If you're credit score has plummeted recently, you will find that it is extremely difficult, although definitely not impossible to get a credit card.

It can be done, just expect to pay colossal amounts in fees and monthly charges.

The thing with getting a credit card with a bad score is that the industry thrives upon these people, so desperate to get a line of credit that they will overlook the horrible terms and conditions of these credit cards that often times just make their financial situation a whole lot worse than it already is.

When you have a low credit score and are looking to get a credit card there are normally two options available to you - a subprime card and a secured card.

Although consumers are fooled everyday, a secured credit card is definitely better than a subprime card - almost under any circumstance.

Subprime cards are never really a good idea, and they normally charge ridiculous amounts in fees and maintenance charges.
But many people do not realize this.

A February 27, 2007 article by Gregory Taggart of Bankrate.com, "Nobody's ready for subprime time," discusses the drawbacks to taking out a subprime credit card and how taking out a secured card is the way to go.
"Why would consumers who have debt trouble opt for a fee-laden subprime credit card rather than a less expensive secured credit card? ‘Marketing. Marketing. Marketing.' That's how Travis Plunkett, the legislative director of the Consumer Federation of America, responded when asked the question. According to Plunkett, subprime credit card issuers are wizards when it comes to identifying customers who are so desperate for a credit card that they'll apply for a card even if it's against their best interests."

The people behind these cards know how to prey on people to make them believe that a subprime card is their only chance, when in fact that is not true at all.
The catch with these cards is that most of the fees eat up the majority of the beginning available credit limit. A typical subprime card will start out with a $300 limit but will have a medley of fees including processing fees, annual fees and maintenance fees, just to name a few.

If you find yourself in a situation where you can not get approved for a regular credit card, you are much better off skipping out on a subprime card and going with the much more economical secured credit card.
There is no sense in paying all of those subprime fees when there are other options out there.

"What desperate consumers don't seem to know is that there is a better way. So-called secured credit cards cater to the same risky market, using a better model and at a much better price. They're called ‘secured' because the card's credit limit is secured by a savings account of equal or greater value opened at the issuing bank. For example, if you apply for and receive a $300 credit limit, the bank or credit union will expect you to deposit $300 into a savings account."
The secured card is clearly a better choice when pitted against a subprime card. Do your research and look into a secured card as a good way to help rebuild your credit.


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