Unsecured Credit Cards
These cards are regular credit cards with interest rates and fees that are above average. Your credit limit on this type of card will start out low (usually around $250-$300) but can increase over time as you keep the account in good standing. In return for the extension of credit, some creditors will charge application fees, annual fees, and/or participation fees. APRs can range anywhere from 9% to 25%. Annual fees are typically $50-$100 or more. One big advantage to unsecured credit cards is that most creditors report regularly on your account's standing to the three major credit bureaus. This means that as you use your credit responsibly and pay on-time, you will be able to improve your credit with this card.
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