Best credit card company and worst credit card company?

Question

for people with bankruptsy in their past (2-3 years); with resonable fees and interest rates.

Answer 1

They're all pirates and charge way too much interest; it's actually loan sharking with the average interest for risk at 18%.and up to 24%

Answer 2

Stay away from American Express and Visa! You would think American Express to be the shark in this case, but Visa's marketing strategy is based on finding people with horrible credit, bad money management, and poor spending habits, and giving them credit.

If you filed bankruptcy in the past 2-3 years, creditors know that you cannot file again for an other 4-5 years. They also know that for the next 3 years, you are low risk, but able to be charged high risk interest rates. Visa should have a patent given to it for what it does to people in these situations.

Visa will send you so much promotional mail, they'll make the mailman think you're famous! They will tell you that you have an intro rate of 0% for 6-12 months.. and after that it will stay to a low fixed rate of 7.99% APR. They will then raise your rate one day to 26.99% APR; reason, they just found out you have filed bankruptcy and being the nice people they are, have also done you the favor of adding a nice little finance charge to help raise your minimum payment next month with all the interest.

Stay clear of Visa, i've helped clients file bankruptcy a second time because of that company.

Try cards like Capital One, or The Bank of Arkansas, or Master Card. Any State banks offer rates as low as 7.45% APR fixed, which is better than most of the major cards which charge 13-27% APR. Master Card and Capital One cards will probably charge you around 9.99% APR, but are true to their word when they say fixed. They are known to have the least amount of customer complaints amung major credit cards.

If you take some time to do some research and educated shopping, you can find better deals. Regional banks offer credit cards of their own, however they offer only a small credit limit, usually 500-1500 dollars, but with rates 7-9% APR.

Since you filed bankruptcy, be sure to tell the creditor you have done so, even though they should aready be aware of the fact. Do not let the creditors take advantage of you and tell you that you are high-risk, because they know very well that you cannot file bankruptcy again for an other 4-5 years, and that the first 3 years, they are taking minimal risk. Read your Credit Card Agreement carefully! If you do not like to be charged finance charges for every purchase, or if the acceptance of payment sounds too complicated (Credit Card's way of adding fees & interest), then look for an other card and don't activate current one! Know your rights! Under Federal Law, credit card companies cannot charge you more than 30% interest on your outstanding balance each year!

If a credit card is charging you 29.99% APR, the EAR or APY rate will amount to more than 30%, in which case, not only will you not be responsible for the amount in excess of 30%, but the entire amount since your contract will be void, and they will have no legal claim to your debt. Obviously, the chance that you will encounter this type of contract is zero.. lol.. but it's good to know, tell your friends if you want to get rid of them.. lol.. "a contract is void under usery (over 30% interest on debt)".. if they find that interesting, then you know you need new friends..

Answer 3

You can try applying for a credit card for poor credit. Be aware of the fact that that your fees and interest rates will be pretty high because your credit history is bad. You can try First Premier Bank http://www.credit-cards-guide.net/Fair-Credit-Cards-1535576-page.php. They have a lot of option for people with bad credit history.
Remember that you won't be able to file bankruptcy in the next several years.

Answer 4

Worst for everyone in my opinion is Capital One because if its reporting policies. By not reporting credit limits, many of its consumers' scores are artificially lowered because of (falsely) high revolving credit utilization.

"...allows credit card giant Capital One to withhold the credit limits on its customers' card accounts -- knowing full well that such omissions frequently lower consumer credit score calculations."

Best for anyone with bad or no credit is a secured card. Pick one that has no/low fees. (The rate doesn't matter because you won't be carrying a balance.)

Answer 5

" Go for a rewards Credit Card:

Reward credit cards reward you when you spend on the credit card. Normally, you can collect rewards through 3 ways.

* It involves earning cash back on the card, it depends on the amount you spend.
* Next one involves giving points to the customers. They can be redeemed for gifts like cosmetics, shoes, water heater, mobiles and other goodies which the credit card company offers.
* The last method of reward is providing airmiles. Airmiles are highly popular reward, as many customers like to redeem them for free flights or flight upgrades. Whatever type of reward credit card you opt for, carefully note the amount or rate at which rewards will accrue and also read carefully other terms and conditions."

Answer 6

all credit card companies suck. They are there to bleed the customer dry, I mean bone dry. Avoid at all costs if you can

Answer 7

There are no good and bad. All of them will suck the life out of you if they can.