Credit cards have become a major part of the average people lifestyle. Because credit cards have become such a staple in the average Americans lifestyle, a lot of consumers are looking to apply for their first charge card accounts. But, what are the important factors to remember when filling out your first application? Unfortunately, this stuff is not tough in school so, here are a few tips that will help:
The first thing that consumers should do when attempting to get approved for their first charge card accounts is get a copy of their credit reports. A consumer credit report is a list of all the loans that the consumer has taken out. This report allows banks to gauge the risk involved in loaning money to Americans. It also allows consumers to make an educated decision as to which credit card accounts it would be best to apply for first.
Once consumers have obtained a copy of their credit report, it is now time to start looking at credit card accounts options. The Americans that have deemed they have limited/no or bad credit would now be ready to look for credit cards designed for Americans with their credit score. The same goes for the people who find they have excellent credit and everything in between. At this point, comparison is the key. Here are a few points to look for when comparing charge cards:
Interest Rates: The first thing that people should look at when comparing charge cards is the annual percentage rates. And yes that is plural. Credit cards generally come with multiple interest rates. These annual percentage rates include the standard interest rates (the APRs consumers will need to pay for standard purchases), balance transfer APRs (the annual percentage rates Americans will need to pay for balances accumulated by balance transfers), cash advance annual percentage rates (the APRs people will need to pay for balances accumulated by taking out cash advances), introductory interest rates (the annual percentage rates that is used to get people interested in applying for the account. This APRs only lasts for a short period of time from opening the account) and finally the default APRs (the default APRs is the rate of interest that consumers will have to pay if they default on the credit card account. Examples of defaults would be late payments or exceeding the credit line).
Annual Fee: Many charge card accounts offers come with annual fees. Before applying for a new charge cards, people need to be aware of the annual fee associated with the account. Generally, annual fees are under $150.00 anything more than this is not a good charge cards.
Rewards: Many charge card accounts come with great reward programs. This is a result of the overwhelming competition in the credit cards industry. Because the cost of credit card accounts is calculated using the rewards, it is important to apply for a credit cards with a reward program you will use. Consumers who are afraid of flying should not apply for a sky miles credit card accounts!
The first thing that consumers should do when attempting to get approved for their first charge card accounts is get a copy of their credit reports. A consumer credit report is a list of all the loans that the consumer has taken out. This report allows banks to gauge the risk involved in loaning money to Americans. It also allows consumers to make an educated decision as to which credit card accounts it would be best to apply for first.
Once consumers have obtained a copy of their credit report, it is now time to start looking at credit card accounts options. The Americans that have deemed they have limited/no or bad credit would now be ready to look for credit cards designed for Americans with their credit score. The same goes for the people who find they have excellent credit and everything in between. At this point, comparison is the key. Here are a few points to look for when comparing charge cards:
Interest Rates: The first thing that people should look at when comparing charge cards is the annual percentage rates. And yes that is plural. Credit cards generally come with multiple interest rates. These annual percentage rates include the standard interest rates (the APRs consumers will need to pay for standard purchases), balance transfer APRs (the annual percentage rates Americans will need to pay for balances accumulated by balance transfers), cash advance annual percentage rates (the APRs people will need to pay for balances accumulated by taking out cash advances), introductory interest rates (the annual percentage rates that is used to get people interested in applying for the account. This APRs only lasts for a short period of time from opening the account) and finally the default APRs (the default APRs is the rate of interest that consumers will have to pay if they default on the credit card account. Examples of defaults would be late payments or exceeding the credit line).
Annual Fee: Many charge card accounts offers come with annual fees. Before applying for a new charge cards, people need to be aware of the annual fee associated with the account. Generally, annual fees are under $150.00 anything more than this is not a good charge cards.
Rewards: Many charge card accounts come with great reward programs. This is a result of the overwhelming competition in the credit cards industry. Because the cost of credit card accounts is calculated using the rewards, it is important to apply for a credit cards with a reward program you will use. Consumers who are afraid of flying should not apply for a sky miles credit card accounts!
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