|
| |
Cash Back vs. Rewards Credit Cards
Ah, the sweet rewards of using credit! Not only do you get immediate gratification with the buy now-pay later plastic, but now, many credit cards offer rewards and incentives for using their card to make purchases. You can get cash back, or gift cards, or ...
How to choose a Credit Card
There are literally thousands of credit cards out there to choose from. You receive offers in the mail, in your email, over the phone, and on the websites you surf to on the Internet. We are inundated with credit offers, but are all credit card offers ...
Some Truth About Credit
Credit is currently and has been historically an integral component of our economy. Credit contribute a person’s net worth, and financial power. No matter who you are or what type of business you are considering, credit is a vital component to be ...
|
|
|
|
| |
1. Are You a Student?
If you are, then you'll be better off with a student card. Your application is likely to get accepted without problems. It would be best to contact the bank where you have your student account before you do anything else.
2. Are You Transferring a balance from another credit card?
If you are, then you need to be looking for a card with a low APR on balance transfers. APR is the acronym for Annual Percentage Rate. APR is the cost of credit, expressed as a yearly interest rate. However, do be careful of credit card offers that promise 0% introductory rates for say 6 to 9 months. There may be a catch somewhere!
3. Do You intend to Make New and Large Purchases?
If so, then pay more attention to the APR for purchases, which is usually entirely different to the one for balance transfers. You should also look at what kind of grace period different cards offer, so you don't end up paying interest on your purchases straight away.
Also called a "grace period," a free period lets you avoid finance charges for a specified time before you are required to start paying your balance. Without a free period, the card issuer may impose a finance charge from the date you use your card or from the date each transaction is posted to your account. If your card includes a free period, the issuer mails your bill at least 14 days before the due date so you'll have enough time to pay.
4. Do You Pay Off Your Balance In
Full Every Month?
If you have a lot of money or you only keep a credit card for emergencies, then you might just pay it all off each time you get the bill. If you do, then you're in a position where you obviously don't need to worry about the interest rate much at all, since you won't be paying any interest (make sure there's a grace period, though).
5. Do You Need to consider Other fees?
Many issuers charge annual membership or participation fees. Some issuers charge a fee if you use the card to get a cash advance, make a late payment, or exceed your credit limit. Some charge a monthly fee whether or not you use the card.
6. Need Good Customer Service Support by the Issuing Bank?
This can be an important factor especially in situations of lost card or a charge that you wish to dispute. You want customer service support that is friendly and helpful. Choose a reputable bank that has excellent call center help.
7. Which Reward Program is suitable?
You may wish to consider the card that offers you the best reward programs or frequent flyer points for your needs.
In conclusion, there will be plenty of offers of credit card deals and "pre-approved" credit card application forms in your mail. However, do take the time to shop around for the right credit card for yourself.
About the Author
Elaine Lim used to be a research analyst from a bank and now hopes to share her expertise through publishing information on consumer credit. She hopes to help others in their financial planning, debt management and credit repair. For more free tips and resources, please visit http://www.credit-cards-eguide.com.
|
|
|
|
|
|
 |
Sallie Mae will credit $50 fee to suspend paymentsSan Jose Mercury NewsThe idea is to keep their credit history in good standing, although the loans still accrue interest. Federal student loans do not charge to defer payments. Sallie Mae, formally known as SLM approves forbearance requests in three-month periods.and more » |
|
