Finding the Best Credit Card
When you start your hunt for the best credit card what you're really searching for is the best credit card for your particular situation and needs. You may, for instance, be someone whe travels a lot for business or pleasure. Travel credit card discounts may be the best credit card option for you. You may be someone who has bad credit. There are credit cards especially designed for folks like you - these would be the best credit card options for your circumstances.
If you are a shopaholic, for example, the best credit card for you might be one that gives rewards in the way of incentives and percentages back on purchases. Of course, there are some things that make a card the best credit card for many, if not most, credit card users. These are the ones with the lowest APR (annual percentage rate) and the lowest annual rate. Some cards - in fact, many - have no annual rate at all. One such card may prove to be the best credit card for you, assuming that there aren't hidden fees that ultimately cost you more than you've saved in lower APR or annual fee. Keep in mind, though, that the better your credit history, the lower the APR you're going to find on a credit card. If your credit is poor the best credit card you're going to find, unfortunately, is going to be one with a higher than average APR. That is, until you improve your credit standing. There are alternative credit cards for this situation, too.
Other factors to consider in determining the best credit card for you is whether you generally pay off your credit card debt each month or whether you carry over a balance each time. The reason this is an important factor in deciding the best credit card for you is that some credit cards offer a grace period on this carryover - others do not, and, in fact, tack on hefty penalties for doing so.
Fleet, AFB Industrial and Wachovia Bank all have twenty day grace periods on their credit cards - clearly the best credit card choice for those who don't pay the balance each month. All other factors being equal, of course.
Another best credit card factor to be considered is whether you typically use your credit card for cash advances. This rate can vary considerably, and some even have no fee attached to a cash advance request. This, like anything else, depends on credit rating. USAA's best credit card offer for cash advances, for example, is a free cash advance. It's highest percentage fee is nine percent. Fleet and Wachovia both charge four percent.
The other important factor in determining your best credit card is how much traveling you do. If you're flying the friendly skies on a regular basis a credit card that lets you rack up credits for each flight you take may save you more than opting for one that doesn't whose APR is lower, or the annual fee less costly.
Discover Free Credit Cards
There are a great number of people today that are looking into getting a credit card. Some of you may have heard of free credit cards and are very interested in getting one. The idea of free credit cards does sound enticing. If you would like to know about free credit cards, there are some things you should know. Let this be your guide to help you discover free credit cards.
First of all, there is no such this as a free credit card. All credit cards cost money, eventually. The cost of the credit cards depends on your APR rate. But if you play your cards right, there is a way to make your credit cards seem free for a short time. The idea of these free credit cards will be explained.
Free credit cards are the ones that don't charge you an annual fee just for having them. But there is also another aspect of free credit cards. Many credit cards offer a zero percent APR for the first 12 months to any new cardholders. This means you are never charged any extra fees (APR) for 12 months. So as long as you pay off the balance that you spent within those 12 months, the credit card is in essence, free. Also, if you always pay off your credit card balance each month, the credit card is free because they can't charge you any APR.
To get free credit cards, you first need to apply for them. You can apply online, on the phone, or you can fill out the application at home and then mail it in. The easiest way is to apply online. This way you can compare credit card rates and see which credit card companies offer a 0 percent introductory APR and no annual fee to have the card. To find free credit cards online, just type "free credit cards" into the search engine and then press search.
You do need to realize that not everyone can get a free credit card. This sort of thing is usually only offered to those of you with an excellent credit score. With 0 percent APR and no annual fee, the credit card companies would be taking a great risk if they offered this deal to someone with bad credit. So try to apply for these credit cards if and when your credit score is good looking.
This is all of the relevant information you need to be aware of about free credit cards. Remember that all credit cards are not truly free credit cards. If you are wise about selecting your free credit cards, you should be able to save some money. That is the whole point...Isn't it?
Credit Card Debt Reduction - 3 Tips To Lowering Credit Card Debt
Credit card debt can be reduced through lower rates or negotiating for reduced balances. With reduced interest, you can pay off the principal quicker with the same monthly payment. The other approach is debt settlement, which eliminates part of your debt at the cost of your credit score.
1. Transfer Balances
Credit card companies are always offering introductory deals, such as 0% on transfers. Usually such offers last for several months, giving you the chance to make sizeable payments on your principal.
If you have several credit cards, choose to transfer the account with the smallest amount. Pay off that account, then take that card’s monthly payment and apply it to your next lowest balance. Soon you will be creating a snowball affect, swiftly lowering your debt. Make sure to close paid off accounts to raise your credit score and keep from adding to your debt.
2. Negotiate Lower Rates
Credit card companies are also willing to lower rates. You can try to do this on your own, but you will have more success with a debt management company. For a monthly fee, they will lower rates with credit card companies and handle your monthly payments.
Debt management plans can affect your credit temporarily if your creditors report delayed or reduced payments. This might prevent you from opening new accounts for a year or more. However, with such plans you can be out of short term debt in less than five years with a much better credit score.
3. Settle For Reduction In Debt
Debt negotiation is the most drastic step to lower your credit card debt since it has long term affects on your credit. A debt negotiation company can settle some of your debt with creditors. Lenders will then report the reduced amount to the credit reporting agencies, which will keep it on your record for seven years. Debt negotiation is similar to bankruptcy and can prevent you from qualifying for conventional credit for a couple of years.
Reducing your credit card debt will have long term benefits for you. Less credit means better rates when you do want to apply for financing, especially with a home or car purchase. No matter which option you choose, research companies carefully and compare their services and fees.
by : Morgan Hamilton and Carrie Reeder