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Make sure you understand the basics of credit before applying for any type of credit card.


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       Credit is simply another word for the right to borrow money.
The word credit comes from the Latin for" I believe", which makes sense: when a banker gives you credit, he is saying, in effect "I believe you'll repay me". To this day, the way that person handles credit is considered a mark of his or her personal
Integrity. What's equally important, the way you manage credit can make or break your financial future. That's why it is one of the most crucial keys to getting your finances in order. In the US today, credit is rather widely and easily available. This is generally a good thing as it promotes a lot more financial possibilities to the everyday public.

Credit Cards - The Basics

A credit card allows users to withdraw cash, buy online, book hotels, rent automobiles, and make purchases without cash on hand . Even if we don't have the cash at home or in the bank credit enables users to purchase goods and services immediately.

The Creditor grants a line of credit through the card that is given to the user.
Credit card companies then mail a bill for the incurred expenses typically between 20 - 28 days, this period of time is called the "grace period".
Included in the credit card bill is the APR (Annual Percentage Rate) this determines the amount of interest that needs to be paid back to the creditor for the
privilege of being 
lent money.

When paying your bill you are given the option to pay the "minimum payment" (a small portion of the credit card balance) or pay a larger payment. 
Paying more of the balance means less interest paid to the creditor.
If the whole balance is paid off in full every month no interest will occur and no interest will be needed to be paid at all.

What To Consider When Shopping For A Credit Card

When shopping for a credit card, you should want to look at all factors, such as: 
  • Credit Limit - Credit limits vary Ideally you want a credit limit to be high enough to meet your needs.
  • APR - If you plan to pay bills in full each month, the size of the annual fee, and not the periodic and annual percentage rate, may be more important. If you expect to use credit cards to pay for purchases over time, the APR and the balance computation method are important terms to consider.
  • Grace Period - Knowing the duration of the grace period is important as it represents the time period you have to pay your credit card bill.
  • Annual Fees - Secured credit card issuers charge annual membership or other participation fees. These fees range from $25 to $50 for most cards. However most "unsecured credit cards" do not charge a annual fee, but do require reasonably good credit history.
  • Acceptance - Not all credit cards are as widely accepted as each other. The four main credit companies are: Visa, MasterCard, American Express and Discover, with Visa being the far most world wide accepted credit card.
  • Credit Card Deals - Almost all unsecured credit cards today offer some kind of "perk" i.e. Air Miles, CashBack, Merchandise Point, Insurance, 0% intro APR or simply a low interest rate.

How Do I Apply For  A  Credit Card Online?

PaylessBills!com will help provide you with the information you need to choose a credit card for you. We wish our visitors to learn as much as possible about the ins and outs of credit so we have divided the credit part of the site into four parts: 
Click on the credit card type to learn more...

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