Credit Cards |
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More Applications: Bad Credit Cards Back To Main: Loan Applications Credit card companies keep offering low interest rates as a promotional strategy to keep their customers intact. At times, they even offer interest as low as 0.0%. If you get such an offer, just call your current credit card company, if it is charging higher interest rate. Tell them that you have got a better deal and you won't be surprised to see them lowering their rates too to keep you as a customer. Fifty years ago, if you would have told someone that money would be available in the form of a small plastic card then he would have simply laughed on your face. But credit cards have made it possible. Today the world over, there are very few who indulge in shopping with hard cash. Its credit cards that rule the roost. They have created a niche for themselves in the market. With the advent of the internet, credit cards became more useful and powerful. Online shopping has never been the same since credit cards started being used. Now everything can be bought right from your living room provided that you have a credit card. Once you look to apply for a credit card, you will come across hundreds of different varieties of cards. So which one will be the best for you?Rate of Interest When a company offers you credit, it is imperative that they charge you something for it. But there are all kinds of credit card companies and cards. From cards that have an interest rate as high as 26% to low interest cards, you have them all in credit cards. The rate of interest that you will qualify for depends on your credit score. If you have an excellent credit rating, it means that you might well qualify for an interest rate as low as 8%. This is because it shows that you will pay off the money on time. On the other hand, as your credit score goes lower, the rate of interest goes higher. Annual Fees Almost all credit cards have an annual fees associated with it. Once you apply for the cards, you will come to know the various types of fees that the credit card companies charge annually. The fees are another way of comparing between the two cards. Some low interest credit cards have very high annual fees. So while they lose money by way of low interest rates, they manage it via the annual fees. Some companies even charge hidden fees which are not disclosed to the customer at the time of purchasing the card. Credit Limit All credit cards have a certain credit limit which is determined by the credit card company. The credit limit is decided on the basis of the applicant's personal income, credit score and financial condition. The card type also determines the credit limit. For example an international platinum card will have a much higher credit limit than a silver national card and so on. When you apply for a credit card, only apply for one that suits your credit score and income. Every rejected application also counts in your credit rating. So please make sure that you do not go on applying for each and every card that you come across. Bad Credit The above mentioned scenarios were perfect for a person with a great credit rating. But on the other hand what if you have a bad credit rating? Well, in that case you might have to do with a bad credit card which has an extremely high rate of interest. If you want a low interest card with bad credit then you might have to look for a secured card. In this card, you open a savings account which acts as security against your credit card. |
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