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Instant Credit Cards Can Be Expensive
One day, while you are shopping at your favorite department
store, the sales clerk says to you, "If you apply for our credit
card, you can save ten percent on your purchase." You think
about it and decide, "Why not?" You provide some information to
the clerk and a minute or two later, your credit card
application is approved, your discount is applied, and you're on
your way home.
Was this a smart thing to do? There are several reasons why it
may not have been a good choice:
The card will probably carry a higher interest rate than the
major credit card you had planned to use. Do you really need a
credit card with a 20% interest rate?
The card may not
include a grace period for the accrual of interest charges. You
may find that although you saved 10%, you started paying 20%
interest the minute you walked out the door!
The quick
credit check that the store made to see if you qualify for
credit put a small dent in your credit score, as will any credit
inquiry. In and of itself, that's not a big deal, but a number
of inquiries in a short period of time can affect your score
significantly, and not for the better. The credit bureaus do not
look favorably on repeated inquiries; it makes the borrower look
desperate.
While it is certainly convenient to carry credit cards, it is
not wise to apply for one without giving it a bit of thought
first. The ten percent you save at the time you apply may be a
small consolation for the large sums of money you may pay later.
You might have been better off just paying with cash or another
credit card in the first place.
Credit Card Payment Holidays - Blessing Or Curse?
If you have a credit card (most Americans have over 10) then
you've probably received an offer called a "payment holiday".
You'll receive a letter that says something to the effect, "That
because XYZ Credit Card Company understands how difficult... ...read more
E-payment control and riskfactors for credit card processing
According to it-analysis.com ,the commercial requirement to
accept many and various forms of electronic payment provides a
range of challenges for business owners. Primarily, these are
security and control issues, as well as additional... ...read more
Reap More, Save More With The Best UK Credit Card
In the United Kingdom, the credit card phenomenon is not at all
different from what the United States or any other country has
for that matter. This just goes to show that a lot of people are
finding credit cards as feasible means as well.
... ...read more
What's The Best Credit Card For Me?
So, you have decided you need a credit card. However, you must
remember that not all credit cards are created equally. Your
friend's credit card doesn't mean that it is also the best for
you. Before going to this bank and get its credit card, you... ...read more
