Credit Cards-Finding The Right One May Be A Challenge
As you look through the daily newspaper, you are probably amazed by the number of credit card offers advertised.
While shopping around the city you find credit card offers are omnipresent. This is also true with television which also advertises many different credit card offers. There is no getting around it, credit card offers are everywhere you go.
Do you wonder why there are so many credit card offers? Well, to be straight-forward, the primary reason for so many offers is that the credit card business is highly profitable for credit card issuers.
After looking over the situation, when there seems to be an endless number of credit card offers, how do you determine what is the best credit card offer for you?
Everyone wants to get the best credit card offer and we know the spending habits of one person, more than likely is very different from that of another person.
Credit card users lifestyles vary and therefore their spending choices vary too. So, to decide which credit card offer is best for you, you need to evaluate the type of credit card you want, perhaps need, based on your lifestyle and your spending habits.
Recommendations from other credit card users are sometime valuable, but it actually comes down to your personal needs evaluation to determine which credit card you should select.
If you travel frequently by airline, an airline credit card may be a better selection for you than a general purpose card.
Airline credit cards offer discounts, rebates and other kinds of rewards when the credit card is used for making airline travel purchases.
Also you may find, if you have a favorite retail store, where you do a great deal of shopping, that it is beneficial to check if the retailer is also a credit card issuer and if they offer a credit card beneficial to you.
Many big retail chains do offer credit cards to their patrons and their credit cards offers rebates, discounts rewards and more.
With these credit cards you get reward points for making purchases any place but the rewards and discounts are higher on the purchases made at the retail store issuing the credit card.
Many gas stations, grocery stores and other retailers offer credit cards as well. These cards also offer special benefits and rewards to their users.
If you are researching credit card choices, you will find many exceptional credit card offers. Still, you do not want to enroll to all the credit card offers available.
You should evaluate your needs and order them. Then, determine which credit card offers best suit your needs.
When you select your credit card, the one that will effectively handle most of your needs, while giving maximum benefits is the one you should choose.
The Pros And Cons Of Having A Credit Card
Are you a credit card owner? If you are not, the thought may have crossed your mind. After all, you have likely received numerous credit card offers in the mail or you may have even been presented with credit card offers online.
To determine if having a credit card is the best decision for you, you are advised to examine the pros and cons of having one. A few of the most influential pros and cons are outlined below for your convenience.
Perhaps, the biggest pro or plus side to owning a credit card is ease of use. It is no secret that credit cards are easy to use.
Many retailers are simplifying the process of paying for purchases with a credit card. What does this mean for you? It means that credit cards are becoming even easier to use.
Whether you regularly find yourself in a rush or if you dread holding up the cash register lines, when filling out a check or searching for the correct amount of a change, a credit card may be just what you need.
In keeping with ease of use, you will find another pro to having a credit card. That pro is the ability to shop online. In recent years, the popularity of online shopping has, literally, skyrocketed.
Many consumers love having the option of shopping in their pajamas and having their purchases delivered directly to their door.
Unfortunately, many online retailers have restrictions, in terms of methods of payment accepted. Unless you are lucky enough to find an online retailer that accepts electronic checks, you will not be able to benefit from online shopping unless you own a credit card.
The perks or benefits you often gain access to is just another one of the many pros to having a credit card. The credit card perks or benefits you receive will all depend on the credit card in question.
In fact, that is why it is important for you to choose your credit card carefully. Credit card comparison enables you to choose the credit card that best fits you and your needs.
If your cards are played right, that credit card can be one that you can benefit from immensely. It is common for many credit card companies to allow or offer balance transfers, rewards, and so much more.
It is also important to mention the protection that you receive. In the event that your credit card become lost or stolen, you should not find yourself responsible for any illegally made purchases.
With that in mind, it is first important to fully review each credit card application you complete. Most credit card companies have rules and restrictions, concerning theft protection.
These rules and restrictions may include a liability limit, as well as a time frame in which you must report your credit card lost or stolen.
Although there are a number of pros to owning a credit card, it is also important to examine the cons or downsides to owning one as well.
If you have a television, a radio, or internet access, you likely already know how large of a problem credit card debt is. It is something that millions of Americans suffer from. Yes, having a credit card does put you at risk for debt, but this is a risk that you can eliminate.
By properly using your credit card and making on time payments, you will not find yourself falling victim to credit card debt. In fact, your credit score may even improve from owning and properly using a credit card!
As outlined above, there are a number of pros to owning a credit card. Of course, the decision as to whether or not you want to own a credit card is your decision to make, but it is important to remember that credit cards can do more good than harm, if used properly.
Knowing Your Credit Card Application
Credit cards are fast replacing cash as the currency of choice in today’s busy, often turbulent world. For an executive with a lifestyle built on speed, digging through a wallet for cash can be a waste of time, especially when the single swipe of a credit card can finish a transaction instantly.
For a college student low on funds, a credit card can be a saving grace, especially when emergency purchases need to be made. For an employee with average income, a credit card is a chance to buy now and pay later.
Credit card companies, however, are aware that credit cards can be abused, and that credit card scams abound. Someone who claims to be an executive can actually be someone who assumes the names of wealthy people, and who uses their names in making expensive purchases.
A college student can sometimes abuse a credit card and use it to buy liquor or drugs, all while the student’s parents think that the card is being used to purchase important materials for school.
An employee may get carried away with purchases, as a credit card can conjure the illusion that no money is being paid.
As a result, credit card companies are now stricter when receiving credit card applications. Some credit card companies, moreover, have changed their application questions in order to exercise a greater hold on potential predators or credit card abusers.
Although some of the questions that they pose on their applications may seem intrusive, credit card companies are simply making sure that honest applicants are sifted out of the thousands of applications that they receive each year.
Credit card companies ask many questions on your credit card application, some of them with seemingly no bearing on your ability to pay.
You may be asked about your father’s or mother’s name, your mother’s maiden name, or the city in which your grandparents were born.
The answers to these questions can be known by only a few people, and they can be used if your identity needs to be verified.
Do not underestimate these questions, as they may actually save you from being hoodwinked by credit card identity thieves.
Credit card companies may also ask you about previous credit cards that you have held. This is a way for them to verify that you can pay your credit card bills.
Do not withhold any information on this matter, as a record of good credit standing can actually work in your favor. You may be given a higher credit limit on the credit card that you are applying to.
However, if you have poor credit standing, then your application may be denied, or your credit card will have a much lower credit limit than before. Do not lose hope if this happens, as this may discipline you into saving more, and spending less.
Credit card companies may also ask you to name supplementary card holders. Although this can be advantageous if you are a parent with a child living far away, or a husband willing to finance his wife’s spending, supplementary cards may actually put you in greater danger of identity theft.
Supplementary cards will arrive separate from the principal card, and these can be stolen and used. Exercise great caution when considering whether you should purchase supplementary cards.
If you know your credit card application, you will better appreciate the value of your credit card. Be honest on your application, and be scrupulous when your credit card finally arrives.
If you continue to be in good credit standing, then you will enjoy the benefits of your credit card for many years to come.
Credit Card Incentives And Choosing The Best Credit Card
It is a well known fact that there are many different credit cards available today. In order to pick a credit card that will work for you, pick one that reflects your lifestyle as well as your ideal spending limit.
In order to find the best credit card company and the best possible deal, you will need to do your research to find the perfect card for you.
When picking a credit card, you will first need to decide what you need the credit card for. Some people want a credit card simply for the purpose of cash flow.
Making purchases on a credit card, can then free up your income. You can put that money in your bank account and let it draw interest.
This allows your money to earn interest, all the while you are still able to buy the things you need. Then, when the credit card bill comes in, you pay it in full, in order to avoid finance charges.
Instant cash purposes is another popular reason people get credit cards. They are then able to use the credit card at any ATM to obtain cash. Credit cards used for these purposes are great for an extended vacation or when traveling in general.
If this is your sole purpose for obtaining a credit card, make sure that you find one with the lowest instant cash transaction rate.
With any credit card, it is always important to consider the monthly payments. You will either need to pay the credit card balance off each month or make the minimum required payment.
When choosing a credit card, be sure to look at the balance transfer rates, any introductory rates, as well as any incentives that might apply to new credit card holders. Often times, if you have good credit, you can receive some amazing deals.
Credit card incentives are another important area to keep in mind. Many credit cards offer incentives such as reward points or cash back for certain purchases. Simply look around for credit card incentive programs that are appealing to your needs.
The APR or Annual Percentage Rate is another important area to look at. Whenever the incentive period ends, you will then pay the APR.
Since APR’s vary from credit card to credit card, it is important to shop around and compare rates. The lower the APR is the better.
The minimum monthly payment is another area that must be looked at when choosing a credit card. Often times, credit card companies require you to pay about 3% of your total balance. Some credit cards are considerably lower, while others require a considerably higher amount.
Choose a credit card with the longest interest free period available. This will help to keep your monthly payments lower.
After you have done the research and know exactly what you are getting into, you can then choose a credit card with ease. Credit cards can be a great thing to have. However, they can cause financial troubles if not used properly.
If you do your homework, you will quickly be able to find the credit card that is right for you. As long at you pay your monthly bill on time and take care of your card, you will increase your credit rating, allowing you to eventually make larger purchases, like a house or a car.
General Tips On Credit Cards
Credit card or plastic money is omnipresent today.
Today they are treated as more of a necessity than just a commodity. Thus it is essential that you not only use them properly but also take proper care of them.
The following list is a compilation of some tips on credit card management:
1. Never chose a particular credit card because your friend or someone else has chosen it. Instead base it on your needs.
2. Compare various credit cards before arriving at the right one for you.
3. Always sign at the back of your credit card, as soon as you receive it. This is an important credit card protection mechanism.
4. Protect sensitive information/details about your credit card e.g. PIN. Never reveal the details to anyone.
5. Destroy any mails containing such the details about your credit cards. Fraudsters might be scanning your garbage for such information.
6. Do not share your credit card with friends, family and others. Apply for supplementary cards if you require one for your family etc.
7. Never utilize more than 75% of your credit limit. This will help in containing your credit card debt and also in maintaining a good credit rating.
8. Be prompt in your payments. If you haven’t received your monthly bill, enquire with your credit card supplier. Non-payments and late payments tarnish your credit rating.
9. Never let your credit card go out of your sight.
10. There is no magic wand for debt elimination. So take measures for getting out of your credit card debt. This includes things like controlling your credit card usage, using cash on some occasions, debt consolidation etc.
11. In case your credit card gets lost or is stolen. Immediately inform (call) your credit card supplier to get it invalidated. Keep this phone number separate from your credit card.
12. Be prompt in advising the change of address to your credit card supplier.
13. Be aware of various offers / discounts that accompany your credit card. You never know when one might prove useful to you.
14. Do not mistake credit card for free money or a lottery. Remember that you will have to pay for it. So always stick to your budget.
15. Check if one of the special credit cards e.g. student credit card, small business credit card is better for you.
16. Always read all the instructions supplied with your credit card especially the ones related to fee/commissions etc.
17. Redeem membership rewards in time. Don’t let the points get expired. Never leave them unutilized when closing your credit card account.
18. Take professional advice if you are too deep into credit card debt.
19. Never get lured by all the free offers on your credit card and end up spending thousands of bucks just to realize later that you can’t actually pay it back in time.
20. Never apply for too many credit cards just for fashion sake. Even you don’t use them you might still be paying annual fees and them and moreover why keep something you don’t need.
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