Banks and their marketing associates and divisions are competing with one another to capture a thick slice of the “credit card pie.” Offers by phone and mail of free credit cards, pre-approved credit cards, cards with special bonanzas, money back schemes, low introductory rates, and umpteen other perks pour in tempting you everyday.
A credit card is just a form of borrowing that does not come free. Credit terms, interest rates, fees and more can lay a stress on your bank balance. Credit cards are a temptation to spend now and pay later. What invariably happens is that people spend more than they can handle.
Informed consumers must always weigh carefully the pros and cons and compare different options before deciding on a credit card.
Before you decide find out
The advantages of a credit card are that it is a safe alternative to cash. Prevents loss as well as theft of cash. Using a card wisely can build a good credit history which helps when you need a loan or subsidy. It is useful in emergencies like accidents, urgent hospitalization, and unavoidable circumstances like natural calamities and so on. It grants a breather and gives you time to pay the bill. Some memberships offer travel or accident insurance to the card owners at no cost. They also offer privileges like discounts at restaurants, shopping malls, and holiday packages.
The other side is that you can get carried away and live beyond your means, ultimately falling into debt.
To be eligible you need:
To be at least 18 years old.
Have some income or the backing of credit worthy parents.
Have an operational bank account.
A telephone.
A good credit rating. Your monthly expenses must not equal or exceed your income. Ideal expenses must account for approximately 50% of your income.
To get a Visa or Master card your income must exceed US$ 12,000 a year. Or, you need to apply for a secured credit card where you pay upfront a certain amount of money as security deposit.
There are many kinds of credit cards to choose from. Unsecured standard and classic cards are those with a credit limit of US$ 2000 and generally charge higher interest rates and offer lower or less favorable terms than the platinum and gold cards. Unsecured platinum and gold cards are for people with high credit ratings, and the limits for these cards are between US$ 2000 to US$ 100,000.
Here are a few links that will give information and opportunities to apply for cards online:
Visa provides information, gives tips, and has listed a number of financial institutions that offer Visa cards and a wide range of services. One can apply for a card online.
MasterCard International at www.mastercard.com/index.html is comprehensive with information, advice, and options of choosing and applying for a card online. They have an online form which when filled will give information of which card would be ideal and a channel which provides instant comparison of various card options.
CreditCards.com at http://www.creditcards.com/ has articles, FAQs, a site map, and online application channels.
Tips:
Pick a card because it has the lowest APR.
Pick a card because all its terms and conditions have been carefully accepted by you. Read the fine print.
Never pick a card because it is free for a year or life.
Do not choose a card because it offers a low introductory rate.
Do not choose a card because it has a cash back policy or great rewards programs.
Choose wisely and live debt free.
Author Bio
Paul Wilson is a freelance writer for www.1866Creditcards.com, the premier website to find information on Credit Card including topics on credit card market, credit cards, business card credit comparison, card credit processing, credit card reviews, credit card offers, card credit deals and more.
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Advertisements for free prepaid credit cards abound, but is there really any such thing? After all, prepaid credit cards are usually associated with multiple fees. If you’ve been looking for free prepaid credit cards, there are some things you need to know before taking the plunge.
. Northing is Ever Really Free
The first thing you need to understand when it comes to free prepaid credit cards is that northing is really ever free. Sure, you might not have to pay an activation fee or there might not be a monthly maintenance fee, but that doesn’t mean you won’t have to pay transaction fees or reload fees.
When looking at free prepaid credit cards, you need to look closely at the terms and conditions of the cards. What a credit card company thinks is “free” might not be the same definition you had in mind.
2. Assess All Of The Fees
As I said before, free prepaid credit cards aren’t really ever free. There is always some sort of fee involved. Because of this, when you’re shopping for free prepaid credit cards, you need to look at all of the fees they could possibly charge.
Confused?
Here’s an example: Let’s say the prepaid credit card you’re looking at doesn’t charge a set-up fee, but charges a monthly fee of $5.95 and a transaction fee of $1 each time you use the card. If you use the card 10 times each month, you’re paying $15.95 per month for the card. On the other hand, a prepaid credit card that charges a $9.95 setup fee with no monthly fee and no transaction fees will cost you a lot less in the long run.
Starting to see the picture?
This is why it is so important to understand all of the fees involved when looking at free prepaid credit cards. Not just the fact that there are no initial set-up fees. The companies offering free prepaid credit cards need to make their money somehow, and it’s not beneath some of them to sneak the fees in where they think you won’t be looking.
3. Hidden Fees
Some free prepaid credit cards are really sneaky when it comes to tacking on extra fees. For instance, you may think you’re getting a free prepaid credit card that has a low or no monthly maintenance fee, but you are suddenly surprised with a $20 “fulfillment” fee for shipping and handling.
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JumpStartMyCredit.com is here to help you. If you have bad credit, a good debt to income ratio, a decent steady income, and a willingness to take the necessary steps to rebuild your credit, Bad credit can happen to anyone. When it does, it is important that you can find a place to get help.JumpStartMyCredit.com can work wonders for you. There are car dealers all over the country that specialize in “alternative” or “special” financing. There are even auto dealers that will carry the loans instead of a bank. The dealer is the bank! If you need a car, and have bad credit, there are certain things you need to consider before you buy a particular car.
1. How much can you afford?
An affordable monthly payment is vital for your success. If you bite off more than you can chew, you might make it a couple months, but eventually the loan can go bad.
2. What type of vehicle do you need?
Two or four doors? Automatic or manual transmission? Seating for five or seven? Etc. These questions are important. It is also important that you identify what is a NEED and what is a WANT. You may want a seven passenger SUV, but if there are only three people in your family, do you really need it? The best thing to do in most situations is to get the least expensive vehicle that meets your needs and that the lender will finance.
3. Do you care about building credit?
If the answer is “yes”, you need to consider if it is worth a couple of extra dollars each month to get a loan through a real lender that reports on your credit or to get a vehicle through a “buy-here, pay-here” dealer that does “in house” financing. Sometimes traditional lenders require more money down, but in the long run, it is usually worth it.
If you would like to find out more information on bad credit auto loans, please look through our other articles. You can also ask us a question in our FAQs area.
