When looking for a credit card after bankruptcy, you may receive piles of credit card offers from different companies, and choosing the right card can be a daunting task. The most important question that comes to mind is whether to go for a secured credit card or an unsecured credit card.
Financially, secured credit cards offer after bankruptcy provides you with a better deal than unsecured cards. This is because unsecured credit card offers after bankruptcy are often designed to place you right back into debt again, by using misleading techniques such as attractive low interest rates, high up-front fees etc. For example, a bank may offer you an unsecured credit line of $150, while you pay a $98 processing fee and a $39 annual fee. Many companies may also issue unsecured credit card offers with a credit line of several thousand dollars, but after you send in your application fee, the credit limit will come down to only a few hundred dollars.