There are different cards out in the market. Credit cards, debit cards, ATM cards, and many more. But one thing that almost any person never fails to have is a credit card. The credit card has many uses, and that is probably why so many people are doing ways to get an application approval.
If you’re one of those many people looking for the right credit card, it will help a lot if you can shop around first. Don’t just grab any opportunity that comes your way. A little shopping around can save you a lot of money on fees and interest in the long run.
While on your search for the perfect credit card, you must gain a better understanding of the card’s features, compare different cards in terms of their cost or features, know the law and your rights, and in case you’ll encounter a problem, you can always file a complaint.
If you haven’t chosen a credit card yet, you’ve probably heard of cards having low APRs. Do you know what that means? APR or the annual percentage rate is usually stated as yearly rate. It is the rate of interest which you will pay in case you make cash advances, carry over balances, or make a balance transfer.
Not all APRs are the same. The APR can be fixed or it can also be a multiple APR card. Cards having fixed APRs don’t change often or if in case it does, the company will notify you. Then there are also credit cards having multiple or variable rates. With this card, the interest changes very often. This happens because the rate is tied to the Treasury bill’s rate or a prime rate. If one rate changes, then so does the other. The card’s agreement usually contains information regarding APRs so you must make it a point to check for the card’s APR before the application.
Examples of APRs are tiered, introductory, delayed, and penalty. Almost all cards charge high interest rates on cash advances compared to ordinary purchases made by the card holder.
Tiered APRs charge different rates to different balance levels. Other cards offer low APRs as introductory rates but after the grace period expires, a different interest will be applied. Delayed APRs are usually given a notice that a different rate will be applied in the future. And if your always delayed in paying your bills, you will be charged of penalty APR (the APR will increase).
You have to pay all your outstanding bills as much as possible because this will greatly affect the entire bill that you’ll pay for the whole year.
You must get all pertinent information about the different credit cards available for you to make a wise choice. Credit cards entail responsibility, and since it would require you to make monthly payments, surely you don’t want to be tied to a card with a very high interest.
Finding credit card information is not much of a problem. You can secure information online, or through newspapers and magazines. You can do an online search because it’s much better. All you have to do is to log in on the card company’s website, or read an application or solicitation.
Credit cards give people convenience and flexibility. But as card holders, you should not forget your responsibility.