As the saying goes, “The devil is in the details.” For credit cards, this cannot be more true. Credit card companies are always sending out card deals that look tempting, until you read the fine print. They may say, “Get up to a $1,000 credit line!” Yet, when you get the card, why does it say the credit line is only $250 or so? And why is it that the balance is already up to $150, or even more, on that dinky little card?!
People with bad credit are great targets for credit cards. For one thing, it may not be the person’s own fault that their credit was ruined, given rising mortgage rates, lost jobs, hospital bills, and divorces that all can strike even the most careful spenders. There are still many, many more people with bad credit who got there simply by not being careful enough. Maybe they spent their money like water, living outside their means, never thinking that one day a quick swipe of the plastic might come up “denied.” Others forget to pay bills, or simply skip a month or two just because. A lot of these people are kids, perhaps preyed upon by the credit card companies, but that is what they do. The average person with bad is what con artists call an “easy mark,” and the credit card companies know this. So, what do they do? They send you more credit! Just remember, buyer beware… these are cons.
Open up a credit card deal’s envelope and look at the little peice of paper that the terms are printed on. Credit lines may be smaller for people who have lower incomes, even if the advertised amount looked big. You will probably get the low end of the credit line, which can be as small as $200 on some cards. Next, there is the interest rate. Everyone’s rates are high these days, but still, these cards will be even higher. Think upwards of 30%! Finally, the fees. Maybe you are okay with paying $50 to start up the card. Now that is $150 you have left on the card, once it comes in the mail. Did you know that many of these cards charge monthly fees? Deduct more from that card, and there is barely anything left for you to spend… yet you are paying a whopping 28.99% interest rate on a couple hundred dollars worth of fees.
That hard-up for $50 or so? There are better ways to get it, like selling something on eBay, checking under couch cushions and in jeans pockets for loose change, and begging Mom and Dad (even if you are over 30, just show them the card you were thinking of using… that might scare them into forking out the small change!). Whatever you do, just do not fall for these credit card scams. They are not worth the trouble, and are only in existance with one goal in mind: to rip off poorly educated, desperate consumers.