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Stay Informed
Below,
you'll find extensive information on leading credit repair credit cards
articles and products to help you on your way to
successfully understanding the subject.
Basic Credit Card Questions
What is an introduction APR?
An introductory annual percentage rate changes to a higher
rate after the intro period. These are used to make large
purchases that can be paid off in a couple of months.
Some cards have an intro APR attached to only purchases, balance transfers
, or both.
Every credit card is different and promotional offers
sometimes change, so look over the terms for each specific
card before applying.
What is a balance transfer or rate?
A balance transfer is a way of moving a debt from one credit card to another. This is done to save money, because the
new credit card might be lower with its finance rate than the
old one.
Credit cards sometimes have promotional balance transfer
rates that can last for 3-12 months. A "balance transfer rate"'
is the rate that is attached to balances transferred to that
card from another. This "balance transfer rate" might differ
from the APR that is attached to new purchases made with
the card.
Every credit cardis a bit different and promotional offers
often change, so look over the terms and conditions carefully
for each card before applying.
What is a balance transfer balance transfer fee?
It is a fee charged by a credit cardcompany, to transfer a
balance from another account to that credit card. It is usually
1% to 5% of the transferred balance. For example, a transfer
fee could be 3% of the transferred balance up to a maximum
of $50. Not all cards charge this fee.
What is a fixed APR credit card?
Fixed APR credit cards carry a fixed interest rate that lasts
for as long as you use it. For example, if you transfer a
balance to a credit cardwith a fixed APR of 10% , the APR
for this balance will stay at this 10% level until balance is
paid in full.
In all, a fixed APR on a particular balance lasts for the life of
that balance. This differs from a variable APR, that changes
over time. Some cards offer a fixed APR on only purchases,
some on only balance transfers and some on both. So it is
possible to have a credit cardwith a fixed APR on balance
transfers but variable APR on purchases.
Some people choose a fixed APR card to make it easier to
switchbalances from card to card once low introductory APRs
disappear and higher ones take over.
Every credit cardis different and promotional offers often
change, so look carefully over the terms and conditions for
each card before applying.
What is an instant approval or instant decision credit card?
Certain cards offer instant response, or instant approval, to
people applying for the card. With these offers, you should be
able to find out if you have been approved for the card or not
within minutes.
Certain circumstances do arise when the credit card issuer
will need more time to determine if you are approved or not.
It is not guaranteed that instant decision will come with these
credit cards. But these cards do offer it in most cases.
What is a "rewards" credit card?
Rewards credit cards give rewards to cardholders for making
purchases with the card. A cardholder gets rewards based on
the dollar amount of his/her purchases over time.
Currently, you can find rewards credit cards that give:
- Entertainment rewards
- Automotive rebates
- Gas rebates
- Free airline tickets
- Other travel rebates
- And more ...
Some rewards credit cards come with a fee because reward
programs can be costly for the companies. With that, make
sure you carefully check the terms and conditions for each
card before applying.
What is a "cash back" credit card?
Cash Back credit cards give cash rewards. A cardholder
receives cash rewards based on the dollar amount of the
purchase over a period of time.
A typical cash back rate is around 1%. Some cards offer
higher cash back percentage with increased usage and some
offer it at select merchants. Many cash back cards offer cash
back on purchases but do not offer cash rewards on balance
transfers or cash advances.
Each cash back card is different, so read the terms and
conditions carefully to find what kind of cash back percentage
you can expect, whether there is a limit on how much you can
receive a year, etc.
Can a student get a credit card?
Students usually have little or no credit history. So, they often
find it difficult to get approved for a credit card. However,
student credit cards do exist. This type of card is set up to
help students build credit history.
Student credit cards are not like regular cards with the
rewards and other benefits. But if used wisely, a student can
take the first step towards building a solid credit history.
Every credit card is different and promotional offers often
change, so be sure to carefully look over the terms and
conditions for each card before applying.
If I have bad credit – can I apply for a credit card?
Credit can go bad for a number of reasons, including missed
or late payments, etc. On the other hand, bad credit can get
improved and get a lot better, too. But this takes some work...
For certain situations, debt consolidation and/or
would be the route to take. Certain cards are made to help
''rebuild'' credit histories. Secured credit cards are for people
with poor or no credit who want to build or rebuild credit
history. But regular cards can also serve similar purposes.
If you are looking to rebuild your credit now, please click here
Often with these cards, low credit lines are given and
additional fees might apply. Be sure to read over any terms
and conditions for any services before applying. Be certain of
any undesirable fees you might acquire before proceeding.
But if the card is reasonably used and bills are paid on time,
you can have some great credit increase. If it helps you get
your credit back on track, than the extra fees and low credit
lines would be worth it. If you are looking for a credit card
now, please click here
What is a prepaid card?
Prepaid cards are not credit cards. They act like credit cards
but, are more like debit cards. These cards have many
benefits, including: No finance charges, easy budgeting,
avoiding dept, etc.
With prepaid cards you determine the credit line. The credit
line depends on how much money is transferred into the card.
This is why there is little risk of running up dept, while
budgeting is made easier.
Although most of these cards do not charge finance fees,
other fees can apply, including: monthly fees, startup or
application fees. Overlimit fees, ATM fees and more, Be sure
to carefully look over the terms and conditions for each card
before applying. If you are looking for a prepaid card now,
please visit http://kenjomak.ecreditdirectory.com
What is an ""unsecured" credit card?
These cards are not secured by collateral. You qualify based
on credit history, financial strength and potential earnings.
If you are looking for an unsecured credit card now, please click here
What is a "secured" credit card?
Secured credit cardsneed collateral for approval. A security
deposit is needed to secure the credit card. The amount of
security deposit generally equals the credit limit for that card.
If you are looking for a secured credit card now, please visit http://kenjomak.ecreditdirectory.com. Usually,
secured credit cards
are for people with poor or no credit who want to build
or rebuild their credit history.
For further information regarding Credit Cards or Credit in
general, please click here . For the latest credit tips delivered for free straight to your email, please send a blank email to support@familybiz.ws – with the subject “credit tips”.
ACS provides non profit credit counseling, credit management and consolidation services to consumers
ACS provides credit repair, credit counseling and free consolidation information to consumers. ACS helps people solve debt problems by providing free credit counseling articles and resources. ACS is a non-profit community organization whose staff members have the training and experience to assist you.
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