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A Credit Card to Suit All Needs
In this day and age, a large number of the population is in
possession of a credit card, sometimes even numerous credit
cards! Banks and businesses are becoming more and more aware of
consumer's desires for specialised credit cards, and have...
All About Credit Card Balance Transfers
What is a balance transfer ? A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate...
Avoiding Complications in Credit Repair
Avoiding complications in credit repair is almost important as getting out of debt. When we have bills that were neglected simply because we didn't have the money to pay the bills, or else we purchased items instead of paying the bills, we are in...
Choosing The Right Credit Card
They come day after day after day. Sometimes two, three, or four at a time. Credit card offers. The credit card industry is highly competitive and banks and other financial institutions are constantly sending out mass mailings in an attempt to lure...
How To Improve Your Credit Score - Even If You Are Not A Financial Expert!
If you have less than perfect credit, and you've ever tried getting a loan or credit card, then you know just how much poor credit can cost you.
So, the next step to getting yourself completely out of debt is learning how to clean up your credit...
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An Introduction To The Humble, But Oh So Powerful, Credit Card
It's hard to imagine doing business today without credit cards. If you are 1 of the few who do not own a credit card, you probably have difficulty renting a car or reserving a hotel room. On the other hand, if you have a fistful of maxed out credit cards and want a new one, you have a whole new adventure ahead of you, too.
Let's start with the basics.
What Is A Credit Card?
The dictionary defines a credit card as: "A card which can be used to obtain cash, goods or services up to a stipulated credit limit. The supplier is later paid by the credit card company, which in due course is reimbursed by the credit card holder, who will be charged interest at the end of the credit period if money is still owing."
In other words, whatever you charge to your credit card has to be paid back within the credit cycle, or an interest amount will be applied to the remaining balance. Sometimes, lots and lots of interest.
Pros and Cons of Credit Cards
The obvious advantage to using a credit card is that it allows you to purchase goods or services that you might not be able to pay for immediately. The credit cycle of most cards is usually about 30 days, and if the money is paid back in that amount of time, there is no interest owed. This sounds good in theory, just like an interest-free loan. But the bottom line is that most folks don't pay off their balances on a monthly basis. This is where the disadvantages come into play.
Any amount that isn't paid off within the monthly cycle will be subjected to an interest charge. Depending upon your balance and the rate charged by the specific card issuer, that amount of
interest could be huge. On top of that, many people will continue to charge things to their card, and the balance and interest keeps growing until they have no hope of ever paying off the card by only make the minimum payment. This is a very common scenario, and most of us know someone who has been in this situation.
The Rewards of Good Credit
Chances are that every few days you get a pre-approved credit card application in the mail. Sounds easy, doesn't it? Well, before you accept this generous offer, read the fine print. You'll see that many of these promotions come with hidden penalties in the guise of high interest rates and annual fees.
If you want to get the best possible interest rate with no additional fees, you'll need to give the credit companies what they're looking for in your credit history. They will check to see that you are responsible with your credit and that you have paid your bills in a timely manner. These signs of stability and credit responsibility will encourage the card company to reduce the amount of interest they will charge you. Outstanding loans with late payments and too much available credit will work against you.
Although credit cards can be great for emergencies, they can easily get out of hand. Before you apply for one, decide in advance what you plan to use it for. If used with discretion, credit cards can give you added economic flexibility and buying power.
About the Author
Ron King is a full-time researcher, writer, and web developer. Visit http://www.forex4u-now.com to learn more about this fascinating trading vehicle.
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Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
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Equifax Personal Solutions: Credit Reports, Credit Scores ... |
National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
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The FTC's web site on Credit |
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Federal Trade Commission - Consumer Credit Center |
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AnnualCreditReport |
Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
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Springboard - Non-Profit Consumer Credit Management |
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myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
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Experian: Free Credit Report and Credit Score, Credit Check ... |
Credit referencing and consumer targeting for the USA and other countries. |
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National Credit Union Administration - Home Page |
An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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Credit - Wikipedia, the free encyclopedia |
Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
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Credit (finance) - Wikipedia, the free encyclopedia |
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en.wikipedia.org |
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The National Foundation for Credit Counseling |
DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
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FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
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The Credit Card Prank |
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Credit magazine, corporate bonds, derivatives, structured credit ... |
Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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CUNA: The Credit Union National Association |
News and resource directory about credit unions. |
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Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
credit.about.com |
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