How to Use Your Rewards Credit Card Points
How to Use Your Rewards Credit Card Points
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Home Page > Finance > How to Use Your Rewards Credit Card Points
How to Use Your Rewards Credit Card Points
Posted: Mar 05, 2008 |Comments: 0
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Copyright (c) 2008 Ann Wilson
Competition among credit card companies is a great advantage for consumers. Credit card rewards are made bigger and better by credit card issuers to make sure that consumers would choose them over their competitors. How can you use your credit card points effectively and get the most out of your rewards credit cards?
The first thing to consider would be what type of rewards credit card do you currently have? If you’re still on the process of selecting a rewards credit card, which one should you choose?
Because rewards credit cards come in a variety of classes, it is best to choose the one that best suits your lifestyle. For instance, there are travel rewards credit cards, gas rewards credit cards, or cash rewards credit cards. You’ll be able to get the most benefit if the type of rewards credit card you have is that fits your needs.
Travel Rewards Credit Cards
Travel Rewards Credit Cards are especially designed for people who frequently travel. Whenever you use your credit card for purchasing, you automatically receive points that are equivalent to travel mileage points. The minimum mileage points you need to collect in order to qualify for a free travel will depend on the credit card issuer. Usually, credit card companies have partnership with an airline that sponsors free travel tickets. Thus, you may consider getting the Travel Rewards Credit Cards that is affiliated with the airline you must often fly with.
Gas Rewards Credit Cards
If you’re frequently on road trips, you can get the best deals out of gas rewards credit cards. Gas Rewards Points are also collected each time you make a purchase using your credit card. These points allow you to get full tanks of gas at no charge at affiliate gas stations. Imagine how much money you’ll save in a month if you often get full gas tanks for free.
Cash Rewards Credit Cards
Most people prefer to get cash rewards credit cards. Usually, you’ll be given a point for every dollar you spend on your credit card. However, some credit card issuers give 2 points or more for every dollar spent on the card. You can use these points to make new purchases or these points can be added on your credit. Some credit card companies have their own exclusive online store where customers can shop to redeem their points.
Choose Wisely
Make sure that you will be able to use the points you’ll be collecting. For example, even if you earn a free travel rewards, what if it includes restrictions, or what if you can only claim it for a limited time period? Be sure to check out all the terms and conditions that apply when claiming the reward. If you don’t, the rewards you earned may simply be thrown out the window. Also, make sure that the credit card allows unlimited time for collecting points. If not, then you’ll always be trying to earn enough points in time which is a very risky way of using your credit card.
Lastly, see to it that you’ll be paying off your balances before the due date ends. Otherwise, you may end up paying for very high interest rates which defeats your purpose of purchasing to earn rewards. Also, some credit card issuers disqualify a card holder who has an outstanding balance in their account.
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Ann Wilson is the head writer of Credit Card Rewards – Travel Reward Credit Card Site. This resource provides consumers with valuable reviews and information on the best rewards credit card programs.
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Categories: No Interest Credit Cards Tags: card, Credit, Points, Rewards
Low Interest Rate Credit Cards ? How to Qualify With Fair to Average Credit
Low Interest Rate Credit Cards – How to Qualify With Fair to Average Credit
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Home Page > Finance > Credit > Low Interest Rate Credit Cards – How to Qualify With Fair to Average Credit
Low Interest Rate Credit Cards – How to Qualify With Fair to Average Credit
Posted: Mar 31, 2008 |Comments: 0
| Views: 151 |
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Most would-be credit card owners these days have a bruise or two on their credit report and feel they may not qualify for low interest credit cards. Depending on the problem that appears on their bureau they very well may be right. However, a large section of the people with fair credit will qualify for credit cards with low interest rates regardless of their credit discrepancies if they can show certain attributes on the credit card application.
Believe it or not, some of the lowest rate credit cards on the market only require “average” credit to qualify for. Knowing which cards, where to apply and how to accent the “positives” on you application is the key to obtaining these cards. We have listed an explanation for these three tips below.
1) Which Credit Cards to Apply for – Credit card issuers offer credit cards these days that come with all types of bells and whistles on them. Leave these credit cards alone. What you are looking for is the plain old fashion credit cards. This means no cash back credit cards, no reward benefits, travel cards and so on. These cards rarely benefit the “average” user and carry a higher default rate than regular credit cards.
The plain or regular credit cards can usually be found at the end of each credit card sections on most credit card websites. This is because they carry a lower profit margin than the cards with bells and whistles attached to them.
2) Where to Get Credit cards for Average Credit – Low interest rate credit cards are rarely sent to your home in the mail. The credit card offers sent to your mail box are usually less attractive clones of the real cards that have lower rates. We suggest that you use these applications to start your fireplace or back yard grill.
The best place to go to get the low interest credit cards is directly into the bank that offers the card. The problem with this is some of the banks that offer the best rates and terms aren’t national banks and may not have a branch where you are.
The next best place to look for low interest rate credit cards is well established online credit card websites. They usually carry a large selection of credit cards that are exactly like the cards you can get directly at the bank.
3) How to Apply for Credit Cards – The credit card issuers aren’t necessarily looking for a high credit score. They are looking for people with a fairly good track record of making payments and the capacity to pay them back.
Let’s assume that I applied for a card having a 720 credit score and a mountain of debt. Let’s assume that and you applied for the same card with only a 620 credit score but with very little debt, you would be the more attractive applicant in many credit card issuers’ eyes.
Details on the application are a key factor when you fill out a low interest rate credit card application. If you have been on your job 3 years and nine months don’t just put 3 years. List your checking account and your savings account if it asks, most people only list their checking. Finally, look at your credit report before you apply with any credit issuers.
The U.S. Public Interest Research Group reports that as many as 25% of consumer credit bureaus are reporting inaccurate information that can cause you to be declined. If you see any errors dispute them immediately, it may take a month or more to get them corrected.
Have the credit bureau add a comment to your bureau that says “consumer disputes this information” immediately. This will not help your score but will tell prospective creditors why your score is low.
Aubrey Clark is an author and editor for DirectBanc.com. He has been writing on financial issues that range from credit cards for Fair credit to Where to Find Low Interest Rate Credit Cards.
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Aubrey Clark is an author and editor for DirectBanc.com. He has been writing on financial issues that range from credit cards for Fair credit to Where to Find Low Interest Rate Credit Cards.
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I have 75k credit card debt & just sold my house to my son & daughter in law to pay off home equity loans so the house is no longer in my name; I sold it for fair market value.can i dec.bankrup?
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Credit Cards for People With Good Credit Compared to Credit Cards for People With Poor Credit
Credit Cards for People With Good Credit Compared to Credit Cards for People With Poor Credit
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Home Page > Finance > Credit > Credit Cards for People With Good Credit Compared to Credit Cards for People With Poor Credit
Credit Cards for People With Good Credit Compared to Credit Cards for People With Poor Credit
Posted: May 04, 2008 |Comments: 0
| Views: 118 |
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If you are reading this article you might be considering applying for a credit card. Submitting an online credit card application is the easy part. What is more difficult is choosing the credit card that will meet your needs. Don’t limit yourself by refusing to learn the details about Credit Cards for People with Good Credit Compared to Credit Cards for People with Poor Credit. The more you know, the easier it will be to focus on what’s important.
Applying for a credit card with excellent credit gives the applicant the option to pick and choose the best credit card deals with 0% APR, low interest rate, no annual fee, cash back and rewards that will save a substantial amount of money. Also, credit card applicants with excellent credit can apply online and get instant online credit card approval within seconds of filling out their application. This situation is very convenient and beneficial because there is no need to wait for weeks to get an approval or denial from the credit card issuer.
On the other hand if your credit is poor, it’s un-likely you will be approved for the best credit card offers. Therefore, your credit card choices will be limited to certain credit card types such as secured credit cards and pre-paid cards. With a secured card, applicants are required to “secure” the line of credit on a card by using a cash collateral deposit that will then become the amount of credit available on the card. If an applicant secures the card with a $200 collateral deposit from his or her checking or savings account, he/she will have $200 in available credit on the card. Some cards offer additional credit over the collateral deposit.
The funds for the pre-paid cards also known as stored value cards can be loaded from a checking/savings account or from ATMs. Prepaid card holders cannot go over their spending limit or credit line because they can only spend up to the amount of money in their account. However, secured credit card holders may be allowed to charge more than the available funds if they consistently pay their monthly credit card bills on time.
Many of the best credit cards have excellent rewards and cash back program to save the card holders money. These rewards and cash back programs varies from getting up to 5% cash back whenever you make gasoline purchase or rewards such as bonuses for frequent flyer miles which can be used for free airline ticket or free hotel room. Maintaining a good credit score is essential as many banks use credit score models to predict the credit applicant’s future ability to meet debt obligations. Therefore, having a good credit history is a good prediction of future credit obligation.
Having bad credit can be very stressful but it is not the end of the road. There are several things that can be done to improve your credit score over time. One of the best ways to start the process of rebuilding your credit is to apply for a secure credit card that reports your payment history to the three major credit bureaus which are Experian, Equifax and Trans Union. Once you credit card history is reported without recorded late payment you will start to see a gradual improvement in your credit score over time. Another important factor is not to apply for too much credit within a short period of time.
Secured credit cards are never declined due to bad credit and they are frequently used as a means to establish or re-establish credit. These credit cards are similar to a regular credit card because they carry the Visa and MasterCard logo and are accepted anywhere a regular credit card is accepted. The difference between a regular credit card and a secured credit card is that the money you are using to make purchases with the secured credit card is yours.
All credit card applicants should familiarize themselves with the terms and conditions of the offers for which they have applied. It is important to have the knowledge of the interest rates for the card and also a clear understanding of the consequences of making late payments. Keep in mind that most secured cards charges an annual fee and have high interest rates unlike pre-paid cards that do not charge interest. Some pre-paid cards do charge annual fees. Knowing this information can help an applicant avoid getting into a worse financial situation and digging themselves deeper in debt.
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What are the adverbs and adjectives in these paragraph? A credit card is a small plastic card issued to users as a system of payment.It allows its holder to buy goods and services based on the holder’
Is there any financial help for a sr. citizen on medicare? i can’t afford to purchase an aid and i don’t have good credit or credit cards
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Home Page > Finance > Credit > Good and Bad Deals in Credit Cards
Good and Bad Deals in Credit Cards
Posted: Jul 03, 2008 |Comments: 0
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More of Wayne’s Story
Wayne, who you met in Chapter 6, after reviewing all of the possible credit card types and options, has decided that he wants to get both a Visa and a Master Card.
That’s a good start. But now what? The terminology on the applications is very confusing. A call to his parents didn’t help one bit. The extent of their “technical advice” is, “The cards we have work for us.”
Susan suggests they make a night of it-Chianti, candles, soft music, and a stack of credit card applications. Wayne arrives early, eager to begin.
Factors to Consider
There are three principal features to the card itself that determine whether or not you’ve found a good deal. These are the Interest Rate, Annual Fee, and Grace Period. By law, all three must be disclosed at the time you apply for the credit card. The United States Fair Credit and Charge Card Disclosure Act requires issuers of charge or credit cards (including retail stores) to reveal certain basic information in tabular form with the application or “pre-approved” solicitation.
Disclosures also must be provided before annual renewal if the card issuer imposes an annual fee. Other things to consider are Rebates, Discounts, and Miscellaneous Fees. Also important is the pattern of your shopping-a card that your favorite merchants don’t honor won’t be of much use for you.
Interest Rates
The interest rate is the rate charged on purchases and cash advances (generally, two different rates). It can be “fixed” or “floating.” Fixed rates are not truly fixed because the banks will change them every year or so. Floating rates typically are a bit lower than fixed rates, but fluctuate every month according to the latest T-bill sale, the phase of the moon, or some other index (just kidding about the phase of the moon-sort of). By law, banks must apply floating interest rates according to a regulated index. Still, if you buy something you’re expecting to pay off over many months, a floating interest rate will make it hard to guess how much finance charge you’ll be paying. Some credit cards may refer to a “variable rate,” which is the same as a floating rate.
ANNUAL PERCENTAGE RATE (APR)
Years ago, credit card issuers would quote an interest rate that was not directly comparable with other lenders’ rates because the method of computation was not standard. The law now requires lenders to quote an annual percentage rate so that you might compare cards-a rate that includes the interest and all fees for a year (i.e., the total cost of the “loan” for the course of a year).
MAXIMUM INTEREST RATES
Interest rates are all over the map. There are limits, however, in most states on the maximum interest rates allowed. The laws concerning maximum interest rates are called “usury laws.”
INTEREST RATE CALCULATIONS
To calculate the interest on your card each month, the lender multiplies the card’s interest rate (the APR) times your card balance. This will give the interest for the entire year. The lender then will divide the interest calculated by the number of months in the year (12). The sticky part is determining the credit card balance.
This is why it’s important to choose a card with a grace period (see below). If you do have a balance on your card, there are three methods of calculating it:
1. Average Daily Balance (the most common method): The issuer calculates the balance by taking the amount of debt you had in your account each day during the period covered by the billing statement and averaging it.
2. Previous Balance: The issuer uses the balance outstanding at the end of the previous period-that is, the period prior to the one covered by the current billing statement.
3. Adjusted Balance Method: The balance is derived by subtracting the payments you’ve made from the previous balance.
Annual Fees
The annual fee is, well, a fee that the card issuer bills to your account annually. Every year, on the anniversary of the date your account was opened, the fee for the upcoming year is billed to your account. Typical charges are $18 to $29 for regular bank cards (about $40 for gold bank cards) and anywhere from $35 on up for various flavors of T&E cards. House cards are typically free.
Many lenders waive the fee the first year to get you to sign up, then depend on you to forget a year later that you’ll be charged an annual renewal fee. There’s nothing shady about this as long as it’s disclosed up front. Some lenders often have “secret” programs in effect where, if you ask them, they will waive the annual fee. Some do it only if you charge a certain amount per year; others have other criteria. It certainly can’t hurt to call just before renewal time and ask to have the fee waived. (If you wait until after the fee is already on your statement, your chances aren’t so good for getting it waived.)
Some banks will waive the annual fee if you tell them that you’ll go elsewhere if you have to pay it. Others will not. You may want to ask (politely) to talk to a supervisor, since the front-line person may not care whether you cancel your card and may not have the authority to make concessions. Don’t bluff on this unless you are confident you can get a card elsewhere.
Grace Periods
The grace period is the time after the billing date that you have to pay off the bill without paying a finance charge. Grace periods for cash advances are pretty rare, since the bank would lose money on them. T&E cards typically have generous grace periods; bank cards usually have 25 days, but a few have 30, and many have no grace period. In every case, the grace period runs from the date printed on the bill, not from the date you get the bill. For instance, suppose your bill is prepared on the 28th of every month and the grace period is 25 days. If you make a purchase on July 3, it will show up on the July 28 bill and you’ll have until August 22 (July 28 plus 25 days) to pay it off without interest. If you don’t pay the full balance, your August bill will show a finance charge, and so will every bill after that until you pay off your full balance.
Some banks give you a grace period only during those months when your previous balance is zero. Others (fewer of them all the time) give the stated grace period on all new purchases even if you have a balance from last month. The second method can save you big bucks; be sure to find out how your bank does it when you apply for the card.
Rebates, Discounts, and Other Kickbacks
Some cards, such as Discover, pay “rebates.” Rebates are a percentage refund on your purchases, either by check or by a credit to your account. Discounts, on the other hand, actually reduce the price on the bill before you pay it. Discover offers rebates on all purchases. The Ameritech Complete MasterCard gives 10% rebates on credit card calls at the end of the year. Some things to keep in mind when looking for cards with rebates are:
1. When will the rebate be issued? At the end of the month or at the end of the year? Typically, it’s after the end of the year.
2. How is the rebate calculated? Be sure to read the fine print. For example, let’s say that Discover advertises “up to 1% rebate.” That’s true, but the fine print reveals that you get back 1% for every dollar you charge after charging $3,000 in a single year. The first $3,000 is rebated at rates between one-quarter and three-quarters of a percent.
Some cards offer other features like frequent-flyer miles and extended warranties on purchases. Is this a good thing? It may or may not be. Consider such questions as these to help you make this determination:
1. Does the airline fly to places you really want to go?
2. How many dollars must you charge to earn a free ticket? Is the airline likely to be around by then?
3. Are you likely to spend more than you otherwise would, just to accumulate the miles?
Miscellaneous Fees
You have the right by law to know about all possible fees before your credit card application is processed.
APPLICATION FEES
Application fees are extremely rare with unsecured cards, but with secured cards they are very common. Though such fees are legal, look long and hard at the terms before you agree to pay an application fee, even if you are “guaranteed” acceptance. For an unsecured card, you can almost certainly do better elsewhere.
OVER-LIMIT FEES
Many cards assess an over-limit fee if you charge something that takes you over your credit limit. The creditor may or may not allow the charge if it assesses this fee. Common over-limit fees range from $20 to $29.
LATE PAYMENT FEES
Some cards charge a late payment fee in addition to the finance charges. Again, a fee of $20 to $29 is common.
CASH ADVANCE TRANSACTION FEE
Some cards charge a transaction fee for cash advances. This may be a flat amount (around $2), a percentage of the transaction dollar amount (1% to 2% is common), or a combination. These fees are in addition to the stated interest rate, which usually starts accruing as soon as you get the money.
Tips for Cutting Your Credit Card Expenses
1. PICK A CARD WITHOUT AN ANNUAL FEE
Some credit card companies can charge you as much as $50 a year. With all the choices out there, don’t fall into this trap.
2. NEVER MAKE ONLY THE MINIMUM PAYMENT
Credit card companies make the majority of their money from you through interest on the unpaid balances on your credit cards. The minimum payment some credit cards ask you to make will not reduce the balance on your credit cards very quickly, if at all. For example, consider a $1,000 balance at 18% (a low rate by some cards issued today). If you make the minimum payment on the card (typically about 3% of the balance), it will take you six years and one month to pay off the balance, including an additional $559 in interest. That is, if you never purchase another thing with this credit card until after the balance is paid off.
3. PAY OFF THE FULL BALANCE
If you must carry a balance, always pay as much as you can afford every month.
4. PAY ON TIME
Mail your payment check early. Late credit card payments hurt you three ways:
(1) Bad credit reports, which you already know about; (2) Late fees ranging from about $20 to $29; and (3) Bumped up interest rates-as few as one or two late payments during one year can put you into the penalty box (causing your interest rate to jump to a “penalty rate” of 24% or more). Make sure you send in your payment a little extra early – some companies are known to be “slow” about getting your payment from their mail room to the processing center, which can result in a late fee, even if the payment itself was received on time. Try to allow one week for your payment to arrive.
5. BEWARE OF CREDIT LINE INCREASES
If you make timely payments, your bank will automatically raise your credit limit without asking you, and other banks will send you offers for more “pre-approved” cards. This could be good or bad. If you have a tendency to push the limits on your credit cards, they could entice you to go more into debt with this additional available credit. On the other hand, such credit line increases could give you a better debt-to-available-credit standing-but only if you keep the balances where they are -thus, actually increasing your credit score because you have all these high available credit amounts (which means you can be trusted) yet you keep low balances (which means you handle money well).
6. AVOID CASH ADVANCES
Don’t use your credit card like an ATM card for cash withdrawals. The interest rate on cash advances is at least 2% higher than on purchases and the interest begins to accrue immediately.
Students Beware!
College students are special to the credit card companies. Our friend Wayne, for example, could likely score plenty of credit cards (and potentially get himself into deep trouble) even if he has no income. Why? Because he has the potential of earning a good income once he graduates.
Believe it or not, if you’re in college, credit card companies want your business so badly they’re offering much more than trinkets and soda. They’ll let you apply for credit cards without a job or income! You can apply for credit cards with a blank credit report, even without getting a co-signer! No other consumers can get cards this way. They want to get you hooked early-like giving cigarettes to kids in junior high.
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I have only 700 dollars I own and half is interest I call to pay off 300 dollars they will not make a deal what else can I do?? I have credit card since 2007
What are good credit cards to apply for ?
Morning im in debt bad,well i guess if i wasent i would not be on this sight. My credit cards are over the limit one card 2,000 othe 600. I have 2 finance tha i owe total for 2 around 15,000 my house
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From the moment a customer enters the tattoo shop to the moment he or she leaves, there is a typical process that is virtually scripted in the minds of many tattoo artists, and it helps a prospective tattooee to know in advance what that script involves. This article advises tattooees of some of the potential regulations involved, their responsibilities, the responsibilities of the tattoo shop or artist, and the requirements of payment up front and signing contracts. In addition, the prospective tattooee will learn that tattoo artists also have their own expectations, and that fulfilling these can make for an even better experience and better tattoo.
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Are You Looking For A Credit Card?
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Are You Looking For A Credit Card?
Posted: Jun 16, 2008 |Comments: 0
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The emergence of electronic age made almost everything possible to people. Determining and curing terminal diseases made convenient, reaching uncharted territories became a possibility, and most of all; everyday life of people is made easy by the technology. We now have more convenient stores, easier means of transportation and a variety of gadgets that makes work and pleasure almost effortless.
When it comes to finances, technology through efficient banking system and services has given people better alternatives and options how to manage their finances. Among the so many financial management schemes that emerged, one alternative stands out among the rest the credit card.
Credit card, especially to working people and those who live very busy lives, has become an ultimate financial ‘savior’. More than just being a status symbol or an add-on to expensive purses and wallets, credit card has revolutionized the way people spend their money.
But, more than the glamour and the convenience credit card brings, there is much more to this card than most people could ever imagine.
Credit Card 101
Before indulging much into the never-ending list of the advantages and disadvantages of having a credit card, it is very important for people to first have a brief realization of what credit card really is in order for them to maximize its potentials.
In layman’s terms, credit card is a card that allows a person to make purchases up to the limit set by the card issuer. One must then pay off the balance in instalments with interest payments. Usually, credit card payment per month ranges from the minimum amount set by the bank to entire outstanding balance. And since it is a form of business, the longer the credit card holders wait to pay off his or her entire amount, the more interest pile up.
Since having a credit card is a responsibility, only those people who are of legal age and have the capability to pay off the amount they are going to spend through their credit card, is allowed to have one. Actually, most of the adults in the U.S. use credit card because this is very convenient compared to carrying cash or checks every time they have to purchase something.
It is also equally important to be familiar with the different types of credit cards before you begin to build up credit card balances and to avoid having a nightmare of debt. Since credit cards are indispensable to most consumers, it is a must that they understand the types of card that include charge cards, bankcards, retail cards, gold cards and secured cards.
All of these types come in one of two interest rate options the fixed and variable. Actually, it doesn’t really matter if you decide to have a fixed-rate credit card because the interest rate remains the same. Compared to variable rate cards where rate may be subject to change depends upon the credit card issuer’s discretion, fixed-rate carry higher interest rates.
Basically, credit card grantors issue three types of accounts with basic account agreements like the ‘revolving agreement’ a.k.a. Typical Credit Card Account which allows the payer to pay in full monthly or prefer to have partial payments based on outstanding balance. While the Charge Agreement requires the payer to pay the full balance monthly so they won’t have to pay the interest charges, the Instalment Agreement, on the other hand, asks the payer to sign a contract to repay a fixed amount of credit in equal payments in definite period of time.
Another category of credit card accounts includes the individual and joint accounts where the former asks the individual alone to repay the debt while the latter requires the partners responsible to pay. The common types of credit cards available through banks and other financial institutions also include Standard Credit Cards like Balance Transfer Credit Cards and Low Interest Credit Cards; Credit Cards with Rewards Programs like Airline Miles Credit Cards, Cash Back Credit Cards and Rewards Credit Cards; Credit Cards for Bad Credit like Secured Credit Cards and Prepaid Debit Cards; and Specialty Credit Cards like Business Credit Cards and Student Credit Cards.
Now that you have an idea how many types of credit card there is, it is now time to review your goals before applying for one. Some of the things you should consider is how will you spend with the credit card monthly, if you plan to carry a balance at the end of the month, how much are you willing to pay in annual fees, if you have a strong credit history and is does your credit in need of rehabilitation. Once you have an idea of what you are looking for choose the right credit card for you by researching the information you need that will fit your basic needs. You may also review the credit cards you’ve research and compare them.
Shopping for a credit card?
Regardless of the type of credit card you choose, be sure to discuss your specific financial needs with your financial advisor or accountant before applying for any credit card. It is a must that you understand the benefits of having a credit card like safety, valuable consumer protections under the law, and the accessibility and availability of services. The most popular credit cards include Chase Manhattan Bank, Citibank, Bank of America, BankOne, American Express, Discover Card, First Premier Bank, Advanta, HSBC Bank, and MasterCard Credit Cards.
Although having a credit card is synonymous to invincibility, this may also trigger a person’s thirst for material things and may lead into the temptation of buying something they don’t really need. A credit card bearer should always have in min that having a credit card is a big responsibility. If they don’t use it carefully, these may owe more than they can repay. It can also damage their credit report, and create credit problems that are quite difficult to repair.
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What Do You Mean By A Secured Credit Card?
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Home Page > Finance > Credit > What Do You Mean By A Secured Credit Card?
What Do You Mean By A Secured Credit Card?
Posted: Jun 26, 2008 |Comments: 1
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Secured credit cards are another very popular breed of credit cards. Secured credit cards, as their name suggests, are secured. Well, they are secured for the credit card supplier, really. Secured credit cards require you to open an account with the credit card supplier and maintain some cash balance in that account. This cash balance acts as a security for the supplier of secured credit card.
Your credit limit is dependent on the amount you hold in the account that you have started with the supplier of secured credit card. This is generally between 50 to 100% of your account balance. So in that sense, secured credit cards are not really credit cards (since they don’t offer you any credit really). For this reason, the secured credit cards are sometimes also referred as debit cards.
Why is the concept of secured credit cards so important?
As we know, credit card debt is a raging problem which is caused by improper usage of credit cards. Such people end up spoiling their credit rating to an extent where they cannot get another unsecured credit card (that is what we call the commonly used credit cards). Even after they have paid off their dues and cleared their debt, their credit rating still haunts them. For such people, secured credit cards are a boon.
Secured credit cards present them with an opportunity to not only get a credit card in the first place but also to improve their credit rating by using the secured credit card in a disciplined way (paying their dues in time, controlled spending, utilizing a maximum of 70% credit limit etc). As they continue with these good habits, their credit rating gradually improves over a period of time. Hence secured credit cards provide them with the means of rectifying their mistakes (credit rating).
It’s not just the people with bad credit rating who go for secured credit cards. Some people go for secured credit cards because they don’t want to bother themselves with the bills etc for credit cards. They don’t like to even fill-up application forms for unsecured credit cards.
Then there are some who just don’t like to borrow money (even if it means borrowing from a credit card supplier by using their credit card). However, such people are very rare to find.
Some people just go for secured credit cards because they have heard a lot of horrifying stories on credit card debt – maybe someone from their family or one of their friends was devastated by credit card debt and they don’t want to repeat the mistake. So they decide to go for a secured credit card.
Whatever be the reason for going for it, the secured credit cards are surely popular too.
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Does citibank have a secured credit card ?
Does usaa offer secured credit cards?
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1. No Fax Payday Loans 05/09/2008
From the perspective of sheer numbers, it would appear that most American citizens are addicted to debt. Credit cards, home equity loans, second mortgages and payday loans all contribute to the amount of money that the average American citizen owes. Payday loans are helpful for people who don’t have credit cards. http://personalmoneystore.com. Because the loans do not require a credit check, they are easy for people with financial problems to obtain. Nevertheless, all of these are options to aid financial woes.
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Should I Apply For A Credit Card?
Should I Apply For A Credit Card?
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Home Page > Finance > Credit > Should I Apply For A Credit Card?
Should I Apply For A Credit Card?
Posted: Jul 01, 2008 |Comments: 0
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Are you pondering on whether you should apply for a credit card? Well, the answer quite simply is – ‘Yes’ – you should apply for a credit card (this is true for most people). The credit cards seem to have transformed our lives. In fact, one can term credit cards as a revolution.
Today, you find ads in TV/newspapers/website/shops and almost anywhere and everywhere; all asking you to apply for a credit card. When you look around, you see that most people have credit cards. In fact, most people have multiple credit cards. Everyone seems to apply for a credit card. So, why should you apply for a credit card?
There are a lot of benefits associated with credit cards; however, the most important benefit is the convenience that they offer. For most people, this is the prime and the sole reason that instigates them to apply for a credit card. This wouldn’t have been the case a few years ago, when not many merchants accepted credit cards. However, today, most merchants do accept credit cards.
So, instead of carrying a lot of cash on you (which is both inconvenient and unsafe), you can just carry a small piece of plastic with you. Moreover, you get interest free credit i.e. you don’t have to pay the bills till the next monthly billing cycle. So, you can buy now and pay later (when your salary arrives) – a great reason to apply for a credit card.
To add to that, there are certain merchants that offer interest-free instalment payment plan i.e. you can make a big purchase today and pay for it in instalments on your credit card. So credit cards works as instant long term loan too (not just a monthly loan). Yet another reason to apply for a credit card is the discounts on shopping. This is made possible by the tie-ups between credit card companies and the merchants. So credit cards offer many benefits.
There are various ways in which you can apply for a credit card – you can apply for a credit card in person, you can apply for a credit card on the internet and you can apply for a credit card on phone too (by asking the representative to meet you). You will as such be approached by a lot of sales representatives, all asking you to apply for a credit card with their company.
To apply for a credit card, you will need to fill-in a credit card application form (which is easy to fill and the representatives of the credit card company will assist you in that). When you apply for a credit card, you basically enter into an agreement with the credit card supplier (the form that you fill when you apply for a credit card is actually an agreement). After you have submitted your application, the credit card company conducts certain checks to determine your credibility; and if everything is fine, you receive the credit card.
So, applying for a credit card is easy and to apply for a credit card or not to apply for a credit card is a matter of personal choice. However, for most people who don’t have any credit card, the recommendation is ‘Apply for a credit card’.
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Categories: No Interest Credit Cards Tags: Apply, card, Credit, should