Apply For a Credit Card

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Chase Credit Cards
You may have already learned about credit cards through your parents during your younger years and have seen the different uses for cards. Credits cards are really helpful in assisting with the daily needs and other expenses like education. In fact, parents may have familiarized you about using a credit card by applying for a student credit card when you were in college to facilitate your expenses... Read credit cards article



Credit Cards For Teenagers
People have to start their financial learning at some point in their lives, and this usually starts when they are children or young teenagers. But what sort of financial products are good for teenagers, if anything at all? One on hand you need to teach them the value of money, but on the other hand they need some form of card or cash in order to start being independent. If you are unsure what type... Read credit cards article



Apply For a Credit Card
Credit cards are now considered as a necessity in today's world. With a credit card, you will be able to purchase items and services without needing to carry cash. With this feature, it is certainly very attractive to own a credit card. Besides, with a credit card, you can purchase the things you need in case of emergency. You can also save yourself the trouble of carrying cash.

However, when applying for a credit card, you have to consider quite a few things first before submitting that application form. Firstly, you have to determine your needs when you apply for a credit card. You need to know how you will be using the credit card. You also need to determine your credit history and determine whether you have a good credit rating. If you have a good credit rating, the chances of getting a credit card will improve.

You should keep in mind that your credit rating is one of the most important factors when applying for a credit card. If you think that you have a good credit rating, the next thing you have to do is choose a credit card issuer. The next step is to go the credit card issuer's office and tell them that you are interested in applying for a credit card. They will provide an application form for you to fill out correctly, read the terms and agreement and sign on the dotted line.

Getting approved for a credit card will depend on your credit rating and also on the type of credit card you choose. Always remember that you have a good chance of getting your credit card approved quickly if you have a good credit rating.

Usually, the bank is where you apply for a credit card. Banks are preferred by most people because of the securities and benefits they offer to their credit card holders. When choosing a credit card, you should keep in mind that you should choose a credit card that has a lot of benefits, such as introductory offers, low interest rates, and also consider the rewards that they may give you if you use the credit card frequently.

Here are some of the things you should consider when applying for a credit card:

- First of all, as mentioned before, you should determine if you have a good credit rating by checking your credit history and report.

- When applying for a credit card in a particular bank, you should keep in mind that it is not necessary to open a checking or savings account in the bank. However, if you already have an existing account with the bank, you can have access of a low limit card with easy payment schemes.

- When filling out your application form, you need to be able to honestly fill out the blanks. If you give false information and your bank or issuer discovers it, your application will be rejected immediately.

- It is also important that you should read and understand the credit terms. Make sure how much is the interest rate for every purchase you make with the card in order to know what to expect in the monthly billing statement.

These are some of the things you should keep in mind in order to get approved for your credit card. If you are a first time credit card user, you will likely be offered a card with a high interest rate. It is advisable that you take it, use it, and pay on time. If you do this, you can renegotiate your credit card's interest rate after the first six months of owning and using it.

Remember all of these and you will not only get your application approved but you will also build your credit rating.

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Credit Card Costs

$15,000 over 5 cards is about average credit card debt for an American. The common US credit trap seems to be a combination of too much access to credit with limited education what exactly credit is and how much it ACTUALLY costs. There is some math ahead... so prepare yourself.

Until recently your credit card minimum payment was probably calculated at between 2% and 2.5% of your outstanding balance. This meant that you could charge MASSIVE amounts of things you wouldn't normally be able to afford...and still only pay a small amount of money every month. Sounds great right? The problem shows itself when you actually do the calculations. Lets take a $5000 debt at an 18% interest rate (and cue the math)

Lets use B(n) to signify the size of the unpaid balance(B) on a credit card after n amount of months. With that being said the size of the initial loan will be B(0). We'll use i to be the monthly interest rate . The monthly interest rate is annual rate divided by 12. (For example, if the annual interest rate is 12% then i is .01.) If the minimum payment due is 2% of the unpaid balance, we get the following equation:

B(n+1) = B(n) + iB(n) -.02B(n)

So,

B(n+1) = (.98 + i)B(n).

This equation can be solved "easily":

For simplicity, use r to denote .98 + i.

Since B(1) = rB(0), and B(2) = rB(1), etc., we can conclude that:

B(n) = r^nB(0). (*)

Now back to the $5000 of our new debt

You spend $5000 at 18% annual interest to take that killer vacation you've always wanted. Now you think lets just pay the minimal amount possible each time so you can also afford your normal stuff, what amount would be left to pay off after one year?

Back to the math:

Since the annual interest is 18 percent, the monthly interest is .18/12=.015.

Hence, B(n) = .995^n(5000) = $4708.12. This is little progress on retiring your debt from one year of payments.

If you think about the situation here you will see that if you only pay the minimum amount the process could go on forever! Can you guess what interest you'll have actually paid for that $5000 vacation after you finally finish with those minimum payments?

The semi-good news is that most credit card companies have recently, at the urging of our federal government, raised the minimum monthly payment percent to a whopping 4%. With that little change our calculation now looks something like this: B(n) = .975^n(5000) = $3690.00. This 2% change means that after year one of minimum payments you're much better off then the old way - but you are still a long way from wiping out your debt.




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