Selected Credit Card Applications
Posted on | April 13, 2010 | Comments Off
Here we collected some of the best available secured / prepaid credit cards. It is wise to apply for these cards since you most likely get approved. Declined credit card applications are bad for your credit history!
No Problems Getting Credit Cards With No Credit
Posted on | June 22, 2010 | Comments Off
Having no credit doesn’t have to keep consumers from getting a credit card. There are several options for consumers with no credit to get a credit card.
It’s becoming increasingly difficult to function in today’s society without having credit. However, when you don’t have credit it can also be complicated to obtain a credit card. Credit card companies need to check your credit history to determine whether they should extend credit to you. When you do not have a credit history, the credit card companies have no way of knowing if you are a credit risk. Even when you don’t have a credit history, there are some ways you can obtain a credit card.
The bank or credit union where you have your savings or checking account is a good place to go to apply for a credit card when you do not have established credit. If you have income and have not bounced any checks, you have an excellent chance at getting a credit card from your bank. Since you do not have credit history, you will most likely start out with a low credit limit. Once you begin to make purchases with your credit card and make timely monthly payments, you can negotiate a credit limit increase if your card issuer does not give you one automatically.
If you are not able to get a credit card from your bank, you have other options. Store credit cards and gas credit cards are much easier to obtain than some other credit cards. Again, you will not start out with a very high credit limit, but if you make your payments on time, card issuers will increase your credit limit.
A secured credit card is another option for consumers that do not have credit established. When you have a secured credit card, you make a deposit into a savings account. The amount of your deposit will dictate your credit limit. Since you have made a deposit against the credit card, the creditor does not have any reason to deem you as a risk. In the event that you do not pay your credit card bill, the creditor uses the amount of your deposit to pay the credit card balance.
Many credit card issuers offer the option to upgrade a secured credit card to an unsecured one after a certain period of time. If you go the route of a secured credit card, one that can be upgraded is a better choice than one that cannot. You should also find out how the credit card is reported to credit bureaus. Some secured credit card issuers report the credit card as being a secured credit card which can raise a red flag in the eyes of future credit. When you choose a secured credit card make sure it is one that reports as if it were an unsecured credit card.
Clever Methods of Avoiding Credit Card Fees and Interest Rates
Posted on | June 21, 2010 | Comments Off
Using two credit cards with different closing dates, cardholders can transfer balances between the two cards to avoid interest rates and credit card fees.
It’s a well known fact that credit card companies make a living by charging interest rates and other various fees to cardholders. If these fees were not in place, credit card companies would not receive the full financial benefit when consumers use their cards.
Credit cards charge various fees for use of their credit card. The most common fees that cardholders pay are late fees when they send a payment more than thirty days late and the over-the-limit fee imposed when the cardholder makes purchases that are higher than the credit limit. The easiest way to avoid these fees is by making monthly payments on time and by not charging more than the credit limit.
The interest rate is the fee imposed by the credit card company for the convenience of carrying a balance on the credit card beyond the grace period. The grace period varies from one credit card to the next, but is included on the monthly statement. When you do not pay the credit card balance in full before the grace period, the balance on the credit card will be subject to the interest rate.
Between the interest rate and the credit card fees, cardholders end up paying much more than the original amount purchased using the credit card. Conventional methods can be used to avoid paying these fees. Savvy credit card users think outside the box to avoid paying fees to credit card companies.
If you have two credit cards that allow free balance transfers, you can continue to shuffle your balance between these two credit cards without having to pay any interest or late fees.
For the credit card shuffle to be successful, the two credit cards must have grace periods that close on different dates. If the closing dates are on the same day, you will not be able to transfer the balances between credit cards without being subject to an interest charge or late fee or both. Should your credit cards have the same closing dates, you can call the credit card issuer and request to have your due date changed. This will change the closing date of the credit card.
You must be precise with the transferring the balances between the two credit cards. Let’s say you Card A has a due date on the 1st of the month and Card B has a due date on the 15th of the month. To avoid paying a finance charge on Card A, you must transfer the entire balance of the credit card to Card B before the 1st of the month. Then you must again transfer the balance from Card B to Card A before the 15th of the month. Being meticulous about making the transfers between credit cards on the correct dates is a must to avoid paying interest rates and fees.
Why Use Credit Cards From Biggest Credit Card Issuers
Posted on | June 21, 2010 | Comments Off
There are several advantages to using a credit card offered by one of the biggest credit card issuers than from using other credit cards. Examine these benefits to make a decision about the best credit card for you.
There are several credit card issuers, but among these there are only a few clear leaders in the industry: Visa, Mastercard, Discover, and American Express. When you use a credit card backed by any of these credit card issuers, you receive benefits that you would not receive if you use a credit card from any other issuer.
Credit cards that are issued by the biggest card issuers are accepted in more places internationally than some of the smaller issuers that usually operate in a regional manner. When you are traveling to unknown country, the last thing you need is to be caught in a place with a type of currency that is not accepted in that place. You can travel to most of the world’s major cities with a card issued by one of the larger credit card issuers and have your card accepted. Of course, the best course of action is to make sure your credit card will be accepted in the place you will be visiting.
In most cases you receive better fraud protection with a credit card issued by a larger company than you would with one that is offered by a smaller company. Identity theft is on the rise. It is becoming easier for thieves and scavengers to access your credit card. It can be difficult to dispute illegal charges to your account. Most of the major credit card issuers offer fraud protection for their cardholders. While the specific policies regarding fraud protection varies among the card issuers, the biggest card issuers try to make the process as smooth and easy as possible for the cardholder.
The biggest credit card issuers offer additional perks and benefits beyond those offered by smaller credit card issuers. These benefits, of course, will vary by the type of card you have and the bank that backs the account. Some of these benefits are common among the card issuers.
Many credit cards offered by the biggest credit card issuers offer automobile insurance for vehicles rented using the credit card. Should you become involved in a car accident while driving rented vehicle, you will be covered by the insurance offered by the credit card used. You can save money on car rentals by opting out of the insurance offered by the rental company.
Roadside assistance is another benefit that is typically offered by the biggest credit card issuers. If you find yourself stranded on the side of the road, you can use the credit card’s roadside assistance to have your vehicle towed to your home or the nearest mechanic.
Credit cards offered by the biggest credit card companies have more benefits than other credit cards. For more information about the benefits offered with your credit card you should contact your credit card issuer.