Why pre-approved credit cards are a bad idea
Posted on July 3rd, 2007 by Financial Diva
We have all received those “pre-approved” credit card offers in the mail. But did you know that the pre-approval comes with a hefty price tag? Yep, chances are pretty good, especially if you have some blemishes on your credit, that the interest rate on those cards is sky high, yet the credit limit isn’t always very high to match. They are simply hoping you will continue your bad spending habits and max out the card, meaning more money for them!
If you need a credit card, shop around for a low interest option before you ever respond to a pre-approved offer you received in the mail.
Filed under: Debt
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