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| This page contains answers to common questions
along with some tips that have been found
useful in applying and using credit cards. The information about credit
cards is presented below as questions.
I
Want to Apply for Credit Cards NOW!! |
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How do I find a credit card that is right for my needs ?
Everyone is different and everyone has different
needs. You are the only judge of what is right for you. If you don't carry
monthly balances you might want to look at credit cards that offer you
rewards in the form of products, travel and cash. If you carry balance on
credit cards, a
low interest rate credit cards might be suitable for your needs. If
you have a poor credit history, the only option you might have are
secured credit cards.
Read through the website and the following questions and answers to help
you decide which credit card might be right for you--then apply for it
online instantly!
A no annual fee credit card that offers a combination of low long term
interest rate and 0% or very low interest introductory rate for
balance transfer etc., might be ideal for your situation.
Apply online for low interest
credit cards.
The answer is "yes". You can qualify for secured or stored value credit
cards. Apply online for
such credit cards here.
Banks and financial institutions want to get you young. They offer
credit card products for yougsters and students at very attractive terms.
Apply for these
credit cards online here.
You can take the guess work out of finding your next credit card.  Click
here to get help finding you a list of credit cards that are just right
for you. Regardless of credit history, there may be a credit card for you.
Also,
Click here
to read about facts for the consumer.
Below are some common terms used in
credit card agreements :
Annual Fee:
A yearly fee that a credit card charges for using the card. Many cards
charge no annual fee, but others such as American Express and those
offering substantial reward programs may have such a fee. Annual fees may
range widely....
APR (Annual Percentage Rate):
This is your card's interest rate for a year. If you have a card with an
APR of 16%, you will actually be charged a daily interest rate of .044%
(16% divided by 365 days), as credit cards actually charge finance fees on
a daily basis once you've gone past the grace period. The annual
percentage rate is a bit easier to understand however, so use that as your
reference when comparing cards. If you keep a balance on your card and do
not pay it off, you will actually pay a bit more than the APR offered,
because your balance will increase daily & thus the interest will go up.
Available Credit:
Credit line minus the balance on your card. If you have a credit line of
$5000 and have made $2000 worth of purchases, your available credit is
$3000.
Balance Transfer:
It is an enticement to you as a new
customer, the banks will often allow you to transfer your existing
balance to the new card at an extremely low interest rate (sometimes as
low as 0%) for a specified period of time. For example, if you are
carrying a balance of $1000 on a card with an APR of 19.0% and you
transfer that balance to a new card offering a transfer rate of 0% for
six months, you could save yourself a large amount of money during that
six-month period. The balance transfer rates are
usually only temporary, and any balance that remains in your account after
the intro period will then be charged at the card's normal APR.
Cash Advance:
Allows you to use your credit card in an ATM to get cash immediately.
Credit cards offer no grace period on cash advances, and the APR on a cash
advance is generally much higher than the APR on purchases.
Cash Back or
Reward Credit Cards:
Credit cards that offer you some sort of reward for using them. Some cards
offer you cash as a percentage of your purchases made with the card,
usually a small amount topping out at 1%. Other cards offer incentives
such as frequent flyer miles, or discounts on purchases based on your
account activity.
Credit Line:
How much you can charge to your card. If you have a credit line of $5000,
you can buy $5000 worth of stuff. Your cash advance limit can be smaller
than your overall credit line. If you exceed the credit limit, you can be
charged over-the-limit fee!
Fixed Rate:
Fixed rate is APR that will not change. If a card offers a fixed rate, you know that
your rate will remain the same for the length of the credit card agreement
(although terms could change in the future.) Contrast this with the
Variable Rate definition below.
Grace Period:
The length of time in which your new purchases will not be charged
interest if you pay off your balance in full. If you buy something with
your credit card today, then pay off your balance in full when the bill
comes due, you will not be charged any interest. Many credit cards used to
offer a 30-day grace period, but many have squeezed this down to 25
days--so pay off that balance if you can!
Secured Credit Card:
Cards for people with a bad credit history or no credit history at all.
Secured cards work basically as debit cards--you put money into an account
and your purchases with the card are made against that money. There are
also partially secured cards--for example, if you put $3000 into your
account, your credit line may go up to $4500--and unsecured cards that do
not require a deposit but charge high fees. Any type of secured card will
charge you higher fees than a card for people with a good credit record,
but it may be necessary to get this type of card if you don't qualify for
other cards.
Variable Rate:
An APR that changes as published
interest rates change. Many
credit cards
with variable rates will use an APR calculation of (Prime Rate + card
interest).
I Am Ready to Apply for Credit Cards Now !!
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