Most credit cards with high interest rates are easy to get, and the interest rate really only matters if you carry a balance from month to month. Most people who apply for high-interest credit cards have had bankruptcies, judgments, or just have bad credit for whatever reason. You can move balances from high-interest credit cards to many low-interest credit cards, but you must have a good credit score. The most important thing about a balance transfer card is how much money it can save you. This is especially true if you carry a balance on a high-interest credit card.
Credit
Be careful, because some credit card companies will use more than one trick to get you to sign up. If you miss a payment, even if it's only by one or two days, they may charge you a lot of money. Those who want to get a major high-interest credit card to build or fix their credit should think about how much it will cost them in the long run. Even if you don't qualify for low-interest credit cards, you should still shop around and compare offers to find the best deal.
Interest
Most big financial companies set your interest rate based on your credit score. This tells them whether you pay on time and how you use credit. If you have a credit card with high interest rates, you DON'T want to carry a balance. If you do get a low-interest credit card and then miss a payment, the default interest rate kicks in, which can be as high as 22%, making it very hard to ever catch up. The difference between a credit card with a high interest rate and one with a low interest rate could be hundreds or even thousands of dollars a year.
Your main goal should be to pay off your high-interest credit cards. When your credit score improves try to transfer all of your high interest credit card balances, some transfer cards even offer 0 introductory offers for balance transfers, thus making it much faster and easier to pay off your debt.
