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Opting For A Credit Card? Check Out Certain Terms
You've just received a "pre-approved" credit card offer in your mail. Without wasting a minute you're ready to accept it, especially if it's the "before-the-offer-expires" one. Wait! Don't be in a hurry. Shop around a little and then make your decision about that credit card. Do you know that these "pre-approved" offers that pop up almost every time you open your mail are just gimmicks? Actually, the approval of your credit card depends on your formal application. If it fails to meet the criteria, you may be either denied the credit card or offered a higher interest rate on it. Moreover, don't be in the illusion that just because your credit card is pre-approved, it'll be compatible to your spending habits. Credit card basically means that you're borrowing money by paying some charges. So, it's essential to understand the terms and conditions of the credit card before accepting it. Every credit card applier should be aware of certain terms before opting for that valuable plastic asset. Are you aware of them? If not, then read on? Annual Percentage Rate (APR): It's the measure of the credit cost that is charged annually. Before opening your credit card account, you should be familiar with the APR. In addition, some credit card issuers may change your APR with the change in interest rates or other economic indicators. Programs allowing such change are called "variable rate" programs. Free Period or Grace Period: Always find out whether your credit card gives you a free period lest you may be deprived of the benefit of avoiding finance charges on full payment before the due date. If your credit card offers a grace period, you should receive your bill 14 days prior to the due date, so that you get sufficient time to make the payments. Annual Fees, Transaction Fees and other charges: It's vital to have knowledge about the annual and transaction fees charged by the credit card issuer. Besides this, you may also be charged in case of a cash advance, a late payment, or exceeding your credit limit. Sometimes, you've to pay a monthly fee even if you don't use your credit card. The Bonus Program: If you're opting for a credit card that offers attractions like airline miles, merchandise, or cash back, check out whether there are any participation charges linked with them. If you think you won't get a chance to use these bonuses due to your lifestyle, then it's better to avoid such credit cards. Zero percent financing: If you hold several credit cards, then a credit card with an initial 0 percent balance transfer rate would save you hundreds of dollars in the first year. However, such transfers may come with some charges. Check them out. Credit card terms differ with the issuers. You should know how you'd use your credit card. For instance, if you are going to pay your full balance each month, then you should concentrate on annual fee and other charges rather than the periodic rate and the APR. Moreover, you should know your credit card limit too. Also, find out how popular the credit card is and what are the features and programs of the credit card you've opted for. Once you are well versed with the terms of the credit card, just apply for it! James Marriott is a finance writer with more than 15 years of experience in writing financial content, including those related to credit cards, mortgages, stocks, investments, and funds. He has been with RNCOS, a premier financial writing services company, for 2 years as head of financial writing. He is also a regular financial columnist with renowned business journals. For your comments on the article and further financial assistance, please contact our staff writer at info@rncos.com. MORE RESOURCES:
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GOOGLE SEARCH Balance Transfers Can Help You Stop Putting Money Down The Drain! As you probably know, interest rates are at all time low right now and if you aren't getting the best deal from your credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal. You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you have to then you'll be doing yourself and others a big favour indeed. How Healthy Is Your Credit There's only one way to discover the "health"of your credit. You need to examine your creditreport. How to Order the Right Credit Reports to Repair Your Own Credit In this week's article, I am going to offer some tips and insight regarding how to order the right credit reports needed to repair your credit.Believe it or not, a majority of the credit reports offered on the internet don't have the required information (File Number, Confirmation number, or Report number) needed to repair your own credit. Why Does FACTA Matter to Me? FACTA stands for Fair and Accurate Credit Transaction Act. FACTA is the law which allows any American access to their credit report once per year. Credit Repair, How To Credit repair, is in a word, vital to reestablishing your credit. Unless you plan to never use your credit again, then you have to find a way to fix it. Identity Theft - Dont Think You Are Immune As identity theft becomes more prevalent, the need to regularly check your credit report is veryeasy to see and understand. Two big headlines in the news recently point to how closely tied yourcredit report and identity theft are. Inflexible Friends and Plastic Assets, Why Money isn't Buying Love Anymore Consumers reject financial advice in favour of financial frivolityIt would appear that even though their "friends" aren't as flexible as they used to be, consumers are still stretching their credit cards beyond the comfort zone.The vicious circle of debt manipulation involving banks, consumers and commercial credit companies is putting consumer spending under strain, as funds begin to dry up. Bailiffs & Council Tax - Knowing What To Do This article is about bailiffs who may call trying to collect Council Tax or Community Charge (Poll Tax) arrears. If a bailiff has contacted you to collect another sort of debt the law might be different. The Advantages of Credit Cards There are many evils associated with credit cards, but there are benefits that are hard to ignore. One benefit is having the credit card company act in your behalf to recover funds from a disputed transaction. Simplifying Your Search For a New Credit Card Today, selecting the proper credit card can be a bit confusing to say the least. There are literally hundreds of offers from the major institutions eagerly competing for your business. How To Save Money On Credit Cards Some credit cards offer a cash advance option. But how good a deal is this?Not very. Protect Yourself Against Identity Theft Identity theft is when someone uses, without permission, your personal information in order to commit any frauds or crimes. Identity theft is a felony that is becoming more and more common. Credit Card Balance Transfers Can Help You Stop Putting Money Down The Drain As you probably know, interest rates are at all time lowright now and if you aren't getting the bestdeal from your credit card company then they owe it to youto either lower your rate, or you owe it toyourself to find a better deal. You see, credit cardcompanies need your business in order to succeedand if you refuse to pay a penny more than you have tothen you'll be doing yourself and others a bigfavour indeed. Top 5 Reasons To Check Your Credit Report Regularly #1 Make sure mistakes aren't hurting your credit.Reviewing your credit report can help you avoid costly errors. Improving Your Credit Report Even if you think you have a wonderful credit report, be wary of the error factor. Just as you receive mail with your name and address misspelled, your credit report can have errors as well. Good Credit Is Not A Good Reason To Borrow More Money After Youve Achieved Financial Freedom The most important thing for you to remember is that the only way you'll ever be able to achieve financial freedom is if you are able to avoid getting back into debt once you've paid off everything that you owe. It seems like a lot of the different websites that give advice regarding bad credit are not looking at this the right way. 10 Dirty Tricks Credit Card Companies Play The credit card companies make billions each year in legitimate interest charges and fees, but are under constant pressure from the shareholders to increase their earnings. To make this extra money the credit card companies sometime adopt some dirty tricks to make this money. Credit Card Entrapment - The Secrets are Out Have you ever wondered why your credit card bill is so high and you can't seem to pay off the balance? Well you are not alone in this. You should be aware of a couple of trick that they use and you probably don't even pay attention to it, but you definitely pay for it and BIG!The next time you open up your credit card statement, take a real close look to all the "junk" inside particularly the very hard to read insert Call "changes to you credit card agreement". A No-Brainer Way Of Getting Credit And Credit Cards What Is Your Credit Rating Now?If you have any charge accounts now, or have ever borrowed from the bank to buy a car, or if you ar paying on a mortgage, there is credit information on you.Up until a few years ago, you could only guess at what your credit rating was, because the credit bureaus who keep track of borrowers wouldn't tell the borrowers anything! But that's been changed through several laws, and now the bureaus have to send you your credit file when you request it. How Do I Establish A Good Line of Credit? A line of credit, roughly defined, is the amount of credit that can be given to a borrower from a lender. Usually a contract or note of promissory is exchanged between the two parties, in which both parties agree to the line of credit amount, as well as the annual interest due to the lender at the end of the term. |
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