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How to choose wisely a credit card
So, you've made the decision to apply for a credit card. It's an important step for any consumer. Whether this is your first application in an effort to establish your credit, an addition to your existing credit card portfolio, or a plan to re-establish unsatisfactory credit, it is critical to research and fully understand the plans associated with various types of credit cards.
Before beginning the research process, consider and decide how you will use your new credit card. Will you be using the card for everyday purchases, or will you be taking an exotic vacation? Do you plan to pay the balance in full each month, or do you prefer to make monthly payments? Since APRs (annual percentage rates) vary for each card and respective payment plan, it's important to make these types of decisions before the credit card selection and application process.
Obtaining credit is not free, but can be economical and less costly if you understand the finance charges (the cost you pay for using a credit card). Grace periods may help reduce certain finance charges, depending on the individual credit card company offer. A grace period is the number of days you are given to pay your credit card balance in full before you are charged a finance charge. In most cases, finance charges are applied to new purchases only. (Cash advance finance charges are usually imposed immediately following the advance.)
Familiarize yourself with the annual percentage rate. An annual percentage rate represents the interest rate associated with using your credit card for purchases and cash advances. The APR is often a determining factor for many consumers when selecting and applying for a credit card. Credit card companies may vary their APRs, offering a different rate for purchases, cash advances, introductory periods and penalties. Traditionally, purchases carry the lowest APR. An exception may be an introductory APR for new purchases or balance transfers that may be offered at 0% for qualified applicants.
Many credit card companies competing for your business may offer a lower introductory APR of 0% for a specified period, for example, six months. At the end of this specified period, the APR will change to a pre-determined APR. (This information will be included in the credit card offer.) Therefore, it's very important to understand the
APR following the introductory rate period, particularly if you will be using the card for large purchases and / or balance transfers. Also look for companies offering 0% interest on balance transfers with no time limit. Cash advances usually carry a slightly higher APR than purchases, but will vary for each credit card company.
An annual fee is another cost associated with using a credit card. Many think of annual fees in this way, the greater the APR, the lesser the annual fee. While this may be true in some cases, these fees are typically charged annually and usually will be subject to finance charges. Some special credit card offers, such as unsecured or unlimited credit card types and lines, may impose a higher annual fee.
In addition to a possible annual fee, many credit card companies impose charges through other fees such as late payment penalties, over limit fees and cash advance fees.
With the growing competition amongst credit card providers, new plans such as rewards and points programs are offered as incentives. These programs may offer earned 'points' or privileges for consumer items, travel (vacations and frequent flier miles) and other premium services, but oftentimes impose an enrollment participation fee in addition to any annual credit card fee. If you are a frequent traveler, these special programs and incentives may appeal to your taste.
When reviewing each credit card offer, look for the specific information outlined here to best determine the most appropriate card type and plan for your needs. You may elect to use a comparison chart of your own when considering credit card programs to more carefully select the best offer. Using the categories listed above (APR, finance charge, grace period, annual fee, etc.) create a left-hand column containing specific information about each category. Then, create a column for each credit card offer you are considering. This method will afford you a side-by-side, line item comparison to assist you in making a final decision.
About the Author
Do you want a new credit card but can't choose? Don't panic! abc-of-credit-cards.com gives you all the basic information you need to know before applying for a credit card. For more info visit this credit cards website.
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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 |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
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| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
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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 |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
| www.credit.org |
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| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
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| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
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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. |
| www.ncua.gov |
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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" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| 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 ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
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| Compare credit cards | apply for a credit card | 0% balance ... |
| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
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| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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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. |
| www.creditmag.com |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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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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