A credit card for people with bad credit will generally have a higher annual percentage rate (APR) than one for people who have a higher credit rating. While this may not seem like a big deal, consider the following two scenarios, where the credit card has a $5,000 balance:

1. The first card has an APR of 16 percent. Making the standard 2 percent minimum monthly payment, the card will take 314 months to pay off and $8,350 in interest will have been paid.

2. The second card has an APR of 10.47 percent. Again, making the standard 2 percent minimum monthly payment, the card will take 206 months to pay off and $3,368 in interest will have been paid.

The second scenario saves the card holder $4,983 and will have the person out of debt nine years sooner!