There are not many of us who do not have a credit card these days. But, not all of us are as wise in the area of understanding how they work and how they make money. There are many types available to the young and old. Student credit cards even begin to get teenagers into the world of credit cards. Secured credit cards, cards that usually can't be written off, are even misleading in their name. So, what does that discover credit card in your wallet actually do for you?
Even young adults are being lured into the world of credit cards. Student credit cards are widely available. Some link the parent to the card, others are geared towards college students who most of the time don't even have jobs to pay for them. They seem like a great way to pay for college expenses, but the fees can be outrageous.
A big trap is secured credit cards. While there are always options out there that are legit, there are many others that are not. Often times, people with little or no credit or even bad credit can get a secured credit card. These are credit cards that are linked to savings accounts which require a minimum balance to be kept. While this seems easy enough, if you default on it, they can claim their money through that savings account. Another aspect of these types of credit cards are the fees associated with them. They often require set up fees, sometimes in the hundreds of dollars. They may have monthly and yearly fees as well. They may seem like a great way to establish or reestablish credit, but you will need to read the fine print for the secured credit card.
The goal of any credit card company is to make money. They do this by charging you an interest rate. The rate varies greatly from one company to the next depending on your credit status and credit history. But, your goal is to find the low interest credit cards. Many times, if you are in good standing with a credit card company, you can call them and request that they consider you for an interest rate cut.
Next to paying off your entire credit card bill each month, finding the lowest rates is often very important in order to save money. With the Internet as a tool, you can search for different types of credit cards and learn which companies offer the lowest rates. Many companies are equipped to take and accept credit card applications online within minutes. But, be wise and read the fine print to avoid falling into traps and outrageous fees.
About The Author
Mike Yeager, Publisher
The all important credit score! It determines the amount of... Read More
What Is Your Credit Rating Now?If you have any charge... Read More
HarassmentHarassment of people in debt by creditors or their agents... Read More
These days, people need to very carefully consider what type... Read More
The most important thing for you to remember is that... Read More
Maintaining your Credit ProfileEvery consumer should be maintaining their credit... Read More
You've probably heard the term credit scoring. You may have... Read More
You've probably never heard of Frank X. McNamara, but he... Read More
There is almost nothing more troublesome than having too much... Read More
As you probably know, interest rates are at all time... Read More
Do you know the difference between good and bad credit... Read More
Credit counseling is a free service that many people with... Read More
Your credit is the most important thing you have other... Read More
When applying for a loan to purchase a car, the... Read More
There are times when you may be turned down for... Read More
The credit industry if rife with pitfalls. If you have... Read More
Debt negotiation on credit cards is often referred to as... Read More
Identity theft is the fastest growing crime in America, according... Read More
How can I prevent Identity theft from happening to me?... Read More
What are inquiries?When you apply for credit the creditor or... Read More
YOU SCRATCH MY BACK, AND I'LL BUY SOME MORE BEER!Let's... Read More
Online credit reports are easily accessible to those interested in... Read More
There are multiple reasons that tell us why we should... Read More
Raising your credit score can be a fairly simple and... Read More
For those of us who know how to use them... Read More
A new sickness is plaguing the UK called Denial. Denial... Read More
Most people who carry major credit cards are well aware... Read More
Most consumers are aware that there are companies that keep... Read More
You've just received a "pre-approved" credit card offer in your... Read More
Credit card debt is a growing sickness in the United... Read More
Here, Cratchet, what do you think you're doing?Uh, er, leaving... Read More
Why do some people get offers for pre-approved credit cards... Read More
A credit card allows you to buy things even though... Read More
Prepaid debit cards are great financial tools and may be... Read More
Credit repair, is in a word, vital to reestablishing your... Read More
Do you have enormous credit card debt? You are certainly... Read More
If you have been shopping around for a Low Interest... Read More
The economic downturn of the last five years has affected... Read More
Once you've been paying off a credit card for a... Read More
Most consumers are aware that they have something known as... Read More
How Lenders Operate ? And How They'll Make a Tidy... Read More
Bad credit can be a burden for otherwise good credit.... Read More
By far the greatest invention the banks have ever come... Read More
When you apply for a credit card, the application that... Read More
"Menis - the author translates as "indignant rage" - It... Read More
Do you know what your credit card is truly costing... Read More
If you have a bad credit rating, then you might... Read More
Getting your first credit card is a big deal and... Read More
TURBO-CHARGED KILLER RATE SAVING INFORMATION!Let's just take a brief moment... Read More
Consumers reject financial advice in favour of financial frivolityIt would... Read More
Credit Score FactorsThe information contained on our credit reports affect... Read More
Ah, the sweet rewards of using credit!Not only do you... Read More
Thinking of applying for a credit card with a reward... Read More
The nightmare of identity theft strikes an estimated 750,000 people... Read More
If you have a bad credit rating, then you might... Read More
In "Become the Squeaky Wheel" a book recently published, Michelle... Read More
Many employers are now looking at an applicant's credit report... Read More
Prepaid credit cards also called stored value card can be... Read More
Let's face it, if you are facing the possibilities of... Read More
There are not many of us who do not have... Read More
The credit industry if rife with pitfalls. If you have... Read More
Most of us want a good credit report to obtain... Read More
In the twenty-first century, there are few documents that have... Read More
While working through my own debt situation, and helping others... Read More
Credit 101How does a creditor determine whether to grant you... Read More
So you got into debt, had problems but you got... Read More
Credit |