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READ BEFORE APPLY FOR CREDIT CARD |
According to the Washington DC based consumer education group, about 74% of American consumers have at least one credit card. However, the ones who don't are in the "driver's seat" when it comes to choosing the best credit cards that match their personal needs.
There are a number of credit cards available to the consumer, therefore it is necessary to do the research and carefully choose the perfect credit card based on his or her needs. It is a good idea to establish a game plan which will help you evaluate different types of products offered on comparative basis.
Researching the differences between Visa, MasterCard and American Express will help you realize how much is available and in turn help you decide which type of card will best serve your individual needs, be it a low interest on balance transfer card, cash-back card, or any other available card type offering perks like travel rewards or air mile rewards.
After carefully studying what is available, it is also necessary to perform a side-by-side comparison of the cards you are interested in. From that point, the process of determining which credit card is the best credit card to have will be quick and easy.
Although there are millions of applications available on the internet, apply for a credit card online only after you complete your research, and know your credit history. Not everyone qualifies for best credit card offers. Realize that people with excellent credit as well as good credit may qualify for better cards, such as credit cards with best credit card rates on balance transfers; instant approval.
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CREDIT CARD TYPES |
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The first step in choosing the best credit card deals is realizing that there are a variety of different cards available. Following are some of the most common types of cards:
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Balance transfer credit cards let you transfer higher-interest credit card balances onto a credit card with a lower interest rate. For instance, if you transfer a balance to a credit card with a low introductory annual percentage rate (APR) of zero percent, the APR for this balance will typically stay at the lower interest level for a specified period of time, potentially saving you hundreds of dollars in interest charges.
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Low-interest credit cards - Offer either a low introductory APR that change to a higher rate later or to a low, fixed-rate APR. Using this type of card can offer significant savings on interest, especially when you make larger purchases and pay them off before the end of the introductory period.
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Cash-back credit cards - Give you cash rewards for making purchases with the card. Most cash rebates are around 1 percent of the total purchases, excluding interest and finance charges. This type of card is particularly good if you're faithful about paying off balances each month.
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Reward credit cards - Similar to cash-back cards, they offer frequent-flyer-miles, hotel discounts and other rewards just for using the card. Basically, you accumulate points toward a reward structure, based on how much you use the card over a period of time.
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Airline mile or frequent flyer credit cards - Award "mile" or "point" credits whenever you use your card, based on the dollar amount of your credit card purchases over a period of time. You can redeem your points for airline travel, much like you would in an airline-sponsored frequent flyer program. These cards are great if you travel frequently or simply want to use your card to plan vacations.
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Pre-paid cards - Work like gift cards at retail stores. You can deposit any amount you want and then use the card to make purchases up to that amount. These types of cards generally don't require a credit check, and some actually have credit re-builder and rewards programs.
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Secured credit cards - Cards that are "secured" with a cash deposit or other collateral. They're ideal if you have very little or damaged credit.
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MAXIMIZE THE CHANCE |
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Don't apply for multiple credit cards over a short period of time. |
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Don't apply for a card you're not likely to get. |
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Applying for a credit cards and being declined only damages you credit.
Know Your Credit Score, we recomment that you check the credit score before you apply. |
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CREDIT SCORE |
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A credit score is simply a numerical representation of your credit worthiness. The majority of lenders use some sort of credit scoring model to help predict what kind of credit risk you may be. In most cases your credit score will determine whether or not you will be approved for a credit card. |
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CREDIT CALCULATOR |
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How long will it take to
pay off my balance? |
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This credit calculator can help you manage your money by showing you:
- How long it could take to repay a credit card balance based on your monthly payment.
- The payment required if you want to repay the balance over a shorter period of time.
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IMPORTANT |
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Q: I have applied for a credit card but my application was rejected... What now?
A: Order your Free Credit Report and or Credit Score. It will provide you with information that will put you on the path of building your credit history and increasing your credit worthiness. |
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Credit-Land.com, Inc.
All rights reserved. |
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