Disadvantages of Credit Cards
Are you paying too much interest a month on credit cards? Does it seem like the money you are making, is going out in payments to card companies just as quickly as it came in? Then maybe it's time to look into transferring your balance to new company with a lower interest rate.
Low interest credit cards have many advantages, the most glaring of which is the low interest rate itself. These cards generally do not have a variable rate, which can be tricky and confusing. Rather they usually have a 6 month to 12 month fixed rate. Having this period of no interest can be extremely valuable in terms of paying off debt much more quickly.
Knowing exactly how much is owed every month when that bill comes in is a whole lot better than wondering what your minimum payment is going to be. A low interest card also provides its owner with the ability to transfer balances from higher rate cards. This works to eliminate more debt from accumulating.
The nice thing about these cards are that you still pay your bills like you would with a regular card but if you don't pay your bill on time, they will dive into your account and take what they need.
You should also beware "fixed rate" credit cards on which the APR rises automatically on your entire balance if you go over the limit.
There are scams out there that you want to look out for such as a card without a major logo. If the card doesn't have a Visa or MasterCard logo, you'll want to skip over it right away because you're most likely asking for trouble.
Before applying for any form of credit it would be wise to take the time first to ensure that you meet all the requirements for acceptance, as repeated refusals will damage your credit rating further.
Credit needs to be used wisely, and careful management of a business credit card is still a good option for small and medium size businesses that want an additional line of funding available to them for everyday use.
Armed with a credit card and a mouse, online shopping is convenient and easy but it comes with some potential traps for the unwary - from rogue traders to inadequate cover from your credit card when things go wrong.
There are some credit cards offering only minimal protection, or sometimes none at all, if you are unfortunate enough to strike a problem - non-delivery, or damage in transit for example - with goods you've ordered.
Low interest credit cards have many advantages, the most glaring of which is the low interest rate itself. These cards generally do not have a variable rate, which can be tricky and confusing. Rather they usually have a 6 month to 12 month fixed rate. Having this period of no interest can be extremely valuable in terms of paying off debt much more quickly.
Knowing exactly how much is owed every month when that bill comes in is a whole lot better than wondering what your minimum payment is going to be. A low interest card also provides its owner with the ability to transfer balances from higher rate cards. This works to eliminate more debt from accumulating.
The nice thing about these cards are that you still pay your bills like you would with a regular card but if you don't pay your bill on time, they will dive into your account and take what they need.
You should also beware "fixed rate" credit cards on which the APR rises automatically on your entire balance if you go over the limit.
There are scams out there that you want to look out for such as a card without a major logo. If the card doesn't have a Visa or MasterCard logo, you'll want to skip over it right away because you're most likely asking for trouble.
Before applying for any form of credit it would be wise to take the time first to ensure that you meet all the requirements for acceptance, as repeated refusals will damage your credit rating further.
Credit needs to be used wisely, and careful management of a business credit card is still a good option for small and medium size businesses that want an additional line of funding available to them for everyday use.
Armed with a credit card and a mouse, online shopping is convenient and easy but it comes with some potential traps for the unwary - from rogue traders to inadequate cover from your credit card when things go wrong.
There are some credit cards offering only minimal protection, or sometimes none at all, if you are unfortunate enough to strike a problem - non-delivery, or damage in transit for example - with goods you've ordered.
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