Instant Approval Bad Credit Credit Card – Get Yours Today
Probably the most significant financial move forward in recent history is the use of the credit card. Ideally the only type of individual that really benefits form a credit card is a wealthy person who least needs it. Considering the alternative, would the Western world be such a huge consumer based economy if the credit card was still now only available to those who least needed it?
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In layman’s terms, a credit card allows a person to make purchases up to the limit set by the card issuer. It is quite a flexible system really and the person who the card was issued to can choose to pay only a small installment with interest each month or clear the balance completely. Flexibility is the key word here with minimum payments that only reduce the outstanding balance by a small amount with interest or payments that completely clear any outstanding amount. Obviously if you choose to pay small or only minimum amounts each month then the debt will not only last longer but cost more to clear.
Since having a credit card is a responsibility, only those people who are of legal age and have the capability to pay off the amount they are going to spend through their credit card, is allowed to have one. S. use credit cards because it’s convenient compared to carrying cash or checks every time they have to purchase something. Still, it is the convenience of carrying a plastic card rather than checks and cash around that gives them that appeal.
To make things simple for the companies and users, the interest on your purchases is worked out using one of two methods; either a fixed interest rate or a variable one. What method used is the decision of the card holder but having said that, the fixed interest rate option is the most common used. When a Charge Agreement method is used then the card user agrees to pay the full balance each month without incurring interest charges whereas the Installment Agreement is based on a monthly repayment. People that prefer to keep their finances separate from their partners may decide to use an individual credit card rather than a joint account.
It is not all straightforward though as points like monthly spend, annual fees and payments all have to be carefully considered before any decision is made. The best thing to do initially is study the available card types, agreements and charges before any decisions are made. Packages between the companies vary considerably so carrying out a review of the most popular is a sensible thing to do.
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Regardless of the type of credit card you choose, be sure to discuss your specific financial needs with your financial advisor or accountant before applying for any credit card. You probably recognize many of the big credit card companies such as Chase Manhattan, MasterCard, HSBC, Bank of America and American Express although there are many more.
Many people do not take having a credit card seriously and mount up debts to the point where they cannot even meet the monthly payment. The long term problem is that it can have impact on credit rating.
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