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Credit Cards

Nowadays everyone has more credit cards in their wallets and wallets nowadays there’s a new wave of consumers as the age of the internet and of making purchasing using credit cards has brought a change in attitudes among consumers. With consumer credit cards becoming increasingly easier compared to debit cards, the attitude towards credit cards in many Australian households seems to be towards debit cards.

Perhaps credit cards have entered into a new phase of their own and have dominated the discussion regarding credit cards and the various purchases that can result from using debit cards. However, for most, credit cards are used to enhance their user’s credit history which if not scrutinized properly can result in a very costly error that can have a negative impact on a person’s credit history. The most common mistakes that come with debit cards include:

-not paying by cash
-paying for goods or services with credit card

The use of debit cards varies from one Australian household to another and there are also certain debit cards that have higher interest rates than their counterparts in the United States. This means that you will pay for goods or services with a credit card over a much larger period of time as well as be charged higher real interest charges than you would pay on a traditional credit card.

Even though many of the people that have debit credit cards do not use their credit cards for everyday purchases, many more will. This is because unlike the traditional credit cards one should only try and spend over the limit each month as this will negate the real interest being charged on these cards.

Just how big is the difference between a normal credit card and a debit card? Let’s take a look at a few credit cards as part of this article to see the differences in the various aspects common to each type of card.

‘Card with 0% APR (annual fees included)
Often a credit card issuer offers a 0% APR on the amount paid out of your account just for the privilege of providing you with the card. With this card you will have to pay off the full balance per month, with a grace period. This will differ among credit card issuers as compared to other promotional offers. The APR will be usually higher on purchases made within the grace period, but the amount of money that you will receive back is quite generous. Due to the interest being charged on this type of card it’s important to know, let’s take a look at how it varies between credit card issuers so you can find the 0% APR of interest that you are offered. There will be some penalties as a result of late payments, but most people will still receive the full amount of the loan amount and some will be able to keep in place part of the secured loan. Here are a couple of things to look at when looking for credit card APR:

1. The interest rate will be higher. This is because most credit card issuers allow you to double the due without a fee, which will help you in the long run. This is because credit card issuers are willing to spend a lot of money on a card; they will have to offer a more attractive deal if they wish to keep a loyal customer base.
2. The credit limit is set low because most credit card companies have low interest rates that are set between 1% and 2%.
3. The APR will probably be higher in the event that you incur a bad credit rating. This is because one of the first things that will affect your credit score is the interest rate that credit card issuers will charge you with respect to cash advances, purchases, and other charges to your account such as late payment, over-limit, etc. Usually these fees are higher than regular credit card fees.

The different issuers vary from one credit card issuer to the next and I will review some of them here so if you are looking for the best deal on credit card APR a card with low interest rate and low APRs is the best way to go. Look at the details and pay attention to your overall spending habits. This will determine the quality of your credit as well as your credit standing in the eyes of credit card companies. Make use of your card frequently and see that you can successfully pay off your balance each month when you make your first purchase.

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