Top 5 Credit Cards Red Flag to Avoid would be stated in this article. It is no doubt that credit cards vary. Some allow you to build credit or rebuild credit, some are for globetrotters, some for students, and like that depending on what you need the credit card for. However, it is important to let you know that as good as credit cards maybe, some of them come with high rates or fees. Thus, this article is aimed at showing you some of the credit card red flags that you should avoid.
For example, store cards are known to be free from annual fees. On the contrary, they cannot be used to make purchases at any other place except the store that issues it. On the other hand, credit cards issued on payment networks like MasterCard and Visa though is renowned for their plethoric perks. They come with some huge fees which are likely to negatively any reward or cardholder perks you’ll enjoy. Whether it is a balance transfer, travel, reward, cashback, travel, or a student card you want to apply for, you should check out some of the credit flags you should avoid in the outline below.
Top 5 Credit Cards Red flag to Avoid
There are some credit cards you need to avoid and here I will tell you the credit cards you need to avoid. Knowing these will help you and teach you how and when to avoid them. Here are the top 5 credit cards red flags to avoid;
- Excessive fees
- Low credit limits
- No upgrade path
- Partial credit reporting
- Exorbitant interest rates
These are the major credit cards to avoid. This depends on the credit card you are using to know how to avoid them. After being able to avoid this, you will be able to know the best credit card to use.
Credit Cards not Required for Usage
There are some credit cards that are not required for usage. So here I will be telling you some worst credit cards to use. Knowing this will help you understand and know what credit card to avoid.
- Cortrust bank visa business card
- David’s bridal credit card
- Us bank college visa card
- Continental finance MasterCard
- Marathon platinum rewards visa card
- UBS preferred visa signature card
- BP credit card
There are many worst credit cards to avoid but a few are listed here. However, you will now be able to avoid all credit cards and more.
How to Tell if a Credit Card is Good
It is very easy to identify a bad and a good credit card. If you are able to know this, you will be able to get conscious of the bad credit card. Here are the steps to identify a bad credit card.
- Search for lowest interest rate
- Examine the opening interest rate
- Check the points and perks
- Check their safety policies
- Look at their possible fees
- Examine all their potential use limits
After this, you will be able to know if a credit card is bad or not.