Cards to Regain From Your Financial Problems
Cards to Regain From Your Financial Problems
As the years pass more and more citizens are starting to need more help financially, they would go to banks or other financial intermediaries for loans to pay for their cars, college tuition and other necessities. However, people with poor credit have been preyed upon by these institutions by charging interest and processing fees aside from the yearly fees for customers.
The new Consumer Financial Protection Bureau however, has taken a step back from fighting these additional fees. There is a law that prohibits the charge of fees from these banks when it exceeds 25% of the customer’s initial deposit. The First Premier Bank filed a law suit to justify the $95 fees it is implementing on customers before they set up a loan.
The bank also charges a yearly fee of $75, monthly charges that sums up to another $75 in the end of the year and an interest rate of 36%.
But people with bad credit need something else other than this card that First Premier is offering. They need something called a secured credit card. And here are some of the best of these credit cards out there.
The Orchard Bank Classic Card which secures clients with a safety deposit. If you are able to get a membership, they do not care about your current credit record as long as you maintain the $200 minimum deposit. What’s more, they do not charge the $35 fee for the first year you get your card.
The Wells Fargo Secured Visa which requires a client to be recovered from bankruptcy for more than a year and have no other unpaid liabilities. There is also a secure deposit which ranges from $300 to $10,000 and an annual fee of $25.
The U.S. Bank Secured Visa it has an end of the year fee of $35 and secures your deposit in savings account that helps you earns interests.
Though not everyone can be qualified to get access of these cards, it is best that you try and get your hands on them to help you get back on your feet financially. Be smart and cautious with whom you choose to be your financial partners, make sure they do not prey on you and lead you to deeper debt rather than help you with your financial needs.
Related posts on loans for people with bad credit:
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Filed under: bad credit • Credit • Credit Score • line of credit • Loans
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