Credit Card Deals
Credit cards have gotten unfavorable criticism as of late on the grounds that they are connected to budgetary difficulties identified with high obligation levels. While a few people abuse or even misuse credit cards, others can oversee credit cards usage in a sound, sensible manner. The correct card that is utilized capably can really profit you in different ways. However, with a wide range of kinds of credit cards available, it is imperative to apply for the sort of record that is most appropriate for your situation and objectives. A closer look at the many types of credit cards available can help you to better manage this aspect of your finances.
How to Get the Best Deals and Rates when Applying for First Credit Card?
When applying for the first time credit card, you are actually opening a door to building your credit history. Though it is simple enough to fill up and submit an application to your Credit Card Company or bank, be sure to look for the right cash back cards and use your existing credit score to get the best deals
Know the Formalities
To apply to your credit card issuer or bank for cash rewards cards, you should be 18 years old, at least, and proof of income which is enough to cover the bill. If you are below 21, you also need to have a co-signer to get the card. Income proof includes bonuses, salary, and commissions you get from self-employment or full- and part-time jobs. Your overall annual income may also cover the interest you earn on any investments or accounts. Most of the banks generally accept the copy of your income tax documents or paycheck stubs.
Get the Best Card
Every credit card has its own fees, interest rates, and features. So, you should have one which can meet several needs. For example, if you are going to make a huge purchase but you cannot pay off the bank charges in full, you should have a card with zero or low percent annual percentage rate. Some of the banks may provide higher credit lines as compared to others.
Line of Credit
So, it is important to ask issuer about the range to expect as an applicant for the first time credit card. Look for the reward programs with which you can get reward points or cash back. In addition, the credit card issuer should also report all the credit card accounts to the leading credit card bureaus – TransUnion, Experian, and Equifax – to build your credit record. You should also choose the secured cards for transactions.
As you can see, there are many types of credit cards available for you to apply for. Because there are so many variations between credit card types as well as limits, requirements, rates and more, it makes sense to thoroughly compare all of the options so that you apply for the right type of credit card for your needs.
When the current fees and interest rate on credit cards put a lot of weight on American families, a lot of people might be shocked to know that there is no actual legal limit for annual percentage rates or APRs. The rates of low APR cards are managed by states according to the Supreme Court. Hence, most of the banks locate their card divisions in favorable states like South Dakota and Delaware without any restrictions on these rates. What is Max APR and Loan Sharking? Anytime an APR crosses 20%, it is generally known as loan sharking. But some of the reputed and large banks charge up to 25% to 35% to their buyers as late fees along with other processing deductions. Though these rates remain under 200% to 300% for lending some payday cash advances, they still eat a huge percentage of your life savings. If you are paying your bills on timely basis but still being charged over 20%, you should look for an alternate method. Good APRs and Paying off Credit Cards You can still have a lot of competition in the industry if you are paying your bills on timely basis and you have a job. You may have to look for a credit card issuer who can provide APR under 20%. You should significantly save the time it takes for paying off all your debts with lower rate of interest. Be sure to read the proper fine print to avoid unwanted surprises.