Archive for the ‘Credit Cards’ Category

Disadvantages of Credit Cards

Friday, July 16th, 2010

Most people think of credit cards as being their saving grace when they do not have enough cash on hand to pay for something. This is especially true if you find yourself in the middle of some kind of emergency.

The credit card is also a way of making sure that you can buy everything that you need at once including goods, services and properties without having to pay for it all upfront. In fact, you could say that credit makes the world go round except when it causes you to go deep in debt. (more…)

The Benefits of Having A Credit Card

Tuesday, July 13th, 2010

Having a credit card certainly has its advantages. You no longer have to carry cash on you and in fact, you don’t even have to have money in the bank! Instead the amount that you charge to the card is automatically added to a running “tab” on your credit card statement.

Of course this is not “free money”, you have to pay back any money that you spend at a later time. It can give you the opportunity of acquiring certain goods, services and properties without having to outlay a lot of cash.

Another thing to realize is that credit cards and other forms of electronic payment, like debit cards, are becoming the norm all over the world. More and more establishments and stores have the ability to accept credit cards as a mode of payment. (more…)

Credit DeMystified for the Borrower and Lender

Friday, July 9th, 2010

Credit is a simple transaction that means the borrowing resources from one party to another. The party providing the finances is called the lender and the one taking advantage of them is the borrower. Since the borrower does not have to pay back a debt immediately it is called “credit.” In essence you could say that credit is a debt that does not have to be paid back immediately.  The debt itself is paid back according to conditions and terms agreed on by both parties.

In order for these agreements to succeed both parties must be in agreement. If debts are not paid back legal action, such as garnishing of wages or foreclosure on a home can take place. The resources that can be offered are also often dependent on (more…)

The Different Types of Credit Cards

Monday, July 5th, 2010

If you do not have cash on hand then you can use a credit card as an alternative method of payment. It makes the process of buying much simpler, especially for people who like to buy things on a daily basis. Yet another benefit of credit cards is that they give you the chance to buy items that you would rather not or unable to pay for immediately.

One of the drawbacks of using any credit card is that you have to add the amount that you have spent to your debt on a daily basis. This means that you have to be very disciplined about paying off what you have spent or you could become overwhelmed with debt troubles.

Anyone can get a credit card nowadays including students, employees and businessmen. They even offer credit cards that are tailored to everyone’s individual interests including students, employees and businessmen.

Not all credit cards are suitable for all situations. This accounts for the large variety of them on the market. Most of them offer different perks as well.

The Standard Credit Card Offer

The standard credit card could also be called “the basic credit card.” This type of card usually as an interest rate “in the middle” somewhere that is not too high and not too low. You can usually apply for ozone at your bank. This type of card is generally used for daily purchases like groceries and shopping.’

The payment is processed via the back strip on the black of the card. This magnetic stripe contains a great deal of information about you. That is why it is important not to damage the stripe by getting it wet or placing it near a magnet.

Platinum and Gold Credit Card Offers

For more perks or lower interest rates and higher limits try applying for a platinum or gold credit card. This type of card is usually given to people who have an excellent credit rating and good income.

Usually a platinum credit card offers a much higher credit limit and an even larger withdrawal limit. This can help you purchase much more expensive

Another type of credit card, which is a lot better than the standard one, is the gold or platinum credit card. This type of credit card is generally given to people who already has a good credit history in the past and are totally capable of paying off for a higher debt each month. A platinum credit card offers its owners a much higher credit limit and even a larger withdrawal limit. Such things can enable the card owner to purchase for much more expensive items in the market and provide for their necessities and wants. Since this type of credit card is offered to people who have good credit histories, it may mean that these people have high paying jobs and have a more secured financial status.

Student Credit Card Offers

Most credit card companies also offer a student credit card. This is offered to students or young individuals who may need some support between paychecks. It works the same as regular credit cards as long as you have a regular bank account. The benefit of this type of credit card is that it tends to be a little less heavy on the interest than other types.

Business Credit Card Offers

Another common offer is the business credit card. It usually comes with travel perks and discounts that are good for businessmen.

Most business credit cards have high credit limits that enable the business person to put off debt for a while.

No matter what type of credit card you choose realize that it is a big responsibility. Try to choose the one that suits you best as well as offers you the lowest interest rate, watch your spending with it to so you don’t fall into any debt troubles.

Pluses and Minuses of Prepaid Credit Cards

Thursday, July 1st, 2010

Most people think credit cards are a good thing. The introduction of “plastic money” has made life much easier for many. Credit cards are also a status symbol because they show that you can handle your finances.  They also bring you the opportunity to purchase anything that you like.  Even if you do not have a lot of cash on hand all you have to do is use your credit card and you can buy just about anything you want.  Another perk is that it helps save you from being robbed of all of your available funds as the funds are held in your “credit card account.” (more…)

Advantages and Disadvantages of Having A Credit Card

Tuesday, June 29th, 2010

Owning a credit card can empower you but only if you use it wisely. There are many times in life that we might prefer to use a credit card instead of cash when purchasing items. However before you decide to get a credit card it might be wise to comprehend the advantages and disadvantages of using them as a method of payment.

Owning a credit card can truly empowering for a lot of people. There is nothing like the ease of just pulling out your credit card and using it to pay for things.  It certainly spares you carrying around a big wad of cash in your pocket. However if you are a compulsive spender owning a credit card may (more…)

Dealing With Credit Card Debt – Video

Wednesday, May 19th, 2010

Almost everyone has a credit card these days, I think after the letter my 11 year old got today in the mail, even he will have a credit card, hehe, not if I have anything to do wit it.

Anyway, this is a video by Leonard M. Rubino talking about a common issue with most whom have credit card, and that is dealing with credit card debt. Well worth the watch for the information…

Dealing With Credit Card Debt

Friday, April 9th, 2010

Credit Cards can of course be very appealing, given how convenient they can be in many different situations. They allow you to be able to pay for something without using your own money straight away and allowing you plan to pay it off at a later time. Although, being able to pay it off at a later time, can also be the credit cards downfall.

This is because people often forget to budget their finances well, and all they end up with then is debt. At times it can also come to the point where they begin to overspend too much and the accumulated debt on their credit cards gets out of hand and eventually passes their financial capacity.

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