For people with a spotty credit card history or bad credit, it can be difficult to get approved for a regular credit card. There are a number of credit card options that are aimed specifically at people who have bad credit and are trying to rebuilt it. There are also, unfortunately, a lot of folks out there who’ll take advantage of the desperation to get a credit card. How do you tell which options are good ones and which are just taking advantage of a bad situation?
Catalog clubs and store cards disguised as credit cards for people with bad credit are one of the most commonly used scams that prey on people who think they need a credit card. They may masquerade as a way to rebuild your credit, or offer you a ‘pre-approved credit card with a spending limit of ‘ anywhere from $1500 to $5000.
What’s the catch? Let’s take a look at one that I received in the mail the other day. “You are already approved for this credit card!” the letter said in the very first line. All I had to do was call to verify my details and activate my credit card and I could start using it immediately to make purchases ‘from our catalog of...
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