Feb/120
Low Interest Secured Credit Cards
If you’re in the market to get a secured credit card, you may be wondering if you can find a card that has a low interest rate. While most of the rates on secured cards are generally high, there are some options when it comes to finding a low rate. Here’s a few tips you can use in order to find a lower rate.
Look for higher fees – I know you won’t want to pay higher fees when it comes to annual fees, monthly fees, etc but generally, when the fees are higher, you’re going to pay less interest. This is a way for the credit card companies to recoup the costs.
Look for intro rates – I know intro rates don’t’ last for long but if you can find one that’s good enough, you may be able to use the card and then request a different type of card. Sometimes this works and sometimes it doesn’t. It never hurts to try! The worst thing that can happen is that you will need to cancel the card.
Research online – There are a lot of cards out there. It’s your job to research all of the cards and find the lowest rate if that’s what you’re worried about. Since rates change on a daily basis, I can’t tell you exactly which card has the best rate.
As long as you do your research and you follow some of the tips above, you’ll be able to find a card that hopefully suits your needs. Honestly though, in the long run, worry about paying your card off in full so that you can avoid the interest rates.
May/110
Secured Vs Unsecured Credit Cards – Which Credit Card is Better?
Having a bad credit record can surely become a hindrance in establishing yourself. Most likely, you will have difficulty in trying to persuade lenders to give you a credit account, which can be very significant issue. But your credit score may not be very constructive to your reputation, you may have very limited options -either you get an unsecured bad debt credit card or a secured card. So what is the difference between these two credit cards and how can they help, especially if you have bad credit?
A secured credit card would basically require you to have a security deposit in the bank before you can use it. This amount of deposited money will be your guarantee of payment to your lender. Most secured credit cards though, hold credit limits amounting to a percentage of the balance that you have in your account so if you need to make large purchases that your balance cannot afford, then this may slow things down.
On the other hand, an unsecured credit card allows you to make purchases even without the collateral. But such a lose set-up may also charge high rates of interest and may have stricter penalty agreements for late payments as compared to that of a secured account. Despite this, a lot of people still prefer this type of account, as it seems to offer more flexibility and freedom to its users.
Due to the fact that both types of credit cards have good and bad characteristics, the key to choosing which would be best in your situation is to consider your potential ability to make the payments. Bear in mind that you have already started off with an unfavourable credit score. So be cautious and use this opportunity wisely or you will quickly find yourself further in debt.
Aug/100
Secured Credit Cards With Rewards
When you get a secured credit card you are still entitled to the rewards offered by other credit cards that are available. Airlines will give you a secured credit card and offer you frequent flyer miles, service stations will offer you gasoline and hotels will offer you reward points that you can use for extra night stays. Major credit card companies who issue secured credit cards will still offer rewards. You need to check out the rewards program before you select your credit card.
You should consider what is most important to you concerning the rewards program. Many people who are frequent travelers like to use the frequent flyer rewards card in order to establish miles for future use. The best type of rewards card is one who will give you points on travel, hotels, restaurants and purchases at retail stores. You can use your reward points on just about anything in this case and because while you are traveling you need to use your card for multiple purposes it is very important to get a secured credit card that offers rewards you can use for just about anything including frequent flyer miles.
A rewards card is essential when you are using your card on a constant basis. It is most beneficial for you to be able to use your rewards for an extra nights stay or perhaps you might like to use your rewards towards a vacation. The most important part of your rewards is to make sure that you are not paying a high fee in order to get your rewards.
Jul/100
Credit Cards for No Credit History
You may be one of the fortunate or unfortunate, depending on how you look at it, that does not have any credit. In some cases, having no credit is just as bad if not worse as having bad credit. Usually these are young people, students or divorced or widowed women that had joint credit with their husbands. So what do you do when you want or need a credit card?
Ok, I know, no one needs a credit card. It is always good to have one credit card for emergency purposes. And the good news is that even if you have no credit there are options available to you to get credit cards. One option is a secured credit card. Yes, they do not sound fun, secured means that you have given the company money, and they are basically holding it for you until you use it. Your limit is usually set by the size of your deposit. You still need to make sure that you are making your payments, on time each month or the credit card company can take the money you have in savings. Make monthly payments on time and you may be able to switch to an unsecured credit card.
Apply for a gas card with your gas station. Those are usually easier to get then a credit card. Make sure that you make your payments each month to build you credit. Lenders not only want to see that you have credit, but they want to make sure that you are going to pay your bills as well.
Go to your bank and make sure that you have a checking and savings account. Talk to your bank and apply for their credit card. Usually having a good relationship with you bank can help you get credit when you need it, even if you don’t currently have it. The smaller the bank the better, little credit unions and local banks are more helpful then big national companies where you are just a number.
Your favorite store can also help you get a credit card. Make sure that the department store reports to the credit bureau, if it doesn’t then the credit card is really not going to help you establish a credit history.
Keep in mind that paying your bills are not the only thing credit card companies look at. They want to see how often you move and how steady your income is. These play a major role is whether or not you get a credit card.
There is hope for people that have no credit and want credit cards. You just have to know what the credit card company is looking for and apply only to those that you think will accept you, because getting rejected for credit can hurt just as bad as bad credit.