Credit Card Readiness Check

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Guaranteed Approval Credit Cards
Guaranteed approval credit cards are a rather new idea in credit cards for people with bad credit or no credit. Anyone who has tried to get credit for the first time or has tried to get credit with a bad credit history knows it is difficult, if not impossible. Credit card companies do not like to risk the chance of not getting paid, so they like to offer cards to those who are most likely to pay f... Read credit cards article



How to Choose a Credit Card
Are you looking for that perfect credit card? If so, you may be confused about what exactly to look for in order to begin your credit card company comparison.

There are many great and credit cards out there, but unfortunately, many companies target the young and financially inexperienced, who aren't knowledgeable enough to make a wise and informed decision about which credit card will b... Read credit cards article



Credit Card Readiness Check
If you are young and just getting to grips with financial products, you may have looked into getting a credit card. Although credit cards are not an essential product for everyone, many people have at least one card, and so it pays to know about how they work. If you want to know whether or not you are ready for a credit card, then here is some advice to help you out.

When to get a card?

Most people think about getting their first card when they go to University. Although some avoid the temptation and others get cards earlier, generally speaking you should look at getting your first credit card from about the age of 18 onwards. When you are at University or starting out a job, you are likely to have more outgoings than you did before, and a credit card is a useful tool to cover some of these expenses.

What type of card to get?

If you are going to University, then you should look at getting a dedicated student credit card. These cards do not require such strict credit checks, and you can usually get a much better limit than you can with a regular card. Also, you will receive additional benefits such as discounts on books, clothes and music. If you are starting a job, then it may be harder to get that first card, although if you can prove your income you should be fine.

Benefits of having a credit card

Knowing whether you should get a credit card depends on whether or not the benefits are real benefits to you. One of the major benefits of having a credit card is that it is great for emergencies. If you are new to being independent, unexpected things can happen, and having a backup amount of money in the form of a credit card can really help you out of tight situations. Also, credit cards are more secure than cash or cheques, so you are less likely to lose your money or have it stolen. Another benefit of having a credit card is that it can help you to build a credit history. If you use your credit card responsibly then you will show lenders you are safe, and this will help you to secure important financial products later in life such as loans and mortgages.

Problems with credit cards

Before you decide whether to get a credit card or not, you should know the problems that can occur. Firstly, having a credit card can be dangerous in the wrong hands. You can quickly accumulate a large amount of debt, both hurting your finances now and in the future by destroying your credit rating. Also, keeping up with repayments can be hard, and having debts is generally not a good thing.

Are you ready?

If you think you are ready for a credit card, then make sure you know the benefits you can receive and the problems that you might have to face. You should ask yourself whether you really need the card, and if you will honestly be able to keep up with the repayments. Just because your friends have one does not mean you should get one too. However, if you believe a credit card is necessary, then make sure you shop around to find yourself the best deal, and only spend what you can realistically afford to repay. If you do this then you will get the best out of your credit card without putting yourself too far into debt.

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Best Secured Credit Card

Choosing the best secured credit card for your situation is no simple task. There are literally hundreds of issuers offing secured credit cards. Before selecting a secured credit card you will need to remain mindful of the reason you are applying. Be sure to select the secured card that will best match your financial situation such as your income and your ability to repay.

A secure credit card works nearly the same way as an unsecured credit card. You are responsible for your line of credit and you make monthly payments on any balance you have acquired. Just like unsecured credit cards, your secured card may carry application fees, interest rates, finance charges, and annual fees in addition to any late fees and penalties you may incur. Your secured credit card will require you to deposit security funds into an account to be used as collateral for use of your card.

In most cases, secured credit cards carry higher interest rates and annual fees than unsecured credit cards. There are finance charges based upon a percentage of your current balance. As with unsecured credit cards, you'll want to choose a secured credit card with low interest rates, and low fees.

Most reputable secured credit card issuers will pay you interest on any security funds you have deposited. The interest rate you will earn on your security funds can range from 1 to 4 percent. You will want to consider the interest rate the issuer pays based on the amount of money you deposit. For example, if you deposit $100.00, the amount of interest the issuer pays may not be of great concern. If you deposit $1000.00 the interest rate the issuer pays may require careful consideration. Keep this in mind when making your choice.

One of the most important aspects to consider may be credit agency reporting. Does the secure credit card issuer you have selected report to a credit agency? You must remember the main reason for having a secured credit card is to establish or re-establish credit. Please select a secure credit card issuer that reports to the credit agencies. You want your account information to show up on your credit report as paid or paying as agreed each month. It is also important to select an issuer that does not report your account as secured.

When selecting a secured credit card it is important to be mindful of secured credit card scams. There are many unscrupulous individuals and companies that will take advantage of you and your financial situation. Some of the signs to watch for are 900 numbers and misleading information. Avoid the offers that read, "Bad Credit, No Credit, No Problem... Just call 900-555-5555." Chances are you will be charged unnecessary phone charges and could end up paying hundreds of dollars for useless information. You can also avoid being scammed by reading carefully. There are some companies that purposely leave out information about deposit amounts, application fees, and other processing fees so be sure to read the terms and conditions carefully when selecting a secured credit card.

R. L. Barnes, editor at FirstCredit.Net provides useful advice and assistance regarding credit and credit cards. For more information regarding secured credit cards and unsecured credit cards you may visit their website.




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