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Credit Cards: Tips #1 and #2

We all know that high interest credit cards have a huge monetary cost. However, it’s a fact that the companies and banks that issue credit cards target you most definitely. And these cards, used carefully, can sometimes save the most of your disposable income in the long run.

The facts: the good thing about getting a high-interest credit card, if you look carefully, is you can usually find the best rates and warranties. Every time you use a particular credit card, you automatically go to the nearest bank or credit union to order a low rate. For most customers, a low rate credit card will work just like a regular credit card.

The reason of the high interest rate: many people have loans that they don’t need. With this said, buying a new television for Christmas might seem impossible until you do the paperwork. Then, when you are done, you must give up the loan with the new home you financed. The loan will immediately go back into the borrower’s bank account.

The penalty: if he or she were to default on his or her payments, the grace period could be 30 to 60 days. This is so that the bank can start to put the profit or expenditure in his or her pocket. If your credit is not up to your limit, the grace period means you need to pay off the bill in full. Even so, this can be troublesome if you miss a payment. Therefore, the bank will often cancel the cards you have used to pay off your loans.

The bad: while canceling your lines of credit can bring in a lot of money, it could also leave you with big unpaid bills that can cause you additional emotional stress. Unused credit card debts are another source of stress. Some of the statements you receive are written to you only days before they are due to due you. So, cancelling credit card accounts is a last resort that you should make sure to try first.

The credit card bill-due date: If you take a call or write a letter to a bank before the bill-due date, chances are that you want to do all that possible due to the high interest that this can cause. Keep in mind that you should be prepared for delays in payments.

The bad: the due date is often the date that the bank or the credit union will publish the statement that you have paid on your card. Some credit card offers, especially that of Visa or MasterCard, can be pretty tough to read. So, while you are making phone calls and writing letters, remember that the due date may not be the date the bank or credit union thinks you need to print or send out the monthly statement you receive. If all these circumstances are the result of your paying too much, your credit card may become a burden that cannot be paid until you have paid the difference.

The credit card application: many of the best credit cards apply to a variety of categories. If you are a good borrower and can make an intelligent choice, you might get the best credit card today. After all, who can ignore credit cards?

Don’t rely solely on your parents for your credit card help. If you are thinking of opening an account at the Discover, Mobil’ or Mariott stores in your neighborhood, think ahead! There are more stores and their credit card offers on their website than anywhere else.

Can Having It All Made Easy For You?

Many people do not realize they are spending all their money on credit card bills, even though they are already paying out nearly as much in interest with their credit cards each month. Many people also think it is easy when they claim that having all of your credit card accounts linked together makes you virtually debt free. Yet, most of the time, this is not true. It is NOT the way to spend your money.

In fact, credit cards are NOT the only way to spend money. There are many other ways in which you can use your credit card accounts to make better use of your free money.

If you have a credit card such as a cash back credit card, you can benefit from focusing your spending on something you like most. While this will probably require you to work more overtime each day, it will give you the chance to spend some of your hard earned money on something you like. You decide when you want to spend your free money, and in what amount. That is the way that credit card accounts should be used. You could just as easily set up a “Do Not Add to Cart” spending limit.

Another such advantage that can be gained with having a credit card account is the low interest rates that come with it. This is a nice perk that you can get with no dues.