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Pennygem
  • 5/6/2025
If you have poor credit or no credit history, choosing the right credit card can be difficult. There are options out there, but you need to have your eyes peeled for predatory cards. PennyGem’s Johana Restrepo has more.

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Transcript
00:00If you have poor credit or no credit history, choosing the right credit card can be difficult.
00:09There are options out there, but you need to have your eyes peeled for predatory cards.
00:15MarketWatch recommends looking for cards with annual fees around $50.
00:19Some cards have application fees, activation fees, processing fees,
00:24and maintenance or membership charges that can all be avoided with a little research.
00:29Usually, the lower your credit score is, the higher your interest rate will be.
00:34According to NerdWallet, while cards are trying to make a profit,
00:39high interest rates are more about risk to the lender.
00:42Some credit cards tailored for people with poor credit can charge up to 30% or more APR.
00:49Try to find alternative options like looking into a card from a credit union
00:54or cards that require a refundable deposit.
00:57Cards that don't offer upgrade paths are still useful,
01:01but if you're using your card responsibly, you'll outgrow it,
01:05which means you may be stuck with a card that is costing you an annual fee
01:09or that may impact your credit score when you try to close it.
01:13Closed tandem close it.

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