The Total Visa Unsecured Card is made for people with less than perfect credit, as it is offered to people who do not have a credit history in the bank. If you are one of these unfortunate people, this card is for you!
This card has a very low, but still high introductory annual rate of only 0% for the first twelve months. You can pay off your balance in full in the first three months and pay an additional one cent monthly on your balance for another three months. After those three months are up, you'll be able to apply to transfer your balance and get the lower rate again.
With a credit card like this, it's not uncommon to find that there is a higher than normal interest rate. This is for the reason that this card has no security for any of your credit information; therefore, the interest rate is determined by the risk of the card holder.
The higher the risk, the higher the interest rate will be. If you pay your bill on time every month and keep your balance at zero, you should not have a problem with this card. However, if you make any late payments or you charge a large amount in balances, then the card holder may end up with very high interest rates.
Because this card comes with such a high interest rate, it is important that you are aware of what is being offered. This means that you'll need to read the terms and conditions carefully and take a good look at the Annual Percentage Rate (APR) that is listed. Remember that any time you apply for a credit card, the card companies will give you the maximum credit limit and then calculate an APR based on this maximum amount.
This APR will determine how much you will pay over time for each payment on the card. By understanding what the credit card's APR is and how it is calculated, you can avoid having high interest rates from the beginning. If you pay off your debt on time and avoid incurring large charges, you should be able to avoid the higher interest rates associated with these types of cards.
Remember that the higher your balance, the higher your interest . . . . . . rate will be. Therefore, if you plan on paying off your balance on a regular basis and if you plan on transferring your balance from another card, you'll be better off using a card like this rather than a card with a zero percent interest rate and a low credit limit.
If you are interested in applying for a card like this, be sure to do your research and check out all of the benefits and features of the Total Visa card before you apply. If you make your payments on time each month, you'll be able to avoid the high interest rates and have some extra money left over to save each month!