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[C1215]Credit Card From Bank

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The Imagine Gold MasterCard is intended for those with bad credit. It is a sub-prime credit card from First Bank of Delaware. In contrast to most other credit cards, this one necessitates you to set up an automatic payment plan from your checking account. The imagine credit card is basically an unsecured credit card with some benefits. The key advantage of this unsecured credit card is that it reports to three major credit bureaus. This is an unusual opportunity for those with poor credit and will qualify only for secured or prepaid cards that frequently not report to the credit bureaus or charge fee in order to report to credit bureaus. In order to open and maintain this account, you have to pay fees of $150 for a whole year. You also got to pay a $9.95 maintenance fee as long as you carry a principal balance.

In addition to these costs, you also require to pay a one time set-up pay of $4.95. This indicates that the cardholder can anticipate a total of $274.35 fee in case if the cardholder opts to bear a balance on a monthly basis. The imagine credit card consists an above average interest rate for purchases, and the rate for cash advances is high. Conversely, those cardholders who can pay their monthly balances in full will be able to avoid these high rates as well as the monthly maintenance fee while still taking advantage of this card. You could further avail a 25 days grace period. The imagine credit card possess an above average interest rate for purchases on this card. Therefore, the customers who can pay off monthly balances in full will stay away from these charges and the monthly maintenance fee.

Those with bad credit or even no credit would find Imagine Card tempting. It contains a very low setup up fees compared to other sub-prime credit cards which could easily be its distinguishing feature. For this reason, those with good paying abilities and who can pay their balances in full, do not mind paying the various fees, and would prefer an unsecured credit card. They would then perceive how beneficial it could be. On the other hand, you must be aware that there are several fees in order to open and maintain this account. You might unearth an annual fee, a monthly maintenance fee, and a one-time processing fee. Despite of various fees, the total amount in fees that a cardholder can expect to pay in the first year is still low when compared to many secured and prepaid cards.

The Imagine credit card does comprise an above average interest rate for purchases and a high interest rate for cash advances. There is no major concern for you if you pay your monthly balance in full. If you are meeting these criteria, then you will be capable of avoiding these interest rates as well as avoiding the monthly maintenance fee, which is only charged for those months in which you carry a balance. Subsequent to the use of this card by cardholder, there will be a $9.95 account maintenance fee for each month in which the cardholder carries a principal balance. The amount put forward in the form of minimum APR for cash advances is pegged at 25.5%.

Spend some time surfing online or read the newspapers and you will find there are similarities between the two. What's that you may ask? The answer is, credit card offers are all over. Almost everywhere you look contains an offer and even if you aren't looking, when you get up in the morning and read your post, you'll invariably find these offers in your mail, with a very personalized message to you. They'll offer you all sorts of things, from great "savings" to low annual charges. In return all you have to do is open a credit card in your name. Seems good, doesn't it?

Well, remember, "There is no such thing as a free lunch" and "Buy in haste, repent at leisure". The trouble is, and also the reality, is that when you are running low on free cash, an offer of an instant credit line of several thousand dollars seems like a gift from the gods. At least, it does at first glance, but remember they are offering you this for a reason. They aren't doing it for your health or pocket, they are benefiting from it. The offers on display are 'tempters' to enter into their credit trap. Indeed, it is so cleverly designed, that sometimes you feel like they are doing you a favour. Of course, deep down you know this isn't true. Don't you?

Before you jump in at the deep end, be sure to rationally consider a few aspects so that you have made an informed and wise decision. Such as: -

* Do you need more credit? Credit cards will not fix money problems. They can be a temporary band-aid in a money crunch, but they cannot provide any financial benefit long term.

* Did you read the entire offer? Sometime credit card offers will suggest that you are pre-approved and all you need to do is sign the application and the card will be in the mail. This is true however, if you are not approved for a standard card, they can approve you for a secured card, which requires a cash deposit on your part.

* What is the interest rate after the initial introductory period has passed? Although many companies offer a zero percent interest rate with a new account, that amount can increase substantially after just a few months. If you have a balance owing once the initial period has passed, you'll be paying substantially in interest charges.

Now there are some good things about having a credit card. One of which is that credit is necessary to build a solid financial standing. That said, you would be wise to be careful about what debts you are amassing and which companies you choose to have those debts with, if any. Debt is a bad thing unless it's used to acquire assets that work for you. Don't confuse liabilities with assets. Items such as a new car aren't an asset, they are a money pit. Remember, it's you that will be paying the interest bill for the next 'x' number of years, not them.

Also, don't think of credit cards as if you aren't really spending, as you would with hard cash. You are. Not only that, you are spending and having to pay interest. For that reason, keep the number of credit cards you have down to a minimum and try to pay the balance off in full each month, if possible.

Happy credit card hunting !

Article Source : The Truth About Credit Cards

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