February 3, 2009
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The purchase of any item should involve careful consideration and comparison shopping methods. Shopping for financial services such as credit cards is no different. There are many aspects which should be taken into account when comparing credit cards.
APR
APR is defined as the annual percentage rate that is associated with the card. Cards with a lower APR are available to those consumers that have a higher credit rating as the risk associated with the lender is lower. Most often, the credit card with the lower APR is the one that consumers are going to choose.
Introductory Offers
Introductory offers vary from company to company but often entail lower interest rates, or even zero interest rates for a period of twelve to eighteen months. This zero percent APR is available on balance transfers and purchases throughout the introductory period. Be sure to determine any fees that are associated with the balance transfer (which are often a standard of 3% of the balance that is being transferred to the credit card).
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January 21, 2009
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Ensuring that the minimum monthly payment is repaid to the credit card company every single month is essential to maintain a good standing account as well as maintaining the credit rating that you have worked so hard to achieve. Many customers are unaware that missing as little as one payment can lead to a lowered credit score, a higher interest rate from the credit card company and a strike that will not be removed from the record for up to seven years.
If you are having trouble making your minimum payments to the credit card company it is essential to know that there are many options available for consumers. At the first sign of financial trouble it is important to contact the credit card Company and explain the situation. They will offer you some of the following options to repay the credit card debt.
Lowering your interest rate. Lowering the interest rate on the credit card could save you money in the future as well as causing a minimal decrease on the monthly payment which is required. Which customers will be eligible for the lowered interest rate? As long as you have a good credit rating, have not missed payments in the past and are contacting the credit card agency before trouble has arisen on the account, you will be a good candidate for a lower interest rate.
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January 16, 2009
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For most consumers, the fine print on credit cards isn’t examined when the account has been opened. Unfortunately, this fine print can outline the terms and conditions of the card therefore, it is essential that the card holder be aware of the terms which are explained.
Although, those consumers that do read the fine print – are you really able to distinguish between the credit card terms mentioned in the fine print? Use this primer to guide you along the next time you become immersed in the fine print.
Annual Fee
The annual fee on a credit card is a separate entity from the interest charges which accrue as a service charge for credit card usage. There are hundreds of credit cards available that come without the average annual fee of $50.00 – even most rewards cards! When searching for a credit card, remember that the annual fee will be tacked on to your first payment once the account has been opened and usually at the beginning of the year after the account has been established. (more…)
