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Every Thing You Want to Know About Credit Cards

If you land into any unforeseen condition, then credit card turns out to a source of relief. Besides, with the onset of these cards people no need to carry hard cash. The former is considered to be an ideal option that helps you with immediate financial aid during an unforeseen condition when you may not be having enough cash with you. But then, make sure to avoid excessive usage of these cards as if you don't have the control over your expenses then they may land you to trouble.

Let us now take a look at some of the common questions that are associated with these cards.

When you are using a card, what are the things that need to be considered?

You should look for the following information:

  • Yearly fee
  • Grace period
  • Rate of interest


Define a yearly fee and its way of operation

The amount that is billed by the issuer in your account on a yearly basis is referred to as annual fee or yearly fee. Each year, the fee for the coming year will be billed in your account on the exact date on which you had opened the account. However, you don't need to pay any amount for house cards. In most cases you will find that the lenders don't charge any fee for the first year, this is possibly their strategy to get hold of more customers. But then, you need to make the payment from the next year onwards.


What should you choose - variable / fluctuating rate of interest or fixed rates interest?

The rate of interest is defined as the rate which is charged on hard cash advances as well as on purchases. The rate of interest can be either variable or fixed. Fixed rates however are not fixed completely. It is because the banks have the legal authority to alter the rates every year or change the same within a specified time frame. On the other hand, variable rates of interest are generally lower when compared to the fixed rates. But then, the rates can fluctuate on a monthly basis as per the T-bill sale as well as depending on other factors.


What are application fees?

When it comes to unsecured debt, you will find that application fees are not that common. However, these fees are common in case of secured debt. These fees are absolutely legal, but then prior to make any payments make sure that you have read the terms and conditions properly.


Is it possible for you to get the annual fee waived off during the renewal period?

Upon request you will find that most lenders will waive off the yearly fees. Some of the lenders do this and in return charge a specific amount every year, while others may have set some other criteria for the same. Make sure to know what your lenders will set for during the renewal time.


What additional fees do you need to pay?

For most of the cards, you will find that there is a fee charged in case you have crossed the credit limit of your card. There are some cards that may ask for a late fee charge apart from a couple of finance charges. You have every authority to know about all the fees before the processing of the application for credit card.


Why discount is considered a better option when compared to a rebate?

When you buy something, a certain amount is refunded. This is referred to as a rebate. The amount will either be credited to your account or will be sent to your physical address through check. On the flip side, if the price for a certain purchase is reduce prior to making a payment, then it is referred to as discounts.


What is the significance of a grace period?

After the date for billing has passed, the lender may offer you a certain extra days for which he doesn't charge any interest. This is known as the grace period. Grace periods meant for hard cash advances are quite rare because the bank has no intention to lose its money. On the other hand, you will get appropriate grace periods for T&E cards. The grace periods usually range between 25 to 30 days in these cases.


What is the process of secured card analysis?

The analysis process of a secured card is same as that followed for other cards. You need to get some additional questions answered from your banker like:

  • What rate of interest is levied on deposit fee?
  • Can a good credit score help you in obtaining an unsecured loan?

Besides, you need to also ask a couple of questions to your own self. For instance, you need to make sure whether you would be in need of the amount that you have deposited in the course of the term. If you are need of the same, then clarify whether you can withdraw the amount in case of an emergency. Don't forget to ask the lender whether you will have to pay addition penalties or rate of interest in case you go in for an early amount withdrawal.


Is opting for more cards of the same variety a good decision?

You may be having two cards of the same variety. But then, it is not advisable to go in for more than one card of the same variety. However, if you are using more than one card of different variety, then make sure that there is a minimum interval span of two weeks within the bill payment of these cards.


What to look for while choosing a corporate card?

Corporate cards are defined as an ordinary card. Cards such as American Express can be categorized under corporate cards. But then, we never apply for a corporate card, instead the company that you work in gives this to you.


By choosing a gold card, do you need to pay an increased amount as annual fee?

By going in for a gold card, you are likely to come by a couple of advantages including collision damage waiver on travel insurance, auto rentals, roadside assistance to name a few.


What if you receive a credit card application without any significant information? Is it in accordance with the law?

Well, these cards not have any legal evidences. According to the Fair Credit and Charge Card Disclosure Act of the United States, credit card issuers need to put forward a couple of basic details in the tabular format.


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