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are companies our independent experts recommend. We have reviewed
hundreds of companies to find these few. If you are looking for
the best rate, we recommend filling in rate request forms for all
of the following companies. All are NO obligation as always.
iCredit Search
Find out which credit cards you qualify for in under a minute without
actually applying. Ease of use and instant results make this our
top choice.
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Platinum Card
One of the best cards available today. Lots of perks such as free
airfare, travel club memberships, and more.
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Free
Credit Report
Knowing your credit score is important when applying for loans,
credit cards, etc. With it you'll be armed with information that
may help you get a better rate as well as contest why you may have
been turned down. We applaud iCreditReports for offering a free
credit report and score to our visitors. Contrary to belief, checking
your own credit doesn't hurt a thing!
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ABOUT CREDIT CARDS
What kinds of cards are there?
-Bank cards issued by banks: Visa, MasterCard, and Discover;
-Travel and entertainment (T&E) cards like American Express
and Diners Club;
- House cards that are good only at the stores of one chain. Sears
is the biggest one of these, followed by the oil companies, the
phone companies, and your local department stores.What is a debit
card?
-Debit card: A debit card looks very much like a credit card (with
Visa or MasterCard logos), but the charge is immediately deducted
from your bank account.
DEFINITIONS
Annual Percentage Rate (APR)
A measure of the cost of credit that expresses the finance charge,
which includes interest and may also include other charges, as a
yearly rate.
Finance Charge
The dollar amount you pay to use credit. Besides interest costs,
it may include other charges associated with transactions such as
cash advance fees.
Grace Period
A time, about 25 days, during which you can pay your credit card
bill without paying a finance charge. Under almost all credit card
plans, the grace period only applies if you pay your balance in
full each month. Also, the grace period does not apply to cash advances.
Annual Fee
A flat, yearly charge similar to a membership fee.
Interest Rate
Interest rates on credit card plans change over time. Some are explicitly
tied to changes in the prime rate or the Treasury Bill rate and
are called variable rates. Others are not and are called fixed rate
plans.
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TODAY'S HOT TIPS
- Watch out for carrying balances. Some cards charge 20% or more
in interest. (Interest is usually called "Finance Charges"
on your statements.)
- Look at your statement carefully and call the company right away
if you have any questions.
- There is usually a large finance charge for cash advances and
interest begins accruing as soon as you take the money out, not
after the next statement closing.
- Be aware of annual fees. Many times you are charged $50 or more
just to have the card.
-Watch out for introductory offers! When you receive a credit card
offer in the mail with a low rate, it may expire in three or six
months. Note when and by how much the rate increases after the "introductory
offer" expires. You may not remember when it expires, but the
card company will.
- Think about your purchases. If you are not able to afford the
purchase now, chances are you won't be able to afford it in a month
when the credit card bill comes in!
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