Roundup, MT (PRWEB) April 24, 2006
Chances are you've received lots of offers for bad credit credit cards and pre-approved credit cards, with low introductory rates and more perks. Many of these solicitations say accept "before the offer expires." Before accepting, look around to get the best deal. Pre-approved credit cards are a form of borrowing and involve charges. Pre-approved credit card terms and conditions affect the overall cost. So it's wise to compare terms and fees before agreeing to open a credit or charge card account.
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The following are important terms to consider that generally should be disclosed in bad credit credit cards and pre-approved credit card applications or in solicitations for credit cards for bad credit that require no application. Ask about these terms when you're looking for a credit card. Annual Percentage Rate. The APR is a measure of the cost of credit, expressed as a yearly rate. It also needs to be disclosed before becoming obligated on the account and on account statements. The card issuer also must disclose the "periodic rate" the rate applied to your outstanding balance to figure the charge for each billing period.
Some bad credit cards allow the issuer to change the APR when interest rates or other indicators called indexes change. Because the rate change is linked to the index's performance, these plans are called "variable rate" programs. Rate changes raise or lower the finance charge on the account. If you're considering a variable rate pre-approved credit card the issuer needs to provide various information that discloses: that the rate may change; and how the rate is determined - which index is used and what additional amount, the "margin," is added to determine the new rate. At the latest, you also must receive information, before you become obligated on the account, about any limitations on how much and how often the rate may change. Free Period. Also called a "grace period," a free period lets you avoid credit cards for bad credit finance charges by paying your balance in full before the due date.
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