Financial planning with credit cards can be a slow process with many people making the mistake of not learning and sticking to it. There is no such thing as being perfect; there are some things you can do better than others. These suggestions may actually be helpful in promoting a good financial planning process.
The following are some of the principles and practices that various credit cards companies are promoting:
Prompt and Organized Credit Card Application
Before you start to use a credit card, it is important you find out your credit score and any outstanding debt you are currently paying. Then you have to select a card from among several credit cards available from a company whose products and services are affiliated to that of your company. For this reason, it is important that both you and your credit card company be aware of each other and your company’s policies about disclosures and interest rates on your card debts.
When using a card, be very cautious about the way your credit cards are used. For instance, do not close the door of any of the other cards in the main line of your credit card company without first carefully weighing the pros and cons. Also, do not apply for any other cards in the main line of your company’s only in case you make a mistake in applying for the company’s card with your own bank or with the financial institution that you are using.
Credit Relief and Late Payment Offers’
The following are some of the practices that credit card companies may implement:
Suppressions or Deflections of Interest Rates
Although credit cards are popularly accepted as forms of credit, many people are tempted to carry hefty credit card rates charged either by their lenders or by other issuing banks. As with banks, it is essential that you do not abandon your finances until you have found a better rate. It is also important that you consider whether carrying a card even makes sense. The absence of interest rates on new purchases or cash advances would put pressure on your finances. However, the current cash advance rates are higher than the standard rates on cards issued by competing bank (i.e. Visa, MasterCard, etc.). Similarly, interest rates may apply on unpaid dues. To some extent it helps to simply ignore the matter, but carry a card as you feel the best.
There is always the possibility of misusing your card. In rare instances you may be charged a small fee for being near your card issuer. There may also be additional costs. It is up to you to find out the best deals on your card to ensure you use such a credit facility wisely. Credit card lenders charge additional fees on balance transfers and on purchases; these fees may add up into high interest rate area over the short term. Also, there will always be a higher interest rate if the issuer does not send payment due date – meaning payment made less than ninety days after the date of purchase. Credit card lenders charge several fees for accepting foreign payments.
Apply Online For Credit Cards These Days
We all feel that applying for credit cards these days is absolutely vital. There are many websites now available and the demand for cards has become ever-increasing. Why not apply online for credit cards?
The current status, as is always the case, is pretty stable right? What may be a little bit wrong is that all prices are correct but what you most probably won’t know because they’ll likely be hidden somewhere in there unless someone with proper guidance comes up with a better price that they can find out. However after a little digging around the market (one of the best I’ve come across in the world), it seems that applying online for credit cards is as simple as basically anybody does it.
What does all of this have to do with the ‘minimum price’ you receive? Well unfortunately most consumers don’t know what a ‘minimum price’ is but basically it’s what the credit card company will set minimums for. Some have to pay 20% on purchases (this can vary depending on the bank that sets the minimum in the US and usually around 50-60%) while others will see interest rates as 5%-7%.
A decent card can offer you a low rate even if you do still carry balances on your card from other providers.