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Your Guide On Choosing a Credit Card To Suit You
Reach into your wallet or purse, pull out a card, swipe, and you’re done. It is very easy to use a credit card. The problem lies in choosing a card – and it has nothing to do with the picture on the front! Choosing a credit card that works best for you is vital to your credit rating. If you choose incorrectly, you may find yourself in deep debt trouble. Here is some basic, yet extremely important, information that will help you make the right choice. Your Money Handling Habits Choosing a credit card that is perfect for one person may be a dismal failure for you because your habits are different. When it comes to choosing your credit card, you need to look very closely and honestly at your habits. For instance, do you typically carry a balance or do you pay off the card at the end of each month? If you answered “yes” then you will need to shop for: # A low Annual Percentage Rate (APR). The APR the interest rate you will pay on any outstanding balances each month. The higher the rate, the more you will pay in interest charges.
# A fixed-low rate. This means that they will guarantee that your rate will stay low. Oftentimes, a company will offer a low introductory rate to get you signed up and then increase the rates drastically in 3, 6, or 9 months. The problem with a guaranteed rate is that an annual fee often accompanies it. You will need to decide if the lower interest rate guarantee is worth the cost of the annual fee. If you will be paying off your card at the end of each month, you will not have to worry as much about a low APR since you will not be using it. And with no need for a guarantee, you may be able to avoid yearly fees. However, you will want to be sure to get a card with a grace period.
# Grace Period: Be careful to get a card that allows you to pay off your bill at the end of the month with no finance charges. Those that don’t offer the standard grace period begin charging you interest the moment you make a purchase.
# Cash Advance Fees: Be aware that most cards charge interest, and sometimes at a higher rate, for cash advances and this charge begins with no grace period even if your card offers a grace period for purchases. You also need to decide how reliable you will be when it comes to paying on time and keeping yourself under the card limit. If you are often late paying your bills or often do not know how much credit you have left, you will want to watch out for transaction fees and other charges. Many card companies charge a late fee and an over-the-limit fee. These can be substantial. Your best bet is to pay on time and keep under the limit, however, finding a card with lower charges is a good idea. Here is another important question to consider when looking at your money handling habits: Do you use the card rarely, occasionally, regularly, or frequently? Those that use their cards for just about everything instead of using cash or checks will want to look for credit card protection. This way, if you lose your card or it is stolen, you will not be responsible for any purchases made. Finally, consider the different benefit programs that cards are offering. # Do you travel? Then consider a card with frequent travel miles as a reward. Or perhaps one that offers traveler’s insurance. # Do you use your card for large purchases like electronics? You may want to consider credit card insurance that will replace your equipment for a specified period of time if it breaks down or gets stolen. # Are you saving to buy a new car? There are cards that offer new car rebates. # Do you have a favorite charity? Many cards now support specific charities, universities, and organizations by paying the entity a specific amount with each purchase you make. What matters most is to find the features that fit your pattern of spending and paying. Don’t get fooled by the gimmicks or the advertisements. Know your spending habits, look at the small print, and choose the card that is best for you. With all the different cards available, you will be able to find the right fit for you. Wesley Atkins is the owner of http://www.credit-cards-advisor.com- which aims to get you fitted with the best credit cards to suit your situation. With numerous credit card articles and easy online credit card applications you will never choose the wrong credit card again. Article Source: http://EzineArticles.com/?expert=Wesley_Atkins
Monday, 9 February 2009
Secured Credit Cards For Bad Credit
I get asked this question a lot by people that are looking for a credit card. "How does a secured credit card actually help my bad credit?" Well, I can tell you this much. You don't just apply for a card and flip a switch and your debt is magically gone. You have to do the complete opposite and work toward it. I'm going to give you a few steps you can take in order to kill your debt and revive your credit score.
Learn from your past mistakes - You're probably in a lot of debt now because of either careless spending or living well above your means. You need to step back and look at your past and analyze everything you did. It may be time now to re-do your budget and spend only what you can afford. If you have to get rid of credit cards, by all means do it. The nice thing about secured cards is that you're able to control your spending since there is a cap on what you can spend.
Learn how you use a credit card - A credit card isn't hard to use but if you've had trouble in the past, try and use some of these steps in order to use a card the proper way. Learn how to pay your balance off in full each month as well as know what you're putting on your card. The best way to do this is simply by either writing it down or marking down somewhere where you can remember. This way, when you go to your bills at the end of the month, you won't be surprised with the total.
Pay off your bill in full - I know I already mentioned this but most people can't get this through their head. You have to realize that you need to pay your bill off in full each month in order to not pay interest rates. If you pay interest rates, you're going to have a higher bill each and every month, it isn't worth it! As these rates add up, you're going to be paying a lot more in the long haul. Make sure that you make it a great habit to pay it off in full.
Watch your balance online - A great way to track your balance is simply by logging into your account online all the time. This way, you can log in here and there to make sure that you're staying below your means. Sometimes, people will find themselves going out to dinner too often or buying a lot of little things. Those little things add up and can play mind games on you. Think about this - if you buy 10 $10 items throughout a week, that's $100 already. See how quickly that adds up?
Bad credit isn't a bad thing. A lot of us have fell victim to it. Make sure that you follow a few of these tips if you want to get out of debt. Remember that it takes action and motivation to keep your credit score strong. If you can accomplish this, debt won't have to bother you ever again in life.
Find the best secured credit cards on the market at FINDsecuredcards.com, where you can find even more of Tom's work.
Article Source: http://EzineArticles.com/?expert=Tom_Tessin
Learn from your past mistakes - You're probably in a lot of debt now because of either careless spending or living well above your means. You need to step back and look at your past and analyze everything you did. It may be time now to re-do your budget and spend only what you can afford. If you have to get rid of credit cards, by all means do it. The nice thing about secured cards is that you're able to control your spending since there is a cap on what you can spend.
Learn how you use a credit card - A credit card isn't hard to use but if you've had trouble in the past, try and use some of these steps in order to use a card the proper way. Learn how to pay your balance off in full each month as well as know what you're putting on your card. The best way to do this is simply by either writing it down or marking down somewhere where you can remember. This way, when you go to your bills at the end of the month, you won't be surprised with the total.
Pay off your bill in full - I know I already mentioned this but most people can't get this through their head. You have to realize that you need to pay your bill off in full each month in order to not pay interest rates. If you pay interest rates, you're going to have a higher bill each and every month, it isn't worth it! As these rates add up, you're going to be paying a lot more in the long haul. Make sure that you make it a great habit to pay it off in full.
Watch your balance online - A great way to track your balance is simply by logging into your account online all the time. This way, you can log in here and there to make sure that you're staying below your means. Sometimes, people will find themselves going out to dinner too often or buying a lot of little things. Those little things add up and can play mind games on you. Think about this - if you buy 10 $10 items throughout a week, that's $100 already. See how quickly that adds up?
Bad credit isn't a bad thing. A lot of us have fell victim to it. Make sure that you follow a few of these tips if you want to get out of debt. Remember that it takes action and motivation to keep your credit score strong. If you can accomplish this, debt won't have to bother you ever again in life.
Find the best secured credit cards on the market at FINDsecuredcards.com, where you can find even more of Tom's work.
Article Source: http://EzineArticles.com/?expert=Tom_Tessin
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