It never seems easy to get a credit card. A lot of people think they just can’t afford everything, or that they need to save money. Well, you have to understand that you are paying a premium on interest to your credit card provider. These fees are indeed huge.
The federal law, Fair Credit Billing Act, mandates that credit card issuers cover the costs of credit card companies that provide customer service. You hear it in the reports. And especially when you watch credit card companies that provide customer service sign up thousands of new cards a year. Thousands of people get turned down right in the mail. Many get turned down because they do not meet the customer service requirements of the new credit card.
For one, the issuer can expect you to pay the principal from your monthly balance transfer fees right towards the monthly balance transfer fee. That is, it’s your bank! Unfortunately the higher charge goes as your debt increases and you’re paying for the services on your card instead of yourself. That means you’re getting the services you really want!
Another thing to watch out for is the APR. Generally one out of seven credit card will have an APR that is 3.99% or more. Not bad, but not cheap. Usually APR’s are higher than you’ve heard of. So take a look at your credit card bills, and look at your monthly statements. Can you pay off those bill on time? And if you can do it, should you? You better believe it, a good portion of Americans have an annual income just from credit card and bank expenses. There you have it! A great deal of information regarding credit card offers is contained within ‘Secured’ credit cards.
Secure? Of course you can! The best way to remember it is to wipe your wallet of any information and shred it. But that would be a big waste of your time, you said you were thinking about getting a security credit card. The problem is that no one is offering it like that. You just have to remember what you spend and you’ll get the best deal for yourself.
It’s worth monitoring your statements and your statements are posted on your credit card statements as well, to see if there is any APR on anything you purchase. There are a few, and you can just about guess what is going to be in your balance for the next month. If you ignore your statement, you have an APR of 7.24% on whatever you spend, any amount. On the other hand, any time you exceed your credit card’s limit, and need to pay your credit card balance, there is an APR on that amount. You should ignore the non-existent charges you’re already paying the creditor for.
It’s time to run credit card statements, and look for any hidden charges. Most credit cards require minimum payments towards your minimum payment as well as interest charges included in your credit card statement. You best bet is to check your credit report to get the latest information you can from the credit card provider.
If you notice any hidden charges but do not want to admit to yourself you do not need to pay them, here are a few tips for you to keep your balances down as much as possible (and not to mention knowing what to do about your interest rate in the future if you decide to apply for another card, keep in mind that even 0% credit card rates will not come into effect until you’re 79 or 80 years old or older!)
Keep your balances down within the normal credit card issuers salary and for all intents and purposes only.
Using any form of credit that is available outside of your salary would be illegal and get you in a long debt of debt that you’d rather not get out of.
Always find out exactly what the APR means for different types of purchases, the actual purchase you make will stand the test of time.
Look at your statement as one of the many applications that will soon be filled in. When you’ve got a few thousand dollars of line of credit ready to go, take it from the start. If you don’t have to pay a fee, an application for a card should also be affordable.
Look through your statements and look for any hidden charges, but do not skip a beat in seeing if there else is interest on the balance that you absolutely cannot afford to pay off any other way.