Be Careful When Choosing A Credit Card
September 24, 2008 · Print This Article
One of the biggest cornerstones to the American (and even global) economy is the credit industry. The United States, for better or worse, relies on credit as a platform for most business transactions between citizens at large and the companies that they deal with. It’s not always the best system for everything, and some people have associated many of the problems and pitfalls of today’s economy with it, but generally speaking, it’s not inherently flawed so much as people tend to make bad choices regarding it.
In that regards, there is the issue of credit cards. Being that America runs on credit, there naturally comes a form of it that allows people to make purchases with money based on the idea of paying it back later, which is where the concept of “giving someone credit” comes into play. Credit cards are a very important fundamental cornerstone to the economy, and they can be awesome if used appropriately, since they help a person build credit both quickly and with stable results.
It is very possible to make mistakes with them, however — not just in their use, but in selecting them as well. The mistakes that people make can be put into different categories and aspects, a leading example of what most people end up turning into a problem for themselves is ignoring how a credit card company chooses to respect and benefit them, if at all.
Credit card companies are there to make a profit too, of course, and this is something that has to be recognized and dealt with accordingly in regards to their policies, but some are particularly ruthless in how they prey on the unsuspecting and take advantage of those who have had financial blunders in the past.
It’s a good thing though that these companies are easy to identify based on their tactics. For most companies, the first and most obvious sign is a card that comes with high initial fees that are expected to be paid immediately or over time just for signing up. These sort of costs can quickly accumulate into a balance you have to manage even if you don’t end up actually purchasing anything. There’s all sorts of ways that a company can get you in this regards: account fees, participation fees, annual program fees, etc..
There are even some cards that don’t report the payments you make to credit bureaus. This issue is very simple. If a card company doesn’t bother to present to a credit bureau the good things you are doing with it, then the card won’t be any good to you for building or repairing a credit history, and that’s a major draw for using one in the first place.
You also have to consider avoiding cards with a high minimum annual percentage rate. This value, also known as the APR, is an interest rate applied to your balances that effectively act as the means by which the card company profits from your use. This issue is also pretty basic. If you don’t want to pay a lot of money just for having the card, you should stay away from those cards that charge you exorbitant fees just for their employment.
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Thank you for your article. So often credit cards get a bad reputation, but there are many benefits that come from choosing the right card and making an informed decision. I myself have several cards and have an excellent credit rating because I make sure to make my payments and try to use them for items for which I can manage to make payments. For example,with the price of gas these days why not use a credit card that gives cash back on gas purchases. You pay for the gas anyway–Just pay off the balance and earn your rewards. I budget for the expense and used to put the payments on my debit card–Now I use my gas credit card make my payments and earn back 5%.
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If you have $500 in a savings account, convert it into a secured credit card. Make sure they belong to the credit bureau.
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that's not the way to go to finance your business – you'll be paying average int rates of 18% or higher probably and much higher if you're late with just a couple of payments. Why don't you try and get a business line of credit instead
Business proprietors may be able to obtain credit cards yet again.
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the credit card companies are smiling alright. Under this new agreement, if you are a responsible card-holder, your interest rates and fees will now go higher. The only thing it accomplished was buying the cardholders a little head’s up notice before rates go up….yeah! way to go – we all get screwed because of a bunch of irresponsible idiots and bleeding hear dumbasses. Can you say “unintended consequences”? Obumbler is in over his head.
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Maybe I just don't get it; (tilt) but the way that I understand it is if you always pay your credit card bill on time or (even better early) you WON'T HAVE TO PAY INTEREST. That's what a GRACE PERIOD IS FOR ! !
So if you always pay your credit card bill on time or MULTIPLE TIMES a month as you put it then the interest rate SHOULD NOT BE A CONCERN
#whyniggas use they kids name to get credit cards smh
I have alot of them, I get them for the promotions they give, however, I do not carry balances on any of them.
I recently enrolled in a program with a company called Debt XS (www.debtxs.com). What you do is stop paying on your credit cards (which will hurt your credit) and start paying into a personal savings account of your own. You keep Debt XS informed of the amount you have saved and when your account gets high enough they will call your credit card company and negotiate an amount to pay to the credit card company to consider the account paid off. Once you pay the amount agreed upon (which you pay directly to the credit card company) it will go on your credit report as settled then you can start to work on your other accounts. It will damage your credit but once settled shouldn't take as long to repair the damage as bankruptcy. They claim that the credit card companies usually settle their claims at half of what you owe, but there are no guaratees. I had tried everything else and figured the amount they were charging to help me out is peanuts compared to what I was paying in interest. It's definitely something to look into. They are very helpful and will explain everything involved in their program that way you can make an informed decision whether or not you want to go that route. I've only been with them for about 4 months so I haven't gotten anything settled yet. The worst part for me has been the credit card companies calling and hassling me for payment constantly (at least 4 times a day). All I know is that bankruptcy isn't an option for me. I tried talking with the credit card companies to get a lower interest rate but they wouldn't work with me. I tried to consolidate and no one would do that either. This is the only company that I found that would work with me and I'm hoping it was a good decision.
You could also try a credit counseling agency. They negotiate with the credit card companies to get a lower interest rate. You then pay the credit counseling agency and they disperse your money to your credit card companies for you.
Also, saw something on Oprah last week about a debt diet where they teach you how to negotiate with credit card companies. Have the steps on her web site but I haven't had a chance to check it out yet.
Good luck and I hope this helps out!!
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a better crusssssst y does she say it like that !!!!lmao what a weirdo
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Yes, prepaid credit cards are just like gift cards. They can be used at any store that accepts credit cards. You will not get any bills. Theses cards are very useful for making online purchases.
Typically the card is automatically activated when you purchase it.
If it has posted to your new account, it should show up on your old accounts within a week or so…call them and ask if there are any transactions posting which may not be showing; you don't want to end up paying interest on both the old and the new accounts. I have done transfers which have posted immediately to the new card, but took over a week on the old card, but when it did post, it was dated back to a day after I initiated the transfer.