What Is An Oustanding Credit Card Offer?

2017/11/10

As consumers, we receive credit card offers from companies all the time. If you absolutely think you need a credit card, then you want to be sure you make your selection wisely before applying.

Credit card companies have a variety of choices for the consumer when applying for credit. Some have higher APR (Annual Percentage Rate) but usually come with higher credit limits. Some might require to be paid in full each month but have a substantial penalty in not paid in full each month. Some offer cash back reward programs as well. And finally some credit card companies charge annual fees.

When placing an application for a credit card be sure you make your selection carefully based on your lifestyle and usage. More Americans get in trouble with credit cards than any other type of credit. Some of the best advice would be to never apply for a credit card with the intent of paying off another credit card.

Balances on credit cards and monthly payment can add up and increase quickly. Usually making just the minimum monthly payment each month will take many years to pay the balance off in full. Most credit card companies do not have any grace period and will charge you a late fee if you’re only one day late. This late fee will be due on your next monthly invoice along with your minimum payment.

The average American owes $8000 in credit card debt alone. Several consumers use credit cards with the intent of paying off the amount charged at the end of the month or when payday arrives.  If this was reality, then the amount of debt owed on credit cards would be substantially less, and the credit card companies wouldn’t be booming in business. If an emergency arises and a large amount has to be placed on your credit card, be aware of the interest rate on the card. The interest rate alone along with the balance on your card could increase dramatically.

Credit cards also charge different APR (Annual Percentage Rate) depending on how the credit is used. In other words, getting cash from your card rather than putting a charge on your card usually yields a higher APR and sometimes this APR can almost be double the rate.

Choose your credit card company very carefully as this can have an important financial impact on you and your family. Applying for a credit card for reasons unjustifiable could not only affect your credit history but could also cost you higher rates when you decide to buy a new car or purchase a home.


What Is An Oustanding Credit Card Offer?

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