Posted on 12 February 2011
Tags: Advanta, advantage, advantages, advantages and disadvantages, amoun, APR, avail, Bad, balance, card, cards, cash, Chances, consolidate, consolidation, credit, credit card, Credit card advantages, Credit card disadvantages, Credit cardCredit card, Credit Cards, credit companies, Credit historyCredit history, credit limit, Credit Report, Credit Score, Credit scoreCredit score (United States), Debit cardDebit card, Debt, disadvantages, due date, emergency card, fees, financial problem, interest rate, late fees, low credit limit, lower interest, Lower Interest Rate, lower interest rates, Multiple, multiple cards, new credit, new credit card, online, Online Shopping, payments, plan, rate credit card, rewards, save money, travelerâ, united states
Since recent past years, people tend to have more than one credit cards. According to a study carried out by the Experian, 51% population of the United States owns two credit cards or more. If you are also considering having more than two credit cards, then first you must know about their advantages and disadvantages. Here are these for your help.
The benefits of holding multiple credit cards
- If you hold a separate credit card that applies low credit limit and you use it for online shopping, then it could be helpful to you to put your spending on track.
- Having the same card also help you to monitor your identify theft or frauds related to credit card.
- You can use your second credit instantly after losing the first. It takes only few hours to get a replacement credit card.
- By transferring your balance from an existing card to a new once that applies lower APR or promotional rates, you can save money on interest rates.
- Read the full story
Posted on 29 July 2009
Tags: annual fee, contract, credit card, dishonest companies, exorbitant fees, fees, high credit score, high rates, late fee, low credit limit, Secured Credit Cards, Sub-prime predators, Terms And Conditions
Building a credit history and a credit score is extremely important as it affects your life to a great extent. Having a low credit score can make your life hard, while high credit scores can open the doors to your dreams. Many people take the first credit card offer that comes their way in order to get a line of credit no matter how much it is. Some customers don’t even bother to read the terms and conditions that they are agreeing to due to the excitement of getting their cards.
Look out for dishonest companies
Dishonest and deceitful sub-prime card companies look for such customers. Such companies can take advantage of desperate people who are in dire need of cash by:
Spelling out contract details in vague terms
Down-playing changes to interest rates after a specified length of time
Extending pitifully low credit limits
Charging exorbitant fees
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Posted on 24 July 2009
Tags: airline tickets, budgeting, Checking accounts with debit cards, co-sign, college student loans, credit card, credit history, Debt, emergency, financial planning, low credit limit, Mortgage, motels, online purchases, prepaid credit card
Having a credit card has its own advantages and disadvantages. Most of the students are not well aware of the problems that may arise if they don’t handle their cards sensibly. There are some very valid concerns about college students and credit cards, which are discussed later in this article, but there are also many good reasons to motivate parents to help their children obtain a credit card before heading off to college. Here is a list of some of these reasons.
They’re going to get one anyways
According to a recent survey, almost 92% of college student have at least one credit card by their sophomore year. Out of these 92%, most of the students got their cards by just applying for an offer that they received in the mail, even without comparing the options available to them.
Thus by taking action early, you have a chance to help them find the best credit card with lower rates and a more reasonable spending limit. This will also provide you the opportunity to educate them on the risks of having a credit card.
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