Credit repair cards are designed for people with a poor or no credit score, which means that these cards do not usually have the lowest interest rates or the same promotional offers available with other types of credit cards. However, some credit repair cards may offer a short introductory offer, such as a 0% APR for the first three months, etc.
Credit repair cards will often have higher interest rates than other credit cards, making them a more expensive way to borrow money. For example, other credit cards tend to have APRs of around 18% to 21%, while credit repair cards in comparison can have APRs of 30% to 45%.
If you are using a credit repair credit card to improve your credit, then it is important that you clear your balance every month. The shows the credit reference agencies that you are able to regularly pay back your debts and will steadily improve your score over time. In addition, the higher interest rates make these cards more expensive to use for balance transfers or to roll-over your balance over many months.
Never miss a repayment due on a credit repair card. Doing so will certainly worsen your credit score – it may even result in your card being suspended and your credit card provider demanding immediate repayment of your outstanding balance.