Best Credit card rate
All about credit card rate
Best Credit card rate
What’s the thing that is most prominent on any credit card ad?
Well, it’s the credit card rate (or the APR, as we know it).
The credit card rate is the most publicized thing in the world of credit cards. A lot of people just compare the credit card rate of various credit cards and just go for the one that is offering the lowest credit card rate (or APR).
Credit card rates are, in fact, one of the most important factors in the selection of a credit card (though not the only factor). Therefore, a proper understanding of Credit card rates is even more necessary.
So, what is a credit card rate or APR? Very simply, credit card rate is the rate of interest that the credit card supplier will charge you with on the amount you owe them.
The credit card supplier will charge you an interest only if you don’t make full payments in time.
When you receive your credit card bill, it specifies the full amount you owe the credit card supplier. It also specifies the minimum payment that you must make (by a particular date), in order to avoid incurring a late fee and other inconvenience.
You have the option of making either a full payment or just the minimum payment. If you make a full payment (by the due date), you are not charged any interest.
However, if you decide to go with the minimum payment or some amount that is lesser than the full amount, the credit card supplier will charge interest based on the credit card rate and the balance amount.
This credit card rate is the interest rate that you agreed with them at the time of applying for the credit card.
The credit card rate or the annual percentage rate, as is obvious, is an annual interest rate. The credit card suppliers use this annual credit card rate to calculate the monthly credit card rate and then they calculate the interest on the balance amount that you owe them.
The balance amount here is simply = Full amount – (payment made by you). This interest is added to your balance for the next month (at the time of next billing cycle).
If you again make a partial payment, the new balance is calculated again and the credit card rate (monthly one) applied to it for calculation of new interest; and it keeps going on and on until you make the full payment.
That’s how credit card rate acts in this vicious circle. Hence, credit card rate is termed as the most important consideration in choosing a credit card.
Balancing The Benefits Of Reward Programs Against Credit Card Costs
0 APR credit card APR, cash back and optional rewards etc. are several reasons for any one to opt for a good credit card.
They are also a useful and a smart way to meet ones financial needs. Most of the credit card companies offer most attractive features to lure their customers.
These credit card companies offer 0 APR credit card for several reasons and in several manners. Many cards offer 0 APR credit card for first six months and after
the introductory period is over the regular APR is applicable on any purchases made through the cards. This offer for regular period ranges from 12.49% to 15.99% on such a 0 APR credit card.
Credit companies offering a student credit card offer a 0 APR credit card. Most of the 0 APR credit card offer applies to the student credit card on all purchases,
cash advances and balance transfers as long as the student does not default under the card agreement. The 0 APR credit card is offered usually by most reputed banks like Citibank,
ABN Amro, Chase, etc. Some merchants also offer 0 APR credit card like British Airways, NorthWest Airlines, Hilton Hotels, etc.
Travel cards offered by various merchants and banks like Chase, British Airways, and etc. offer 0 APR credit card for which the introductory period of 0 APR is applicable for first twelve months.
0 APR credit card of a travel category also offers various other benefits other than 0 APR. These benefits include bonus miles, free flights, hotel stays, extra miles or bonus reward points on purchases from participating merchants.
Travel 0 APR credit card are also eligible for redemption of reward points at any of the issuing banks or merchants outlet and also at any of the participating merchants.
0 APR credit card have the 0 APR period on limited to a few months. After the period is over the regular APR applicable on these cards can be fixed or variable.
One must look for such a 0 APR credit card for which the regular APR period is most convenient. In a fixed APR credit card offer the finance charges are usually high but there is a bottom line for charging the finances.
If the published index goes higher then the fixed APR does not change and finances charged remain the same. IN case of a variable APR after the introductory period is over on a 0 APR credit card,
the finance charges are low. The existing APR is determined on the basis of published index on the basis of which the finances are calculated for the existing billing cycle.
Chase Cash Plus Rewards Visa, Discover Platinum Card, Chase Platinum, American Express Rewards Gold Card, Citi Diamond Preferred Rewards Card,
The GM Card Mastercard, Discover Platinum American Flag Card, Sony Platinum Visa Card, Citi Driver s Edge Platinum Select Card etc are some of the classic examples of a 0 APR credit card.
American Express Credit Card, A Company History
The American Express credit card had been around since 1850 since then the American Express credit card has seen it good quarters and it fare share of bad quarters as well.
Yet, a well-established company that is willing to help people receive a credit card that will suite everyone’s individual needs.
They have been around long enough that, the American Express Credit Card Company knows what kind of fees are going to be feasible for the average person to be able to afford with out going into credit card debt shortly after they receive a credit card.
The American Express credit card has a variety of different types of credit cards so that everyone would find a credit card for all their needs.
You are able to apply for an American Express credit card for the individual person. When you start to look at the different personal American Express credit cards you are going to see more than just one kind of credit card that you are able to use.
You are going to see that the American Express credit card offers you to have cash back, traveling, and even a savings award.
You are going to want to have an idea to what you are looking for in a credit card from American Express. That way there you are going to have an idea of what you are wanting in return from the use of the credit card.
The American Express credit card also offers a credit card for the small business owners that are out there as well. With the small business credit cards, the business owner can enjoy American Express’s many benefits.
The American Express credit card even offers rewards for the small business owners just like the credit cards for the personal solutions.
You can receive a credit card with cash back, airline awards, travel and shopping rewards. You are going to be able to choose credit cards that will suite your company in the best way possible.
They do even offer credit cards with no pre-set limit, low introduction APR, complimentary first year, and no annual fee for the small business in the country.
When you are looking for a credit card for yourself or for your small business you may want to check out what the American Express credit card has to offer you.
There is a couple of different kinds of credit cards that are offered through the American Express company offering you a credit card that is going to fit all of your needs as for as the use and fees of a credit card has to offer.
If you are going to choose to apply for a credit card from the American Express, you are even going to know that you are going to choose a company that has a history of over 150 years in service.
That would help you feel a little better about choosing a credit card company that has a steady history that they are not afraid to share with anyone.
Plastic Money Problems Create Pressures
Credit card debt relief is what every debt-struck credit card holder is looking for. Credit card debt relief is not just about reducing or eliminating credit card debt; credit card debt relief is also about getting de-stressed.
Credit card debt relief is about working for oneself and not just for the credit card debt that you have on you. Yes, it’s unfortunate but true.
In fact, you can hear statements like “I have got a better job, now I can pack up my credit card debt even faster”. So, in that sense, credit card debt relief is really about getting your life back on the normal track.
The most important credit card debt relief comes in the form of de-stressing you. Everyone knows about the harmful effects of stress; so, if credit card debt relief means postponing your purchases for later, you should do so.
There are no goods out there that can give you as much joy as credit card debt relief can. Besides postponing the purchase of your favourite goods, there are few more things that you need to bring into practice in order to get credit card debt relief.
Most of these credit card debt relief mechanisms advocate restraint spending e.g. preparing a (tight) monthly budget and sticking to it.
Using cash instead of card for making the payments for your purchases is another advice. Debt consolidation is another popular way of getting credit card debt relief.
You will find a lot of advice (and you can even hire a consultant) for ways to achieving credit card debt relief. So, there is no dearth of advice on credit card debt relief or credit card debt consolidation or credit card debt elimination.
However, what is not so common is the advice on how to act in the post ‘credit card debt relief’ period i.e. after credit card debt elimination.
It goes without saying that if you don’t exercise care in the post ‘credit card debt relief’ period, you might again fall a prey to credit card debt.
So, if you have been refraining from making purchases, you should not, all of a sudden, start purchasing all those favourite goods that you had been avoiding.
The recommended guidelines for post ‘credit card debt relief’ period are not much different from the ones for achieving credit card debt relief. Here are the top 5:
1. Plan your expenses using a monthly budget
2. Do not buy anything that you don’t need
3. Do not go for too many credit cards (just one or two should be sufficient)
4. Always make full payments of your credit card bill and do it before the due date
5. Never use more than 60-70% of the credit limit available to you.
Credit Card Rewards Can Be A Desirable Credit Card Feature
Credit card rewards are excellent incentives for using your credit card, but are only beneficial if you will actually use the rewards.
Credit card rewards are a wonderful way to get excited about using your credit card, however credit card rewards are
only useful if they offer rewards that people want, so credit card holders should choose a reward that matches their lifestyle.
Credit card reward programs were born sometime around 1986. Credit card companies offer these rewards programs as a way of promoting their particular credit cards to increase their usage.
Credit card interest rates have begun to rise overall, which is another reason why lenders are trying to entice new customers with their fabulous rewards programs.
Credit card holders who have the discipline to control credit card purchases can have benefits from credit card rewards, credit card rebates and other benefits.
Rewards cards tend to have higher rates and fees to help pay for the program, experts said. Rewards programs have to be turned up a notch, and become so amazing,
so absolutely unforgettable that consumers can’t forget them and will apply for and use their card more than the other seven in their wallets when they go shopping.
Rewards programs often have limitations, meaning once you reach the ceiling you are no longer eligible for the rewards program benefits- information they don’t normally disclose in the credit card offers you receive in the mail.
Rewards in the form of discounts on good and services are also available. Rewards are typically worth 1 percent of card balances, said Greg McBride, senior financial analyst with Bankrate.
Cash back rewards are perhaps the best kind of reward you can receive. Cash can also be rewarded in specific increments once you charge a certain amount of money, like a $25 reward when you charge $2,500.
Cash back rewards are the most universal. Cash back credit card rewards are sent to you either as a check or as a credit to your account.
For the unwary, reward programs can have traps. That is not to suggest you should avoid rewards programs. You certainly have plenty of rewards programs from which to choose.
Look for programs that fit the way you shop and have rewards you will realistically be able to attain. These rewards programs are growing in popularity,
and surveys and statistics show that rewards programs affect people’s decisions about which credit card or cards they choose to apply for, as well as which one of their existing cards they use for a particular purchase.
There are also ways for credit cardholders to maximize the power of credit card rewards programs they are already part of, and enjoy additional savings.
Currently, the trend in credit card rewards programs appears to be creating cards that offer very specific rewards to cater to what people are doing with their lives.
You should make sure that you have a usage pattern that strengthens your credit rating as well as gather credit card rewards and credit card rebates and other incentives provided by the card issuers.
Select your cards with the features you need, credit card rebates or credit card rewards are one factor, no annual fee, low interest, low intro apr could be others.
The best way to make the most of your credit card rewards is by simply taking advantage of them.
Which Credit Card To Apply For? – Tips To Help You Choose
So many different choices for credit cards: 0% APR credit cards, travel rewards credit cards, 0% balance transfer credit cards, and cash back credit cards.
Selecting the right card for the way you use your credit card can mean a big difference in your pocketbook. Use this quick guide to help you spot the differences in your credit card offers:
*Will you carry a balance every month or almost every month? If so, a lower interest rate is better for you. If you transfer a high balance credit card to a lower or 0% APR credit card (often an introductory period), you will save even more.
*Will you be paying the credit card balance off every month? Then you will want to apply for a credit card without an annual fee.
Finance charges may be higher, but since you pay the balance off every month, you won’t be charged. Look for credit cards that offer grace periods, usually between 25 to 30 days, before credit interest begins.
*Will you be shopping for credit card balance transfer? Be sure to check out the transaction fees and the introductory periods.
Occasionally your credit card company will offer you a credit card debt consolidation with convenience checks so that you can transfer one or more credit card balances, but be sure to check out the transfer guidelines.
*Will you need cash advances? Apply for a credit card that offers a lower APR and lower transaction fees. Be sure to read the fine print on their requirements.
Some credit card companies impose a transaction fee and a cash advance fee plus the interest rate. Some credit cards charge a higher rate for cash advances than regular purchases.
*Will you be traveling frequently, and charging your trip expenses? If this is your situation, then a cash back credit card reward program may suit you best.
Be sure to consider your interest rate first, however. Rewards should come secondary to your spending habits and the cost of the credit card itself.
Cash rebate cards offer you a cash back refund at the end of the year that you can use anyway you choose. Other credit card reward programs offer purchase points or redeemable rebates.
Airline credit cards offer you miles as credit for every dollar you spend, sometimes offering you double or triple miles.
Whatever credit card offer you apply for, be sure to carefully consider the terms of your credit card, including the interest rate (APR), annual fees, transaction fees and balance transfer fees.
Those hidden charges can add up quickly and cost you more than what you bargained for, so choose your credit card wisely.
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