Tuesday
Introduction
It's very important to be educated about using credit cards before applying for credit or making any other financial decisions. I will inform you about any aspect of applying for and using credit cards. I will publish new credit card posts weekly so be sure to check back as often as you can.
Four Types Of Credit Cards
Secured Credit Cards
If you have had problems with credit cards or had trouble repaying your bills in the past you may be limited applying for a secured credit card.Secured credit cards are also ideal for people who have no credit history yet, like someone who has just left school for example. These cards are not appropriate for people with a good credit history as the interest rates are usually far higher than traditional credit cards.
Rewards Credit Cards
Rewards credit cards are ideal for someone who uses their credit card as their main spending option like everday shopping for example. Also the cardholder must be able to pay off their full balance at the end of the month or the credit card will become quickly unrewarding for them.
Most rewards credit card have a reward scheme, for example for every pound or dollar you spend you will recieve point which you can redeem for vouchers to use in highstreet stores.
Low Or No Interest Credit Cards
If you are good at managing you credit you will most likely be eligible for a low or no interest credit card.One of the main benefits of these credit cards is being able to transfer an outstanding balance to your credit card interest free for a certain amount of months therefor saving you the interest you would usually be charged on another credit card.
Pre Paid Credit Cards
Many people are refused credit cards because of their bad credit history.The problem is that to purchase hotels, airplane flights and car rentals as well as placing orders online or over the phone you are required to use a visa or mastercard credit card.
So you see these pre paid cards are the only option for some people.These cards really just do what they say onthe tin, you simply top up the card at a participating retailer and your good to go.
If you have had problems with credit cards or had trouble repaying your bills in the past you may be limited applying for a secured credit card.Secured credit cards are also ideal for people who have no credit history yet, like someone who has just left school for example. These cards are not appropriate for people with a good credit history as the interest rates are usually far higher than traditional credit cards.
Rewards Credit Cards
Rewards credit cards are ideal for someone who uses their credit card as their main spending option like everday shopping for example. Also the cardholder must be able to pay off their full balance at the end of the month or the credit card will become quickly unrewarding for them.
Most rewards credit card have a reward scheme, for example for every pound or dollar you spend you will recieve point which you can redeem for vouchers to use in highstreet stores.
Low Or No Interest Credit Cards
If you are good at managing you credit you will most likely be eligible for a low or no interest credit card.One of the main benefits of these credit cards is being able to transfer an outstanding balance to your credit card interest free for a certain amount of months therefor saving you the interest you would usually be charged on another credit card.
Pre Paid Credit Cards
Many people are refused credit cards because of their bad credit history.The problem is that to purchase hotels, airplane flights and car rentals as well as placing orders online or over the phone you are required to use a visa or mastercard credit card.
So you see these pre paid cards are the only option for some people.These cards really just do what they say onthe tin, you simply top up the card at a participating retailer and your good to go.
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