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Bad Credit
Bad credit can happen to the best of us. A series of financial
events can take place to hinder our ability to pay our debt. A
loss of a job or several high paying emergencies, whether it
be health related or due to car and house repairs, can put...
Cash Back Credit Cards: How To Play The Cash Back Game
You have seen them advertised on your television. Likely, you
have gotten their solicitations in your mailbox. Your neighbor
has one and he just got a brand new gas grille for free! So,
what am I talking about? Cash back credit cards, of...
How to Pay Off Your Credit Card Debt
This method is simple, but requires some discipline.
First, you have to stop any new spending on your cards.
Second - you'll need to examine all of your spending. You'll...
SuperCharged Secret 3, Credit Card Utopia
TURBO-CHARGED KILLER RATE SAVING INFORMATION!
Let’s just take a brief moment to recap:
If you’ve been following along on this journey with me, learning the 5 Super-Charged secrets to Credit Card Utopia, then you now know 2 very important...
Various Types of Credit Cards - Part 2
Copyright 2005 Gibble LLC
Several different types of credit cards offer several different options, depending on what your needs are. Some are geared toward individual consumers while others are set up in ways that work best for small business...
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Which Credit Card?
Bewildered by the sheer variety of debit cards and credit cards? Here is a breakdown of some of the main types of debit and credit cards available:
Debit card
You can use a debit card to buy goods and services. A debit card is very much like a cheque, unlike a credit card, you pay for goods straight away and the money comes out of your account quickly. The amount you spend using a debit card is immediately deducted from your current account.
A debit card allows you to make purchases whereby the money is taken straight from your current account, the benefit of a debit card is that your finances are kept up to date immediately, without having to wait for a monthly bill as is the case with a credit card.
Your banking institution issues you with a debit card. Debit cards offer less protection than credit cards in the event of a billing dispute. In addition, if your debit card is stolen, it is possible that your debit card account could be emptied. Most debit cards have a Switch/Delta/Solo/Electron symbol on them. If you become overdrawn you will pay interest on the amount due.
Cash card
This lets you take out money from a cash machine (ATM). To use it, you'll need a Personal Identification Number (or PIN) which your bank sends you. Each time you use your card at a cash machine, you'll need to key in this number.
Credit card
A credit card lets you buy goods and services up to a set limit before you pay for them. A credit card represents a loan agreement where you are offered credit, providing you pay off a minimum amount each month. You can charge purchases up to the amount of your credit limit and pay for them later.
If you clear your balance in full each month, you don't pay any interest on the money you have spent. But, if you don't, you'll normally have to pay at least 3-5% of the balance, and
interest will be charged on the outstanding balance. Some cards charge you an annual fee.
A credit card allows you to live now and pay later. When you successfully apply for a credit card, you will be advised of your credit limit. Ensure you stay within it, as exceeding it could result in either your card taken away from you or being charged interest on the extra credit you incur.
Charge Card
This is very similar to a credit card, although the monthly balance must be paid in full. An example of a type of charge card would be an "American Express" card.
Cheque guarantee card
If you're paying for goods or services with a cheque, you'll probably be asked for a cheque guarantee card. This means the bank will normally pay your cheque up to the amount guaranteed.
Store Card
A restricted form of credit, store cards act as credit cards in those shops that the card is accepted. Purchases are made using the card, and then a consolidated bill is sent at the month's end, which is then settled in a manner similar to a credit card.
Deciding which plastic card to use can be confusing but it can help you to reach a decision if you know what you want to use the card for.
If you just need it as a substitute for carrying cash, rather than use a credit card, you may as well use a debit card, which takes the money from your bank account directly.
If you like to pay your balance off each month, a charge card might suit you.
If you want to pay off your debt in instalments, choose a credit card.
You may freely reprint this article provided the author's biography remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
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