Credit Card Tips
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Credit card
tips
for students, new
credit card users,
secured credit cards
and more.
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Useful Credit Card Tips
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Pay For Online Purchases With Your
Credit or Check Card
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Using your Visa, or major credit card online is
easy. And you're protected in exactly the same way
you are when you use your card at the store, order
from a catalog by mail, or call in an order over the
phone. In the case of a problem, you always have
safeguards from Visa and MasterCard against
unauthorized card use, theft, or loss. |
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Keep a Record of Your Transaction
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Just as you save your receipts when shopping at the
mall, you'll want to keep a record of your Internet
purchases. Back up your transactions by saving
and/or printing the online confirmation of your
order. These records are just like the receipts you
keep when shopping in the physical world. |
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Secured Credit Cards
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If you have no credit or a negative credit history,
it can be difficult to obtain an unsecured credit
card. But, what you may not know is that you
probably qualify for a secured credit card, which
can offer many of the same benefits as an unsecured
card. A secured credit card is much like a secured
loan. You are required to deposit money into a
savings account or a certificate of deposit as
collateral for a line of credit. The card has the
same appearance as an unsecured card and usually
offers the same convenience and charging privileges
as a traditional unsecured credit card.
While almost anyone can apply for a secured credit
card, there are some limitations. Most issuers do
not accept applicants that have been convicted of
credit card fraud, have outstanding liens on their
property, or are filing for bankruptcy.
Finding the best card for you requires research. You
should determine what features are most important to
your financial situation and spending style,
measuring them against the costs associated with
each offer. Factors such as application fees, annual
fees, finance charges, accrued interest on the
deposit, available line of credit and minimum
savings deposit are some of the most important
considerations.In most cases, an application fee
is required by the insurer, which adds to the cost
of obtaining a secured card. The fee is usually
non-refundable, even if you're not accepted by the
issuer.
Once you're accepted for the card, you are required
to make a deposit into a savings account or
certificate of deposit as security. The average
minimum deposit required can run around $300. The
amount of money you deposit should depend on your
income and the line of credit desired. However, some
insurers will offer credit the same or greater than
the amount deposited; some others may offer a credit
limit lower than the amount deposited.
Most issuers will pay you interest on your security
deposit. The more money you wish to or are required
to deposit, the more important it is to have a card
that offers respectable interest payments.
Like most secured credit cards, insurers of
unsecured cards charge additional fees for use of
the card and services associated with the card, such
as, cash advances, late payment fees, and fees for
charging over the limit or non-sufficient funds.
Carefully review all information provided by the
issuer to determine how and when such charges will
be incurred.
If you wish to cancel your secured card, do so in
writing. Credit card issuers have different policies
concerning the amount of time before you receive
your refund. Also, keep in mind that if you have an
outstanding balance, most card issuers will use your
security deposit to pay the remaining balance. |
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Student Credit Cards
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Due to recent federal laws passed, it's not really
possible to get a traditional credit card anymore
until you reach the age of 21. In the past, a
student from the age of 18 could apply for and get a
Visa or MasterCard - but times have changed. If
you're between the ages of 18 to 20, and have any
type of credit history such as a car loan and are
employed - you may be able to get a retail store
credit card. Otherwise, it's a good choice for you
to get a Secured credit card. A secured credit card
is loadable. You won't 'charge' more than you can
afford, plus they report to the credit bureaus. So
by the time you're 21, and want to apply for a Visa,
you'll already have a positive credit history,
assuming you make required payments on time.
Student credit cards can be used anywhere in the
world where it is accepted. When choosing a student
credit card make sure that you look at the Annual
Interest Rate. Most student credit cards have a very
high APR. Most Student Credit Card Issuers will give
student card to any student who applies.
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A Few Tips More Credit Card Tips:
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- If you have a student credit card, then you
most likely are eligible for discounts.
- Limit the number of credit cards you acquire
to help limit your debt exposure
and simplify your record.
- Stay within your credit limit to avoid
penalties and reserve available credit for
emergencies.
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