Credit cards seem to have transformed the lives of people and have contributed to a big change in the way business is conducted worldwide. It can be considered as the latest trend being advertised in newspapers, television, website shops, billboards and almost anywhere. All these advertisements entice people to apply for a plastic card. It has in fact become the way of life.
A lot of benefits are associated with the use of bank cards. It spells total convenience for card holders. Customers can now shop in stores and merchant outlets and even in online stores without carrying cash with them. Plastic money is widely accepted worldwide now because business establishments who do not accept these tend to lose potential customers. This is what prompts more people to apply for a credit card.
One of the best features of a plastic is that you do not have to hand out cash every time you make a purchase. You can avail of the "buy now pay later" feature, when your salary arrives. Is this not a good reason to apply for a credit card?
Another advantage is that some stores and merchant outlets offer discounts, rebates and installment payment plans to their customers. This will make the load of paying for your purchases lighter than when you pay for it one time in cash.
Some stores and shops also have tie ups with card companies. You just need to choose a provider that meets your needs so you can avail of various benefits.
You can apply for a bank card and benefit from its numerous advantages as long as you do not fail to meet the deadline for payments. This is to avoid incurring late charges and interest rates.
It is not difficult to apply for a credit card. You can do it by going direct to the card supplier of your choice, through the telephone and through the internet. You will then be asked to fill in an application form to get your personal details. If you are a walk in client, company representatives will be available and happy to assist you.
The card supplier will then conduct certain investigations to check your credibility. If there are no problems and if everything is okay then your plastic will be issued to you.
With this information, the decision whether to apply for a credit card or not is entirely the decision of the person concerned. The advantages and disadvantages of having this powerful plastic in your wallet had been presented to you. It is now a matter of personal choice. For those who do not have this privilege yet, you may be advised to file an application but again, the decision is up to you.
How To Apply For Credit Card
Credit cards are great financial tools and the convenience they provide is beyond question
They are easier to carry than cash and offer valuable consumer protection under federal law.
Establishing A Good Credit History
Suppose you haven't financed a car loan, a computer or some other major purchase. How do you begin to establish credit?
First, consider applying for a credit card issued by a local store and use it responsibly. Ask if they report to a credit bureau, most major department stores do. If they do and if you pay your bills on time you'll establish a good credit history.
Second, consider a secured credit card. A secured credit card requires that you open and maintain a bank account or other asset account at a financial institution as security for your line of credit. Your line of credit will be a percentage of your deposit, typically from 50 to 100 percent. Credit card application and processing fees are not uncommon for secured credit cards. In addition, secured credit cards usually carry higher interest rates than traditional no secured credit cards.
What To Do When You Are Denied A Credit Card
If you're turned down for a credit card, it is important that you ask why. It may be that you haven't been at our current address or job long enough, or that your income doesn't meet the issuer's criteria. As you'll discover, different credit cards companies have different standards. But, if you are turned down by several companies, that may indicate that you are not ready for a credit card.
On the other hand, if you've been denied a credit card because of information supplied by a credit bureau, federal law requires the creditor to give you the name, address and telephone number of the bureau that supplied the information. If you contact that credit bureau within 60 days of receiving the denial, you are entitled to a free copy of your report.
It is extremely important that you dispute any inaccuracy with the credit bureau, but also with the company that furnished the information to the credit bureau. No one is going to make corrections on your behalf.
“Credi-quette” --The Miss Manners Guide To Proper Credit Card Handling
Once you get a card in the mail, sign it immediately so no one else can use it. Note that the accompanying papers have important information, such as customer service telephone numbers in case you have questions or your card is lost or stolen. File this information in a safe place – one that is easy for you to access.
Call the card issuer to activate the card. Most cards come with stickers affixed that give you a telephone number to call. Many issuers require this step to minimize fraud and to give you additional information.
Keep your account information to yourself. Never give out a credit card number or expiration date over the phone unless you know who you're dealing with. A criminal can use this information to steal money from you, or even assume your credit identity.
Keep copies of sales slips and compare charges when your bill arrives. Promptly report in writing any questionable charges to the card issuer.
Don't lend your card to anyone, even a friend. Your credit privileges and history are too precious to risk.
Credit Card Land Mines – Watch Your Step!
While a credit card makes it easy to buy something now and pay for it later, you can lose track of how much you've spent by the time the bill arrives if you're not careful. And if you don't pay your bill in full, you'll probably have to pay finance charges on the unpaid balance. What's more if you continue to charge while carrying an outstanding balance , your debt can snowball.
Before you know it, your minimum payment is only covering the interest. If you start having trouble repaying the debt, you could tarnish your credit report. And that can have a sizable impact on your life. When a negative report makes it more difficult to finance a car or home, get insurance or even get a job, it can be frustrating, embarrassing and downright painful.
Both Peter Finch & Www.creditandyou.com are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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