Credit Cards

compare credit cards onlineCredit cards play a central role in electronic and internet commerce. They are a convenient substitute for cash or check.

Credit card holders are usually given a limit to spend on. The card issuer may be a bank, store or service provider.

How to Use Your Credit Card

Using a credit card couldn’t get easier. All you have to do is swipe your card and buy anything of your choice. These purchases must be paid usually within 30-45 days to avoid paying interest and other fees.

Are You Using Your Credit Cards Responsibly?

Purchases can be quite easy. As such it can be easy to get into impulse buying. Avoid these pitfalls when using your card;

  • Don’t spend beyond your means
  • Only use your card for emergencies
  • If your card is heavy on debt, transfer it to another with lower rates. Compare credit cards often.
  • Make timely monthly payments

How a Credit Card Can Benefit You

  1. Convenience; a credit card can be used anywhere even if there is no ATM on sight.
  2. Efficient record keeping; it can help you monitor your expenses. Other cards provide year end financial summaries.
  3. Instant cash; it is easy to get cash advances when you need it. This is better than applying for personal loans.
  4. Purchase protection; you may be able to claim back a defective product after purchase with a credit card. Compare credit cards to see if your issuer handles disputes.
  5. Balance surfing; don’t be overwhelmed by high credit card rates. You can move your balance to a lower rate card.
  6. Perks; take advantage of the many incentives programs offered by credit card holders.

Consider These Factors Before Taking a Credit Card

credit card ratesA credit card is both useful and destructive. When used in the proper way, it can be a great alternative to cash. Misuse results in sinking deeper into debt.

Before getting your card, ask yourself how you intend to use it.

If you are ready to pay off the monthly bill, you will incur less credit card rates. Keep these factors in mind;

  • Your spending habits. Do you need it for emergencies? Will you pay the bills per month?
  • The credit cards rate. A fixed rate card or a variable rate card. A fixed rate is same from month to month. A variable rate fluctuates from time to time.
  • The credit limit. The amount of money will depend on your card issuer. Use the calculator at Financer.com to compare 16 lenders borrowing limit.

What You Should Know About Credit Cards Rates Fees and Penalties

A card issuer will often find subtle ways to take money from you. Balance transfers and cash advances attract a fee. You will also be charged for increasing the credit cards limit.

There is a penalty if you fail to pay the bill at end month. You will face penalty if you exceed your card’s limit.  Therefore, compare credit cards rates and choose one with reasonable fees.

How To find The Cheapest Card Rate

The only way to find a cheaper option is to compare credit cards.  A credit card with a low interest rate can reduce the cost of repayment.

Choose a card which suits your needs.

How Can You Lower The Interest Rate On Your Card?

  • You may call your lender and negotiate a lower rate.
  • Transfer your existing balance to another lender with a lower rate

It is always helpful to ask your lender all the fees, penalties involved. Ask if there is a balance transfer fee. A lender will be ready to negotiate if you have a stable payment history.

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