• Credit Card Red Flags to Avoid

  • Sep 20 2022
  • Length: 1 min
  • Podcast

Credit Card Red Flags to Avoid

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  • Summary

  • If you're new to credit or trying to rebuild, checking a credit card's terms and conditions before you apply can help you spot red flags that are likely to cost you more and help you less.To end up with the right card in your wallet, it's important to steer clear of predatory options. Here are five red flags to look out for.

    For more information read: https://www.launchora.com/story/credit-card-red-flags-to-avoid


    Excessive Fees: There are credit cards specifically designed for people who are working to build or rebuild credit, and most do not charge fees for setup or monthly maintenance fees. Before you apply, check to be sure that you won't be paying fees that you can easily avoid.


    Partial credit reporting: Cards with incomplete credit reporting can be problematic because you won't necessarily know from which bureau a future lender might be pulling your credit report.


    High interest rates: If you don't carry a balance month to month, then a credit card's interest rate is irrelevant; you'll never owe any interest. But financial hardship and other factors can make it necessary to carry debt, which can be convenient but expensive.
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