
While this is fine if you don’t need to use credit very much, it can cause a lot of problems if you are in debt because you can’t pay off your debts. It tends to be a lot harder to pay off debt with a high interest rate and fees than it would with a low-interest rate and no fees. In addition, if you use a credit score to determine how high of a risk you are an unsecured card may actually hurt your credit score instead of helping it.
The reason for this is that an unsecured card issuer
will view you as a higher risk than a secured card issuer. Indeed, you are not giving up possession of your actual house or car to the card issuer. However, the fact that you can’t keep it means that your house and car are probably worth less than the value of the debt you have on them. This makes you a higher risk than someone who has a secured credit line. This makes unsecured credit cards difficult to get even with people who have a high credit score.
Even though it may seem like bad credit unsecured credit cards
may be hard to come by, they are not impossible. If you know where to look and how to shop, you can be able to secure one. There are a few ways to do this, but one option that many people use is looking online for a secured credit card.
With a secured card
you don’t need to worry about being turned down. You don’t need to worry about paying an annual fee because you are taking a chance on your application. You also don’t have to worry about the high-interest rates and other fees that most unsecured credit cards come with. For these reasons and more, the indigo platinum Mastercard has become one of the most popular credit cards in the world.