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What You Need to Know about Credit Cards
Are you shopping for credit cards? Unsure of what kind of credit card offers are out there and which ones are best for you? It is important to investigate what kind of credit cards you can get, as shopping around can save you money on fees and interest. If used with care and foresight, a credit card can be a very valuable tool.
Having a credit card is useful, even if you are not using it for purchases. It can be difficult to undertake some everyday transactions without a credit card, such as renting a car or getting a hotel room.
How you plan to use your credit cards will help you choose which offer is the best for you. For instance, if you pay off the balance in full you may want to select a card that offers no annual fee or has frequent flyer miles, as you will be less concerned with the finance charges. If you carry a balance, perhaps the lowest possible interest rate is the most important factor in selecting the right credit card.
Use Bills.com as your resource to determine which credit card offer is the one for you.
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Credit Cards Success Stories
Read a personal story about credit cards and gain a better understanding of what's involved.
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Credit Card Questions
- How do you begin to establish credit?
Consumers desirous of establishing a good credit record should start off by applying for a credit card. The companies that monitor credit history compile information based on your payments and responsible consumers build up a good credit report by promptly paying off what they owe. A second consideration, especially if the consumer did not qualify for a conventional credit card, is to apply for secured credit. This method lessens the lender's risk by having access to some kind of guaranty from the borrower in case of default. An alternative way is to have a person with a proven history of good credit co-sign a loan. These co-signers are a form of guarantee diminishing the lender's risk of non-payment. - Is There a Rule of Thumb Regarding the Number of Credit Cards to Have?
In general, it's better to have a few credit cards with high credit limits than a large number of cards with limited credit limits. Having credit cards with high credit limits demonstrates that you are responsible enough to carry a high credit limit on multiple cards. - Is it a Good Idea to Transfer my High Credit Card Balance to a New Card with a Rock-bottom Rate?
If you want to transfer your credit card debt to a different card, you need to make sure that there are no catches with the introductory rate of the new card. For example, sometimes the low introductory interest rate on a card is only for a very limited time and then it skyrockets to an exuberant amount. You also need to ask if there are annual fees, late charges, or any other stipulations that might make transferring your credit card debt to a new card counter-productive.
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Glossary of Credit Cards Terms
Adjusted Balance: a method of calculating your credit balance and Annual Percentage Rate (APR) where payments and/or credits made during the billing cycle are subtracted from your balance at the end of the previous billing cycle. This method is more advantageous to borrowers and credit card holders. Unlike Average Daily Balance calculations, new purchases during that billing cycle are not included in Adjusted Balance calculations, and interest is only applied to the balance remaining after payments are credited to your account.
Average Daily Balance: a method of calculation of your credit balance and interest. It's the practice of crediting your account from the day your payment is received. In other words, it's a daily tracking of what you owe. When calculating the Average Daily Balance, the lender adds the beginning balance for each day in the billing.
Credit Score: a measure of credit worthiness. Typically, it is a guage of a consumer's likelihood to default on a future credit line. FICO is the industry standard measure of a credit score, which is primarily based on payment history, debt utlization, and the amount of debt owed.
Revolving Account: an account that requires a minimum payment each month in addition to a service charge. When the balance decreases, the service charge/interest also declines.
Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 6.5% |
| 15 Yr Fixed | 6% |
| 30 Yr Fixed Jumbo | 7.54% |
| 15 Yr Fixed Jumbo | 6.98% |
| 3/1 ARM | 5.98% |
| 5/1 ARM | 6.11% |
| 7/1 ARM | 6.44% |
| 10/1 ARM | 6.69% |
| 3/1 ARM (I/O) | 5.92% |
| 5/1 ARM (I/O) | 6.16% |
| 7/1 ARM (I/O) | 6.39% |
Credit Cards Articles and Advice
Increase Your Credit With Credit Cards
In order to build and maintain good credit, you must select, use, and pay on your credit cards, and other loans, wisely. Each step is important. Put them all together and your credit rating should rise.
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5 Tips for Finding the Best Instant Approval Credit Card
Instant approval for credit cards is available on the Internet or by phone from many major credit card companies. Learn how to find these cards.
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Before Applying For A Visa Credit Card Consider The Following...
Applying for a Visa credit card means you should consider more things than just receiving a credit card. This is because there are many types of cards that have different incentives, bonuses, fees, and the like associated with them.
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The Best Credit Cards if You don’t have Credit
If you have no credit history but you want to have a credit card, the best option would be to apply for a secured credit card. Learn what options are available to you.
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Poor Credit? Find the Best Bad Credit Card
Having a poor credit rating can seriously limit your choices of credit cards. Learn what your choices are.
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Credit Questions and Answers
Have questions about your credit? Find answers to frequently asked credit questions and become a more informed consumer.
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