Credit Cards That You Should Avoid
In a perfect world, the use of credit cards offers equal benefits for both parties: the credit card customer and the credit card issuer. Well, we don’t live in a perfect world, and you’ve guessed it right - credit card companies obtain a much larger profit margin of the credit card usage, than comparing to credit card customers.
When you are choosing the right credit card for yourself, here are some types of credit cards you should try to avoid:
- Credit cards with very high initial fees: these types of credit cards generally make you have a certain balance on your account even if you have never made any type of purchase. Furthermore, these types of credit cards most of the time have account setting-up fees, participation fees, additional cards fees and etc.
- Credit cards, which don’t inform credit bureaus regards your payment balance: if you have a goal in mind to establish or re-build your credit history, then these types of credit cards would not be beneficial for you. It’s that simple!
- Credit cards, that have high minimum APR: APR stands for the annual percentage rate, a type of interest, is appplied to your balance which you carry from one month to the next.