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Important Things to Know About Credit Cards

Creating a positive and healthy relationship with your credit card starts at the beginning. Before you apply for a new credit card make sure you understand several aspects of the card before you move forward. Understanding what you're getting into before you jump into applying for a credit card will lead you to a more successful financial future.

Card Type
Secured card, unsecured, private label and more are examples of credit card types to choose from. Some of these cards require you pay cash collateral or load a balance before using. Others allow you to use anywhere MasterCard and Visa are accepted while some must be used at specific stores. Your credit history will often determine which credit card types you're eligible for.

Interest Rates
Understanding the ins and outs of your credit card interest rate is imperative before you sign the dotted line. What is the starting rate, is it fixed or variable, what will trigger a change and how much can the rate jump at once? Keeping the lowest possible interest rate on your card will allow you to affordably use your card when needed.

Comparing Credit Cards
Comparing credit cards is important. Before you choose a secured card, interest free card or any other type of card you need to compare fees, the grace period (if one exists), credit limit, and payment options. This will help you best identify the cheapest options with the most flexibility.

Payment Due Date
Credit card companies are generally pretty flexible as long as they receive the minimum payment amount on time or early each month. We can't always pay off our entire balance or make responsible choices but paying a traditional credit card payment each month should occur without fail - make sure you understand any important due dates with the card you select.

Minimize Outstanding Credit
While it's good to have and use credit cards on a regular basis it's important not to over use credit. If your credit it good enough to qualify for several credit cards it's not always smart to open several and maintain low to zero balances. Having a large some of available credit can be worrisome to creditors that aren't sure if you'll pull the trigger and get yourself into financial trouble. Maintaining a balance of 30% or less, on any credit card, is said to have the most positive impact on your credit score - next to making credit card payments on time and avoiding overdrafts.

The point is, avoid jumping into credit cards when better options exist. Make smart choices by understanding the type of card you're considering, the respective interest rate, fees, payment due dates and more can set you up for a more positive experience with your credit card company in years to come.

Best Low Interest Credit Cards

If you're looking for a balance transfer credit card that has both a long 0% intro ... applies to all balance transfers No annual fee No penalty APR. Paying late won't automatically raise your interes...

Published:  Sat, 16 Feb 2019 04:46:00 GMT



Millions of Americans have been carrying credit card debt for years

For many Americans, credit card debt is a long-term commitment ... usually at a fixed, reduced interest rate. No matter how you consolidate, do what you can to increase your payments as much as possib...

Published:  Wed, 20 Feb 2019 21:39:00 GMT



More Americans are taking longer to pay off their credit-card debt

Many card issuers are offering 0% interest for a limited time to attract ... potentially at a higher rate than their original card. Opening new lines of credit too quickly can lower one's credit score ...

Published:  Thu, 21 Feb 2019 06:51:00 GMT



5 Things to Know About the BBVA Compass Visa Business Rewards Credit Card

Plus, it features a decent intro APR offer: 0% or 3.99% introductory APR on balance transfers ... A 3.99% APR is still low compared to typical credit card interest rates, but the card also charges a 4 ...

Published:  Fri, 22 Feb 2019 16:49:00 GMT



What to do if you can't pay your credit card bill on time

"With credit cards, there is no grace period [for late payments]," says Leslie ... "One reason for this is because credit card late fees and interest rates are typically far more draconian than those ...

Published:  Fri, 22 Feb 2019 03:27:00 GMT



6 Reasons Never to Pay Your Mortgage With a Credit Card

Visa, Mastercard and American Express have no problem with cardholders making mortgage ... Cash advances come with their own fees and a higher interest rate. Credit card purchases typically have an AP...

Published:  Fri, 22 Feb 2019 13:30:00 GMT



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