Single Rate Credit Cards

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How to Improve Your Credit by Using Credit Cards and Store Cards
If you have bad credit or no credit or even a bankruptcy, you can improve your credit score.

First, you should get copies of your credit report. The three major bureaus are: Trans Union http://www.transunion.com/, Experian http://www.experian.com/ and Equifax http://equifax.com.

You need all three bureaus as not all creditors report to all the bureaus.

Once you hav... 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... Read credit cards article



Single Rate Credit Cards
The interest rate charged for financing an outstanding balance is different than the rate charged for withdrawing cash from an ATM, and different from the rate charged for overseas transactions or withdrawals. There are also interest rates charged for financing balance transfers, promotional no-interest periods for purchases, and many more.

Single Rate Credit Cards Explained

All these rates can get very confusing and you can easily loose track of all of them. But someone had a brilliant and original idea. And this time it seems that originality implied going back to the origins. Someone thought about charging a simple, unique interest rate for all financial transactions. And thus, Single Rate Credit Cards came to life.

There are no difficulties about this kind of credit cards. Any financial transaction you make, from financing unpaid balances, transferring balances, withdrawing money from ATMs, Buying goods abroad, etc. is charged the same interest rate. Thus, you can easily keep track of your expenses and avoid unwittingly exceeding limits.

Is a Single Rate Credit Card for me?

The answer to this question depends on your usual financial behavior. If you just use your card for buying goods because you don't like carrying too much cash with you and you always pay the balance in full, you probably won't make good use of this kind of credit card. A mileage Credit Card or other reward credit card might be a best option.

If you need a new card for transferring the balance of your previous cards and finance them. You'll probably do better with a Credit Card featuring a 0% Balance Transfer promotional period. But only if you can repay the balance in full before the promotional period has ended, otherwise, a single rate Credit Card is a good choice, since the rate is lower than the rate charged by 0% Balance Transfer Credit Cards once the promotional period has ended.

Single Rate Credit Cards are best for people who use their credit cards for many different uses. Mainly if you use your credit card to make purchases but you don't pay the balance in full, if you also use your card for making cash withdrawals or if you use your credit card when traveling abroad, you should probably get one of these Credit Cards.

Summing Up

Regular Credit Cards come with lots of different interest rates. Some come with 0% APR and 0% Balance Transfer Promotional periods, mileage programs, cash back programs and other rewards. You need to ponder all this before deciding which credit card is best for you. All these programs and rewards may seem appealing but if you don't take advantage of them, you might be better off with a Single Rate Credit Card. Just see in which of the above categories of credit card users you fall and choose the best credit card for you.

Sarah Dinkins is an Expert Loan Consultant in the financial industry that helps people to repair their credit and get approved for home loans, unsecured personal loans, student loans, consolidation loans, car loans and other types of loans and financial products. At http://www.badcreditfinancialexperts.com/article/ she is continually adding new finance articles useful for those in need of professional advice.

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Getting a Credit Card With a Bad Credit History

So you want a credit card but have a bad (or no) credit record? Don't despair! With secured credit cards, no credit checks will be made against your name when you apply. As long as your age, residence and social security number all check out, acceptance is guaranteed!

Here's how secured credit cards work. You apply just like any other credit card, but with secured credit cards you also deposit a sum of money in a linked, interest-paying account. Initially at least, the amount of money in your savings account then becomes your credit line.

Clearly this means that, to start with at least, you can't use a secured credit card to borrow money you don't have - so it's not a method for getting yourself into more debt.

However, the big advantage is that your card can be used just like any other credit card to buy things, whether on-line, over the phone or in person. There is nothing on the card to reveal that it is a secured card. The only people who will know this are you and your card issuer. So if you need a credit card and can't otherwise get one, a secured credit card could be the ideal solution for you.

Not only that, the best cards report to the three main credit reference agencies (Experian, Equifax and TransUnion) every month. As long as you use your credit card responsibly and pay off at least the minimum balance each month, your actions will help to repair your credit record, or to establish one for yourself.

Within a few months, if you have shown that you can use your card responsibly, you are likely to be offered a bigger credit line by your card issuer. With your ever-improving credit history, you may also be able to apply successfully for a standard credit card or other forms of credit (such as a bank loan).

One drawback with secured credit cards is that, unlike ordinary credit cards, you may be asked to pay a processing fee when you apply. This is in addition to the money you will have to deposit with the issuer as security. If you regard this as a stepping stone to establishing a good credit record, however, this one-off fee is literally a small price to pay.

Secured credit cards are available from a growing number of issuers. One example is the New Millennium Bank, which offers a secured Platinum Visa? or Mastercard?. As well as the benefits mentioned above, the NMB card offers $100,000 travel accident insurance, extended warranty protection, and a special high introductory savings rate on your deposit.

As with all credit cards, however, it is important to shop around and not simply apply for the first secured card you see. Different cards offer different combinations of terms and incentives, and the best card for one person may not be the same as for his or her neighbor. Credit card comparison sites make this easier for you by listing all the best current credit card offers, and also have a range of articles offering independent advice and information.




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Single Rate Credit Cards
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