Things You Should When Looking For That Charge Card
It’s becoming even more difficult to get by in our society without a chargecard – or at the very least, a debit card with a credit card logo. Travel arrangements, restaurant reservations, online business transactions and making orders by telephone all require the use of a credit card. Here are a few things to consider before signing your name to a new credit card application:
Don’t Get a lot of credit Cards – there is hardly ever a good reason for a person to have a wallet filled with a lot of credit cards. Typically, you only need one or two credit cards. Be selective and choose cards that you know are going to work best for how you use them and pay them back. Too much credit available can lead to bad financial decisions made on a whim, and then unmanageable debts. On top of that a few credit cards can help your credi but too many will hurt it.
Take a Hard Look at Your Spending Habits if You Get A lot of Credit Card Offers – just because you have four credit card offers in your mailbox on a daily basis does not mean you can afford more credit cards. In fact, credit card companies tend to target individuals who are most likely to rack up big balances on high interest rate credit card accounts because they know they’ll make the most interest off you.
Don’t Fall For Teaser or Promotional Rates – many credit cards do their best to fish in new customers through teaser or promotional rates. These are typically lower than average interest rates on new purchases or balance transfers that apply for a very little amount of time – but then once that time is up, the interest rate shoots up usually above 10%. These are also the credit cards that often send your interest rate shooting in the sky if you make a payment late. The permanent interest rate on a credit card is much more important than the temporary promotional offer you get; unless you are using the card to pay off a higher interest account and will have the balance completely paid in full before the promotion ends.
Examine More Than the Interest Rate – while the interest rate on a credit card is an important consideration before applying for a new credit card, it’s not the only thing that is important. The interest rate actually only matters for people who carry a balance from one month to the next, because if you pay your balance off in full within the stated grace period (typically 20 days), there is no interest charged. Also, when you make a decision for a credit card based solely on the interest rate, you might be very disappointed when the interest rate changes a few months after you get the card or when you notice a $495.00 annual fee. Even “fixed rate” interest cards can adjust their annual percentage rates.
How Does the Credit Card Billing Cycle work – [spin]finding out the credit cards billing method is a great idea. Will the interest be applied to your purchases from the day you use the card, or is there a grace period? How many days do you have between billing cycles to pay off your balance before interest is applied? Know exactly how long this grace period is because your lender is likely to mail the bill out late in the billing period, giving you just a couple days in which you can get your payment out before it falls outside that grace period.
Understand Late Payment Charges and Penalties – Check the credit card terms carefully to understand how late payment charges and penalties are charged to your account if you should make a payment late. See if a late payment will also result in an interest rate hike. Most credit cards apply the late payments and penalties to the card balance, and therefore you end up paying interest on these if you don’t pay the balance of your card off in full before the end of the billing cycle, as well.
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