Life in Balance and Credit

My friends told me that I am lucky that I managed to transfer my credit balance to a card with lower APR.  It could have been worse.

When one of my friends, Mike, faced big financial problems last year and he had much more difficulties in getting a credit card to repair credit than I have.

When Mike decided to get a new credit card, he got a decline for a card with better features. They offered him to get a secured credit card with bad credit or pay attention to credit card applications with co signor.

Mike really felt at loss.  Luckily, his brother-in-law knew much more about credit cards than Mike did. He advised Mike to choose a secured credit card. They looked through the offers of the best credit card companies for people with bad credit and the list of top up credit cards. And they managed to find a proper offer.

Mike says, though his secured credit card doesn’t give him the benefits of a usual credit card, he is quite happy about his card! The main thing, he has managed to control his spendings and now he doesn’t need to worry about exceeding his limit. He just can’t do it, as secured credit cards let you spend only the money you put on your account.  Besides, Mike says, his credit history is going to be improved!

Well, I agree that secured credit cards can be of great help to people with bad credit. But still they lack some features of usual credit cards. So, I prefer a credit card with lower limit to any secured card.  And what would you choose?