More and more people are having to come to grips with the fact that, at least by the measuring stick most lenders use, they have bad credit. This can make it difficult when it comes time to get a newer car, a home or other large, expensive purchase that you would likely need to borrow money for. Bad credit can also make it difficult to get a charge card, unless you choose one of those so-called “bad credit charge cards". But are these really a good option? Let's explore some of the advantages of a bad credit charge card.
A bad credit charge card can certainly be a good option for some people. And even if you have less than perfect credit, there are still several options for you in terms of getting a suitable charge card. There are also some fairly compelling reasons for doing so.
First, you probably already recognize the convenience a credit card brings to your life. Of course, some would say that one convenience factor is that you don't have to worry about carrying around large sums of cash. However, since you're going to be responsible with this card and not use it for impulse purchases, that reasoning doesn't apply here.
But what is a good reason for having convenient access to a credit card is when life throws you for a loop and you hit a financial emergency. In such a case, you know you have access to the credit line made available by your credit card which you can use to help you get by in the meantime. Then, you can pay that money back and everything is back to normal. This is usually a much better option than using something like a cash advance loan in a financial emergency since the effective interest rate will be a lot lower with a bad credit charge card.
Another benefit of having a bad credit charge card is that, barring any sort of financial emergency, you can still use the card for day-to-day purchases that you know you can payoff in the near term. That means you can show lenders that you can have access to this large line of credit but not go completely nuts spending all of it and then end up not being able to pay it back. By showing lenders that you are a responsible borrower, that you control the spending on your credit account and that you pay it off on time, you're helping to build your credit score and undo some of the damage that resulted in getting a bad credit rating in the first place.
Another thing to consider is that there are several lenders willing to work with you to offer you a bad credit charge card. As with any situation, due diligence is in order, but most lenders are able to offer you very attractive terms based on your situation. Small banks are especially open to working with people with damaged credit, so be sure to consider that as an option. In fact, it's relatively easy to get a bad credit charge card unless you choose to go with one of the large, national banks (they may have more stringent requirements for their account holders).
These are some of the upsides of having a bad credit charge card. For the consumer who is serious about rebuilding damaged credit and establishing a good payment history, a bad credit charge card is certainly one way to do so.
If that sounds like something you would be interested in, take some time today to start researching the different lenders and offers available to you for getting your bad credit charge card.
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