Receiving Your First Credit Card
by sas_upena1
Federal law prohibits issuers from sending you a card you didn't ask for. However, an issuer can send you a renewal or substitute card without your request. Issuers also may send you an application or a solicitation, or ask you by phone if you want a card - and, if you say yes, they may send you one.
Cardholder Protections
Federal law protects your use of credit cards.
Prompt Credit for Payment. An issuer must credit your account the day payment is received. The exceptions are if the payment is not made according to the creditor's requirements, or the delay in crediting your account won't result in a charge.
To help avoid finance charges, follow the issuer's mailing instructions. Payments sent to the wrong address could delay crediting your account for up to five days. If you misplace your payment envelope, look for the payment address on your billing statement or call the issuer.
Refunds of Credit Balances. When you make a return or pay more than the total balance at present, you can keep the credit on your account or write your issuer for a refund - if it's more than a dollar. A refund must be issued within seven business days of receiving your request. If a credit stays on your account for more than six months, the issuer must make a good faith effort to send you a refund.
Errors on Your Bill. Issuers must follow rules for promptly correcting billing errors. You'll get a statement outlining these rules when you open an account and at least once a year. In fact, many issuers include a summary of these rights on your bills.
If you find a mistake on your bill, you can dispute the charge and withhold payment on that amount while the charge is being investigated. The error might be a charge for the wrong amount, for something you didn't accept, or for an item that wasn't delivered as agreed. Of course, you still have to pay any part of the bill that's not in dispute, including finance and other charges.
If you decide to dispute a charge:
Write to the creditor at the address indicated on your statement for "billing inquiries." Include your name, address, account number, and a description of the error. Send your letter soon. It must reach the creditor within 60 days after the first bill containing the error was mailed to you.
The creditor must acknowledge your complaint in writing within 30 days of receipt, unless the problem has been resolved. At the latest, the dispute must be resolved within two billing cycles, but not more than 90 days.
Unauthorized Charges. If your card is used without your permission, you can be held responsible for up to $50 per card.
If you report the loss before the card is used, you can't be held responsible for any unauthorized charges. If a thief uses your card before you report it missing, the most you'll owe for unauthorized charges is $50.
To minimize your liability, report the loss as soon as possible. Some issuers have 24-hour toll-free telephone numbers to accept emergency information. It's a good idea to follow-up with a letter to the issuer - include your account number, the date you noticed your card missing, and the date you reported the loss.
Disputes about Merchandise or Services. You can dispute charges for unsatisfactory goods or services. To do so, you must:
- have made the purchase in your home state or within 100 miles of your current billing address. The charge must be for more than $50. (These limitations don't apply if the seller also is the card issuer or if a special business relationship exists between the seller and the card issuer.) and, - first make a good faith effort to resolve the dispute with the seller. No special procedures are required to do so.
If these conditions don't apply, you may want to consider filing an action in small claims court.
Shopping Tips
Keep these tips in mind when looking for a credit or charge card.
Shop around for the plan that best fits your needs.
Make sure you understand a plan's terms before you accept the card.
Hold on to receipts to reconcile charges when your bill arrives.
Protect your cards and account numbers to prevent unauthorized use. Draw a line through blank spaces on charge slips so the amount can't be changed. Tear up carbons.
Keep a record - in a safe place separate from your cards - of your account numbers, expiration dates and the phone numbers of each issuer to report a loss quickly.
Carry only the cards you think you'll use.
แสดงบทความที่มีป้ายกำกับ First Credit Card แสดงบทความทั้งหมด
แสดงบทความที่มีป้ายกำกับ First Credit Card แสดงบทความทั้งหมด
วันจันทร์ที่ 31 มีนาคม พ.ศ. 2551
วันอาทิตย์ที่ 17 กุมภาพันธ์ พ.ศ. 2551
Need Ideas About Your First Credit Card
Need Ideas About Your First Credit Card
by Deanna Mascle
You're finally out in the real world and you probably want to buy a car or a house of your own. You might think that it would be easy, considering you don't have any bad credit; in fact, you don't have any good credit either. You don't have any credit at all - period. You might think that this wouldn't work against you, but it will. Future creditors need to see some kind of record that reflects your ability to pay back a loan. Without that many places are reluctant to give you a loan for a car or a house. So what is the best way to begin to establish your credit? You will have to start with getting a credit card and making a few purchases on that to show that you are capable of paying back a loan in a timely manner.
When deciding which credit card to start with, you should sit down and evaluate some things about yourself. For instance, are you someone who procrastinates? Do you have steady income that will allow you to pay the bills? Why do you want a credit card in the first place? It is very important to be honest with yourself when you answer these questions because it is easy to get into a hole that you can't crawl out from. Even if you feel like you are the most irresponsible person on earth, but you still want a credit card, a good one to get is the American Express green card. The Amex card has to be paid off every month, and you may be willing to spend less if you know that there is not going to be a minimum balance.
Finding the right credit card can be confusing because there are a lot of things to keep up with like APR, annual fees, and hidden charges. The best way to compare credit cards is to compare the APRs. The general rule is that the lower the APR, the lower the cost of credit. Try to look out for the hidden charges that are behind credit card companies. Sometimes companies like to hide things away in the fine print. Even if fine print annoys you, you should try to read it. There are often times charges for charging more than your credit limit, late fees, or periodic finance charges. Little charges here and there will end up costing you massive amounts in the long run.
When you use your first credit card there are some rules that you should follow. You should always shred your receipts, and also shred any credit card offers that you are not considering. Do not ever give your credit card number over the phone unless you are the one who initiated the phone call to the company that you are ordering things from, or trying to get a bill paid. Keep the customer service numbers of all of your credit cards in a safe place. Sometimes companies will send you a new card and it will get lost in the mail, an automated system will ask for your information before it will let you proceed, however, if you don't have a customer service number, you will have to wait until your next bill comes in. You would think that calling the store would help, but incompetence runs rampant in all parts of the world.
You may be able to put off getting a credit card for a little while, but in the end there is no avoiding it. The only thing you can do is know your limits and not spend outside of it. With a credit card it is easy to say you'll buy now and worry about the bill later, but you have to make sure you have to money to pay the bill when it does come in.
by Deanna Mascle
You're finally out in the real world and you probably want to buy a car or a house of your own. You might think that it would be easy, considering you don't have any bad credit; in fact, you don't have any good credit either. You don't have any credit at all - period. You might think that this wouldn't work against you, but it will. Future creditors need to see some kind of record that reflects your ability to pay back a loan. Without that many places are reluctant to give you a loan for a car or a house. So what is the best way to begin to establish your credit? You will have to start with getting a credit card and making a few purchases on that to show that you are capable of paying back a loan in a timely manner.
When deciding which credit card to start with, you should sit down and evaluate some things about yourself. For instance, are you someone who procrastinates? Do you have steady income that will allow you to pay the bills? Why do you want a credit card in the first place? It is very important to be honest with yourself when you answer these questions because it is easy to get into a hole that you can't crawl out from. Even if you feel like you are the most irresponsible person on earth, but you still want a credit card, a good one to get is the American Express green card. The Amex card has to be paid off every month, and you may be willing to spend less if you know that there is not going to be a minimum balance.
Finding the right credit card can be confusing because there are a lot of things to keep up with like APR, annual fees, and hidden charges. The best way to compare credit cards is to compare the APRs. The general rule is that the lower the APR, the lower the cost of credit. Try to look out for the hidden charges that are behind credit card companies. Sometimes companies like to hide things away in the fine print. Even if fine print annoys you, you should try to read it. There are often times charges for charging more than your credit limit, late fees, or periodic finance charges. Little charges here and there will end up costing you massive amounts in the long run.
When you use your first credit card there are some rules that you should follow. You should always shred your receipts, and also shred any credit card offers that you are not considering. Do not ever give your credit card number over the phone unless you are the one who initiated the phone call to the company that you are ordering things from, or trying to get a bill paid. Keep the customer service numbers of all of your credit cards in a safe place. Sometimes companies will send you a new card and it will get lost in the mail, an automated system will ask for your information before it will let you proceed, however, if you don't have a customer service number, you will have to wait until your next bill comes in. You would think that calling the store would help, but incompetence runs rampant in all parts of the world.
You may be able to put off getting a credit card for a little while, but in the end there is no avoiding it. The only thing you can do is know your limits and not spend outside of it. With a credit card it is easy to say you'll buy now and worry about the bill later, but you have to make sure you have to money to pay the bill when it does come in.
วันเสาร์ที่ 26 มกราคม พ.ศ. 2551
Need Tips About Your First Credit Card
Need Tips About Your First Credit Card
by Deanna Mascle
You're finally out in the real world and you probably want to buy a car or a house of your own. You might think that it would be easy, considering you don't have any bad credit; in fact, you don't have any good credit either. You don't have any credit at all - period. You might think that this wouldn't work against you, but it will. Future creditors need to see some kind of record that reflects your ability to pay back a loan. Without that many places are reluctant to give you a loan for a car or a house. So what is the best way to begin to establish your credit? You will have to start with getting a credit card and making a few purchases on that to show that you are capable of paying back a loan in a timely manner.
When deciding which credit card to start with, you should sit down and evaluate some things about yourself. For instance, are you someone who procrastinates? Do you have steady income that will allow you to pay the bills? Why do you want a credit card in the first place? It is very important to be honest with yourself when you answer these questions because it is easy to get into a hole that you can't crawl out from. Even if you feel like you are the most irresponsible person on earth, but you still want a credit card, a good one to get is the American Express green card. The Amex card has to be paid off every month, and you may be willing to spend less if you know that there is not going to be a minimum balance.
Finding the right credit card can be confusing because there are a lot of things to keep up with like APR, annual fees, and hidden charges. The best way to compare credit cards is to compare the APRs. The general rule is that the lower the APR, the lower the cost of credit. Try to look out for the hidden charges that are behind credit card companies. Sometimes companies like to hide things away in the fine print. Even if fine print annoys you, you should try to read it. There are often times charges for charging more than your credit limit, late fees, or periodic finance charges. Little charges here and there will end up costing you massive amounts in the long run.
When you use your first credit card there are some rules that you should follow. You should always shred your receipts, and also shred any credit card offers that you are not considering. Do not ever give your credit card number over the phone unless you are the one who initiated the phone call to the company that you are ordering things from, or trying to get a bill paid. Keep the customer service numbers of all of your credit cards in a safe place. Sometimes companies will send you a new card and it will get lost in the mail, an automated system will ask for your information before it will let you proceed, however, if you don't have a customer service number, you will have to wait until your next bill comes in. You would think that calling the store would help, but incompetence runs rampant in all parts of the world.
Try your hardest not to get a credit card in the first place. I know this may seem like impossibility, but they are only troublesome beasts. If you have to get one, make sure that you have really thought about what you are capable of, and how you are going to manage your money.
by Deanna Mascle
You're finally out in the real world and you probably want to buy a car or a house of your own. You might think that it would be easy, considering you don't have any bad credit; in fact, you don't have any good credit either. You don't have any credit at all - period. You might think that this wouldn't work against you, but it will. Future creditors need to see some kind of record that reflects your ability to pay back a loan. Without that many places are reluctant to give you a loan for a car or a house. So what is the best way to begin to establish your credit? You will have to start with getting a credit card and making a few purchases on that to show that you are capable of paying back a loan in a timely manner.
When deciding which credit card to start with, you should sit down and evaluate some things about yourself. For instance, are you someone who procrastinates? Do you have steady income that will allow you to pay the bills? Why do you want a credit card in the first place? It is very important to be honest with yourself when you answer these questions because it is easy to get into a hole that you can't crawl out from. Even if you feel like you are the most irresponsible person on earth, but you still want a credit card, a good one to get is the American Express green card. The Amex card has to be paid off every month, and you may be willing to spend less if you know that there is not going to be a minimum balance.
Finding the right credit card can be confusing because there are a lot of things to keep up with like APR, annual fees, and hidden charges. The best way to compare credit cards is to compare the APRs. The general rule is that the lower the APR, the lower the cost of credit. Try to look out for the hidden charges that are behind credit card companies. Sometimes companies like to hide things away in the fine print. Even if fine print annoys you, you should try to read it. There are often times charges for charging more than your credit limit, late fees, or periodic finance charges. Little charges here and there will end up costing you massive amounts in the long run.
When you use your first credit card there are some rules that you should follow. You should always shred your receipts, and also shred any credit card offers that you are not considering. Do not ever give your credit card number over the phone unless you are the one who initiated the phone call to the company that you are ordering things from, or trying to get a bill paid. Keep the customer service numbers of all of your credit cards in a safe place. Sometimes companies will send you a new card and it will get lost in the mail, an automated system will ask for your information before it will let you proceed, however, if you don't have a customer service number, you will have to wait until your next bill comes in. You would think that calling the store would help, but incompetence runs rampant in all parts of the world.
Try your hardest not to get a credit card in the first place. I know this may seem like impossibility, but they are only troublesome beasts. If you have to get one, make sure that you have really thought about what you are capable of, and how you are going to manage your money.
วันศุกร์ที่ 25 มกราคม พ.ศ. 2551
Want Answers About Your First Credit Card
Want Answers About Your First Credit Card
by Deanna Mascle
Stepping into the adult world presents a lot of new issues you may never have considered before. Among these new problems is how to establish credit. So many people find themselves ready to leave their parents' home to get a home or apartment of their own only to find out that they can't get certain things like a place to live and the utilities that go with it because they don't have sufficient credit. Sometimes having no credit can be worse than having bad credit. When you are trying to get a loan for a car or a house your future creditors want to make sure you can pay the loan back. They have no records to look at to tell them if you will do this or not. It might sound like a Catch 22, but you will have to start by getting a credit card and making a few purchases.
When deciding which credit card to start with, you should sit down and evaluate some things about yourself. For instance, are you someone who procrastinates? Do you have steady income that will allow you to pay the bills? Why do you want a credit card in the first place? It is very important to be honest with yourself when you answer these questions because it is easy to get into a hole that you can't crawl out from. Even if you feel like you are the most irresponsible person on earth, but you still want a credit card, a good one to get is the American Express green card. The Amex card has to be paid off every month, and you may be willing to spend less if you know that there is not going to be a minimum balance.
Finding the right credit card can be confusing because there are a lot of things to keep up with like APR, annual fees, and hidden charges. The best way to compare credit cards is to compare the APRs. The general rule is that the lower the APR, the lower the cost of credit. Try to look out for the hidden charges that are behind credit card companies. Sometimes companies like to hide things away in the fine print. Even if fine print annoys you, you should try to read it. There are often times charges for charging more than your credit limit, late fees, or periodic finance charges. Little charges here and there will end up costing you massive amounts in the long run.
When you use your first credit card there are some rules that you should follow. You should always shred your receipts, and also shred any credit card offers that you are not considering. Do not ever give your credit card number over the phone unless you are the one who initiated the phone call to the company that you are ordering things from, or trying to get a bill paid. Keep the customer service numbers of all of your credit cards in a safe place. Sometimes companies will send you a new card and it will get lost in the mail, an automated system will ask for your information before it will let you proceed, however, if you don't have a customer service number, you will have to wait until your next bill comes in. You would think that calling the store would help, but incompetence runs rampant in all parts of the world.
Try your hardest not to get a credit card in the first place. I know this may seem like impossibility, but they are only troublesome beasts. If you have to get one, make sure that you have really thought about what you are capable of, and how you are going to manage your money.
by Deanna Mascle
Stepping into the adult world presents a lot of new issues you may never have considered before. Among these new problems is how to establish credit. So many people find themselves ready to leave their parents' home to get a home or apartment of their own only to find out that they can't get certain things like a place to live and the utilities that go with it because they don't have sufficient credit. Sometimes having no credit can be worse than having bad credit. When you are trying to get a loan for a car or a house your future creditors want to make sure you can pay the loan back. They have no records to look at to tell them if you will do this or not. It might sound like a Catch 22, but you will have to start by getting a credit card and making a few purchases.
When deciding which credit card to start with, you should sit down and evaluate some things about yourself. For instance, are you someone who procrastinates? Do you have steady income that will allow you to pay the bills? Why do you want a credit card in the first place? It is very important to be honest with yourself when you answer these questions because it is easy to get into a hole that you can't crawl out from. Even if you feel like you are the most irresponsible person on earth, but you still want a credit card, a good one to get is the American Express green card. The Amex card has to be paid off every month, and you may be willing to spend less if you know that there is not going to be a minimum balance.
Finding the right credit card can be confusing because there are a lot of things to keep up with like APR, annual fees, and hidden charges. The best way to compare credit cards is to compare the APRs. The general rule is that the lower the APR, the lower the cost of credit. Try to look out for the hidden charges that are behind credit card companies. Sometimes companies like to hide things away in the fine print. Even if fine print annoys you, you should try to read it. There are often times charges for charging more than your credit limit, late fees, or periodic finance charges. Little charges here and there will end up costing you massive amounts in the long run.
When you use your first credit card there are some rules that you should follow. You should always shred your receipts, and also shred any credit card offers that you are not considering. Do not ever give your credit card number over the phone unless you are the one who initiated the phone call to the company that you are ordering things from, or trying to get a bill paid. Keep the customer service numbers of all of your credit cards in a safe place. Sometimes companies will send you a new card and it will get lost in the mail, an automated system will ask for your information before it will let you proceed, however, if you don't have a customer service number, you will have to wait until your next bill comes in. You would think that calling the store would help, but incompetence runs rampant in all parts of the world.
Try your hardest not to get a credit card in the first place. I know this may seem like impossibility, but they are only troublesome beasts. If you have to get one, make sure that you have really thought about what you are capable of, and how you are going to manage your money.
วันจันทร์ที่ 21 มกราคม พ.ศ. 2551
Getting Your First Credit Card
Getting Your First Credit Card
by financeglobe
Getting your first credit card is a major stepping stone to financial independence. It's nice to be able to cover surprise expenses or emergencies without having to borrow money from relatives. You will have the freedom to make purchases based on an anticipated paycheck. Even if you're smart enough to only buy things when you have the cash, it's important to establish your credit history now. After showing a history of responsible credit card use, you can qualify for better credit cards that offer better rates, perks, and rewards. One day in the future you may want to own a home, or buy a nicer car. Using your credit card responsibly will improve your credit history, so that you can eventually qualify for the best terms possible on home mortgages or car loans.
A credit card will allow you to make hotel reservations, rent a car, and make purchases online or by phone. A credit card offers the convenience of pay-at-the-pump at gas stations. You can go out for dinner or a day of shopping without needing to make sure you have enough cash on hand. A credit card is a wonderfully convenient way to pay at nearly any merchant, as long as you are in control of your credit card use.
If used properly, your first credit card can help you build your credit, keep track of your spending, and develop a budget. It's amazing how we lose track of spending when we pay for everything in cash everyday; when you see it all in black and white on a monthly credit card statement, you may gain some insight on where your money really goes. When you use your credit card, be sure that you are only using it for the convenience of replacing cash that you already have in the bank, or will have by the time the credit card bill arrives. It's very important to develop good credit habits now; if you can use one credit card responsibly, you'll be more likely to be in control of your finances when your credit is better established and you have more credit cards at your disposal.
If used carelessly, a credit card can be the first bad habit that will lead to a mountain of debt. The problem many people have with credit cards is that they spend without making sure they are able to pay their balance in full each month. They figure they'll pay it off later, since the minimum monthly payment is so low. What these people aren't thinking about is that they will grow accustomed to the overspending that a credit card allows, and it's a habit that's hard to break once you've become used to it. They look at a credit limit as extra money, instead of the debt that it really is. Interest charges accumulate if the debt isn't paid off every month, and a credit card can quickly become a major expense rather than a valuable money management tool.
If you are in the market for your first credit card, then you probably don't have an established credit history. You will be more limited in your choices of credit cards, but many card issuers offer credit cards for people with limited or poor credit. Since you have not yet had the opportunity to prove your credit-worthiness, it is a simple fact that you will not be offered the best rates and deals that are reserved for people with a proven credit record. Most credit cards for people with limited credit histories do not offer rewards of any kind. You'll most likely be required to pay an annual fee, and the interest rate is probably going to be on the high side.
Secured credit cards are a popular way for people to establish or rebuild their credit. You are basically paying a security deposit, so that in case the debt is not repaid, the card issuer will get their money back. This really isn't as bad as it sounds. Your money will most likely be put into an interest earning account, like a CD, and is just another place you can keep some savings. After you've proven yourself with the credit card issuer, maybe after a year or so of responsible credit card use, they will allow you to withdraw your deposit. Or, you could just leave it there to accumulate interest, and consider it your emergency savings.
Be sure that if you go with a secured card, that the issuer will be willing to upgrade it to an unsecured card once you prove yourself to their standards. Be wary of "banks" you've never heard of; I suggest going with a nationally known bank that offers credit cards to people of various credit histories. Then you'll probably be able to upgrade to a better card while keeping the same account number, which is better for your credit score. The security deposit and an annual fee are pretty standard and are to be expected, but don't apply with a credit card issuer who wants to charge you application fees, monthly service fees, or other fees just to open your account.
If you have a good business relationship with a local bank or credit union, they may be more likely to give you an unsecured credit card than an issuer that you have no relationship with. You may be able to get a credit card if you have had a checking account with them for some time and have never bounced any checks. They may qualify you for a credit card if you've had an auto loan and made your payments on time, even if there was a co-signer on the loan. They will probably start you off with a pretty low limit, but it will still help you build your credit history.
If you're in college, you have quite a few choices in credit cards for students. Student credit card issuers are usually more flexible with the applicants, since they understand that most students are young people with limited credit histories and limited income. They know that you are probably still financially dependent on your parents, which means that Mom or Dad will be likely to help out with the bill if needed. They also know that it's easier to mold a young mind, so if they issue you your first credit card, you'll most likely be their customer for years to come. If you are qualified to apply for a student credit card, take advantage of it while you can. It's usually easier for a student to get a credit card than a young, independent adult who pays his own bills on limited income.
Be sure to read and understand all the terms and conditions of the credit card offer before you apply; unscrupulous credit card issuers often target people with limited or poor credit. There are fees that are necessary and common; late fees, over-limit fees, cash advance fees, bounced check fees are a few of the ways that credit card issuers can recoup the cost of maintaining an account that costs them more or isn't paid as agreed. They're in business; if they didn't charge those fees, everybody would pay late and the credit card business would be in trouble. Some fees are required so they can continue to give their best deals to people who have proven themselves with an excellent credit history. Some fees take advantage of people who are trying to establish their credit, one little mistake and you could be hit with fee after fee. Be aware of any and all fees that could be assessed before you use your card.
by financeglobe
Getting your first credit card is a major stepping stone to financial independence. It's nice to be able to cover surprise expenses or emergencies without having to borrow money from relatives. You will have the freedom to make purchases based on an anticipated paycheck. Even if you're smart enough to only buy things when you have the cash, it's important to establish your credit history now. After showing a history of responsible credit card use, you can qualify for better credit cards that offer better rates, perks, and rewards. One day in the future you may want to own a home, or buy a nicer car. Using your credit card responsibly will improve your credit history, so that you can eventually qualify for the best terms possible on home mortgages or car loans.
A credit card will allow you to make hotel reservations, rent a car, and make purchases online or by phone. A credit card offers the convenience of pay-at-the-pump at gas stations. You can go out for dinner or a day of shopping without needing to make sure you have enough cash on hand. A credit card is a wonderfully convenient way to pay at nearly any merchant, as long as you are in control of your credit card use.
If used properly, your first credit card can help you build your credit, keep track of your spending, and develop a budget. It's amazing how we lose track of spending when we pay for everything in cash everyday; when you see it all in black and white on a monthly credit card statement, you may gain some insight on where your money really goes. When you use your credit card, be sure that you are only using it for the convenience of replacing cash that you already have in the bank, or will have by the time the credit card bill arrives. It's very important to develop good credit habits now; if you can use one credit card responsibly, you'll be more likely to be in control of your finances when your credit is better established and you have more credit cards at your disposal.
If used carelessly, a credit card can be the first bad habit that will lead to a mountain of debt. The problem many people have with credit cards is that they spend without making sure they are able to pay their balance in full each month. They figure they'll pay it off later, since the minimum monthly payment is so low. What these people aren't thinking about is that they will grow accustomed to the overspending that a credit card allows, and it's a habit that's hard to break once you've become used to it. They look at a credit limit as extra money, instead of the debt that it really is. Interest charges accumulate if the debt isn't paid off every month, and a credit card can quickly become a major expense rather than a valuable money management tool.
If you are in the market for your first credit card, then you probably don't have an established credit history. You will be more limited in your choices of credit cards, but many card issuers offer credit cards for people with limited or poor credit. Since you have not yet had the opportunity to prove your credit-worthiness, it is a simple fact that you will not be offered the best rates and deals that are reserved for people with a proven credit record. Most credit cards for people with limited credit histories do not offer rewards of any kind. You'll most likely be required to pay an annual fee, and the interest rate is probably going to be on the high side.
Secured credit cards are a popular way for people to establish or rebuild their credit. You are basically paying a security deposit, so that in case the debt is not repaid, the card issuer will get their money back. This really isn't as bad as it sounds. Your money will most likely be put into an interest earning account, like a CD, and is just another place you can keep some savings. After you've proven yourself with the credit card issuer, maybe after a year or so of responsible credit card use, they will allow you to withdraw your deposit. Or, you could just leave it there to accumulate interest, and consider it your emergency savings.
Be sure that if you go with a secured card, that the issuer will be willing to upgrade it to an unsecured card once you prove yourself to their standards. Be wary of "banks" you've never heard of; I suggest going with a nationally known bank that offers credit cards to people of various credit histories. Then you'll probably be able to upgrade to a better card while keeping the same account number, which is better for your credit score. The security deposit and an annual fee are pretty standard and are to be expected, but don't apply with a credit card issuer who wants to charge you application fees, monthly service fees, or other fees just to open your account.
If you have a good business relationship with a local bank or credit union, they may be more likely to give you an unsecured credit card than an issuer that you have no relationship with. You may be able to get a credit card if you have had a checking account with them for some time and have never bounced any checks. They may qualify you for a credit card if you've had an auto loan and made your payments on time, even if there was a co-signer on the loan. They will probably start you off with a pretty low limit, but it will still help you build your credit history.
If you're in college, you have quite a few choices in credit cards for students. Student credit card issuers are usually more flexible with the applicants, since they understand that most students are young people with limited credit histories and limited income. They know that you are probably still financially dependent on your parents, which means that Mom or Dad will be likely to help out with the bill if needed. They also know that it's easier to mold a young mind, so if they issue you your first credit card, you'll most likely be their customer for years to come. If you are qualified to apply for a student credit card, take advantage of it while you can. It's usually easier for a student to get a credit card than a young, independent adult who pays his own bills on limited income.
Be sure to read and understand all the terms and conditions of the credit card offer before you apply; unscrupulous credit card issuers often target people with limited or poor credit. There are fees that are necessary and common; late fees, over-limit fees, cash advance fees, bounced check fees are a few of the ways that credit card issuers can recoup the cost of maintaining an account that costs them more or isn't paid as agreed. They're in business; if they didn't charge those fees, everybody would pay late and the credit card business would be in trouble. Some fees are required so they can continue to give their best deals to people who have proven themselves with an excellent credit history. Some fees take advantage of people who are trying to establish their credit, one little mistake and you could be hit with fee after fee. Be aware of any and all fees that could be assessed before you use your card.
วันอาทิตย์ที่ 6 มกราคม พ.ศ. 2551
How to use your credt card smart at your shopping
How to use your credt card smart at your shopping
by Leslie Kovacs
If I want to categorize the people from the point of view of spending, two types exist independently their financial background. Those who know of how to control their spending and avoid huge credit card debt, and those who don't.
One of the basic mistakes which the people frequently make is they buy everything for credit and after find themselves in the rat race of paying off their credit card debts.The other, the majority of the average people does not even think over that there is a way of saving lot of money at shopping and find great pleasure in the same time. Our school system is great independently that we are talking about the USA or Europe or Canada or Latin-America, etc, since it creates excellent professionals in different fields, different sciences. One thing the schools fail to teach. Although it would be very-very important to learn. This subject is the Subject of Money. Basic financial education. And it starts with learning of how to control our daily and weekly spending, how to avoid becoming in huge debts, at shopping how to save huge amounts etc.
And than let me get down to the brass tracks. First, if you have credit card, do not buy more with it just as much as you can afford from your financial background. Here is the point. If your credit card is unsecured that means there is now money on it you buy everything from the beginning on credit. This is I think very bed custom of our every day life.
But if you secure your card and put $300-400 than you know that until this amount you can purchase with your card without being in debt. What I say is that you pay close attention how much money you can spend. You must learn of how to take control of your spending and it starts with careful and mindful purchase with your credit card.
Second, if you are already in credit card debt, first pay it off before you do further shopping. Do not let yourself to fall into that huge mistake which most of the people do: keep purchasing on credit just because they see the ads of the local supermarket which say why they have to go shopping now!!!!
Take control of your spending and you did the first step toward a more stable and secure financial background.
by Leslie Kovacs
If I want to categorize the people from the point of view of spending, two types exist independently their financial background. Those who know of how to control their spending and avoid huge credit card debt, and those who don't.
One of the basic mistakes which the people frequently make is they buy everything for credit and after find themselves in the rat race of paying off their credit card debts.The other, the majority of the average people does not even think over that there is a way of saving lot of money at shopping and find great pleasure in the same time. Our school system is great independently that we are talking about the USA or Europe or Canada or Latin-America, etc, since it creates excellent professionals in different fields, different sciences. One thing the schools fail to teach. Although it would be very-very important to learn. This subject is the Subject of Money. Basic financial education. And it starts with learning of how to control our daily and weekly spending, how to avoid becoming in huge debts, at shopping how to save huge amounts etc.
And than let me get down to the brass tracks. First, if you have credit card, do not buy more with it just as much as you can afford from your financial background. Here is the point. If your credit card is unsecured that means there is now money on it you buy everything from the beginning on credit. This is I think very bed custom of our every day life.
But if you secure your card and put $300-400 than you know that until this amount you can purchase with your card without being in debt. What I say is that you pay close attention how much money you can spend. You must learn of how to take control of your spending and it starts with careful and mindful purchase with your credit card.
Second, if you are already in credit card debt, first pay it off before you do further shopping. Do not let yourself to fall into that huge mistake which most of the people do: keep purchasing on credit just because they see the ads of the local supermarket which say why they have to go shopping now!!!!
Take control of your spending and you did the first step toward a more stable and secure financial background.
วันศุกร์ที่ 14 ธันวาคม พ.ศ. 2550
Finding Your First Credit Card
Finding Your First Credit Card
by Gabriel Adams
One of the biggest challenges when it comes to applying for a credit card may not be your previous credit history; it's going to be the challenge of finding your first credit card. Just like anything, the first time you do it, you're going to be new to the game. Credit cards are no different.
An advantage you may have when it comes to applying for a credit card is being a college student. The reason this is going to give you the advantage is because all major credit companies such as VISA and MasterCard offer credit cards solely for students. If you're not a student, it's going to be more of a challenge to find a card you're looking for.
When applying for a college student credit card, you're going to want to make sure you've applied for the university you want to attend. This is important because the credit companies will ask you specific college information. It will be next to impossible to fake your information because all of the companies will follow up on it if they suspect fraud.
Just about all of the credit cards you're going to look at will offer some sort of reward. Before applying, you're going to want to ask yourself a few questions. You will want to find out what rewards will benefit you the most. If you never fly on an airplane, then an airline based reward card won't benefit you at all. If you drive a lot, then a card focused on saving gas will benefit you.
Credit card rewards designed for college students are actually really good. A lot of them range anywhere from getting cash back on your purchases to bonus points every time you spend a dollar. You'll also find that some cards in particular won't offer any rewards at all. Even if you don't think the rewards will help you, I would strongly recommend that you apply for one because most of the times, these points will never expire.
What you'll find when applying for your first credit card is that the APR rate is extremely high. These rates can sometimes get as high as twenty to thirty percent. This is because the credit card companies have no history on you. Just put it this way. If you were to lend money to a stranger, you would feel a lot more uncomfortable then say, you're long time friend. The credit card companies feel the same way. Just remember that if you pay your bill off on time in full, you won't be charged the finance charges.
Another note you must jot down is that a credit card company is not going to give you a high credit limit, especially as a student. Your limit is going to range anywhere from five hundred to a thousand dollars. This is once again because you're new to the game and you have to establish trust with the companies. Once you prove your trust, your credit card score will go up and so will your credit limit.
When on your search for your first time credit card, you have to remember that only you can prevent debt. You will have to be extremely responsible when using your credit card because most companies will lend you more money than you can handle hoping you can't pay it off. This is of course, how they make money. If you're a disciplined person and currently attending college, then a college student credit card is the area you should focus on!
by Gabriel Adams
One of the biggest challenges when it comes to applying for a credit card may not be your previous credit history; it's going to be the challenge of finding your first credit card. Just like anything, the first time you do it, you're going to be new to the game. Credit cards are no different.
An advantage you may have when it comes to applying for a credit card is being a college student. The reason this is going to give you the advantage is because all major credit companies such as VISA and MasterCard offer credit cards solely for students. If you're not a student, it's going to be more of a challenge to find a card you're looking for.
When applying for a college student credit card, you're going to want to make sure you've applied for the university you want to attend. This is important because the credit companies will ask you specific college information. It will be next to impossible to fake your information because all of the companies will follow up on it if they suspect fraud.
Just about all of the credit cards you're going to look at will offer some sort of reward. Before applying, you're going to want to ask yourself a few questions. You will want to find out what rewards will benefit you the most. If you never fly on an airplane, then an airline based reward card won't benefit you at all. If you drive a lot, then a card focused on saving gas will benefit you.
Credit card rewards designed for college students are actually really good. A lot of them range anywhere from getting cash back on your purchases to bonus points every time you spend a dollar. You'll also find that some cards in particular won't offer any rewards at all. Even if you don't think the rewards will help you, I would strongly recommend that you apply for one because most of the times, these points will never expire.
What you'll find when applying for your first credit card is that the APR rate is extremely high. These rates can sometimes get as high as twenty to thirty percent. This is because the credit card companies have no history on you. Just put it this way. If you were to lend money to a stranger, you would feel a lot more uncomfortable then say, you're long time friend. The credit card companies feel the same way. Just remember that if you pay your bill off on time in full, you won't be charged the finance charges.
Another note you must jot down is that a credit card company is not going to give you a high credit limit, especially as a student. Your limit is going to range anywhere from five hundred to a thousand dollars. This is once again because you're new to the game and you have to establish trust with the companies. Once you prove your trust, your credit card score will go up and so will your credit limit.
When on your search for your first time credit card, you have to remember that only you can prevent debt. You will have to be extremely responsible when using your credit card because most companies will lend you more money than you can handle hoping you can't pay it off. This is of course, how they make money. If you're a disciplined person and currently attending college, then a college student credit card is the area you should focus on!
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