| CREDIT CARDS |
With so many different credit cards out there, choosing the right one for you may not be an easy task. The key is to shop around for the plan that best fits your needs. What constitutes the best card for you depends on how you use your credit and how good your credit is. You want the card that benefits you the most and costs you the least. Matching the credit card plan to your needs could save money. |
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Choosing and Using Credit Cards
Chances are you've gotten your share of "pre-approved" credit card offers in the mail, some with low introductory rates and other perks. Many of these solicitations urge you to accept "before the offer expires." Before you accept, shop around to get the best deal. |
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How to Save 1000s of $$$ with Low Rate Credit Cards
Credit card balances are rising faster than consumers can pay them off. And with a high interest rate card it can be difficult to even make a dent in debt. According to Consumer Action, a non-profit, membership-based organization, a March 2004 survey revealed that only 39% of the people said they pay their credit card balance in full each month. So if you are like 61% of everyone surveyed and carry a balance from month to month, then your number one priority for a credit card should be a low interest rate. |
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The true cost of paying the minimum
Is your money being sucked into a compound interest sinkhole? If you're not paying off your credit cards every month, that's just what can happen. It depends on the interest rate charged by the credit card company and whether you pay as much as you can, or just the minimum amount due. |
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What is an introductory (or intro) APR? |
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An introductory annual percentage rate (APR) is a temporary APR that typically changes to a higher rate after the intro period (typically 3-12 months). Many people make use of these promotions to make a large purchase (or purchases), which they can then pay off in a series of months.
Some credit cards have an intro APR attached to only purchases, some have an intro APR attached to only balance transfers and some have an intro APR attached to both balance transfers and purchases.
Every credit card is a bit different and promotional offers often change, so be sure to thoroughly look over the terms and conditions for each specific card before applying. |
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What is a "secured" credit card? |
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Secured credit cards require collateral for approval. With secured credit cards, a security deposit is needed to secure the credit card. The amount of the security deposit usually equals the credit limit for that particular credit card. Generally, secured credit cards are for people with no credit or poor credit who are trying to build or rebuild credit history. |
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What is an unsecured credit card? |
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An unsecured credit card does not require a security deposit. Such credit cards are intended for individuals with good or excellent credit. |
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My credit is damaged. Can I still get a credit card? |
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Yes. Even if you have bad or damaged credit, you can still obtain a credit card. You will most likely have to apply for a secured credit card, which requires a security deposit. |
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