Bank of America is testing a new credit card that doesn’t require a credit check. Before you run out and apply for it, stop for a second and think about the implications of that.
Sure, they’ll give you a card. But they’re not promising anything about the terms of the card. My guess is that the interest charges and penalties will be steep (if you want better terms, you’d have to get a card which required a credit check).
Bank of America is going to have to charge more on the back end for this card because they’re taking on more risk. You have to think that people with good credit scores and good credit history won’t apply for this card.
If it’s offered to you, please think twice about it, at least. Ultimately, I hope you don’t apply for it.
Read more about the card here.
_________________________________________
If you are looking to get out of credit card debt, you should subscribe to my newsletter. I paid off over $50,000 in credit card debt in exactly one year. I’m now debt free. In my newsletter, you can learn how to pay off your credit card debt too.
Sign up today and I’ll send you the special report everyone is talking about: 15 Secrets The Credit Card Companies Don’t Want You to Know. You’ll also get tips about how to pay off your debt, how to save money, and how to make more money.
Just provide your name and email address below:
_________________________________________
Technorati Tags:
credit card debt, consumer debt, eliminate debt, pay off credit card
