Posted on 01 August 2009
Tags: Adjusted Balance, Analyze your Credit History, annual fee, Average Daily Balance, base, billing statement, Choosing a Credit Card, comparison-shopping, Complex Formula, credit card, credit card companies, credit history, Federal Reserve discount rate, Figuring your Rate, Grace Period, index rate, interest rate, margin, margin number, monthly bill, multiplier, payment deadlines, Payment in full, payment profile, Payments, Previous Balance, the federal funds, unpaid balance, using a credit card, Ways to Compute your Balance
When it comes to choosing and using a credit card, then one of the key decisions that you’ll make is that whether you will pay your bill in total every month or just pay off part of it.
To know your “payment profile” is really very important for you.
There will be a balance left in case if you pay off just the minimum or even most of what’s due. So in order to know where you really stand, you’ll need to know that what interest rate is charged by your credit card to what’s not paid and it is also necessary to know that what you’ll be paying to maintain an unpaid balance.
Analyze your Credit History
Fees is applied by card companies to a number of card uses — for instance a late fee, or an over-the-limit fee. Before you go any further honestly take a look at your own credit history and analyze that which problems or habits are most likely to arise in your card use. You should be honest with yourself – have you missed payment deadlines more than you would have ever like? If yes than you should not select a card where the interest rate shoots up whenever you miss a payment.
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Posted on 30 July 2009
Tags: annual fee, Bankrate.com, business, card company, credit card, Credit Card Search Engine, credit card shopping, credit history, fixed rate, fixed-rate cards, low introductory rate, no annual fee, payment profile, variable rate, variable-rate credit card
You should first shop around before that you sign up for the first low-rate offer that comes in your way. Maybe the great rate that is offered by the credit card company only lasts for six months or any savings you could enjoy from the low introductory rate might be eaten up by the annual fee.
Shop around for your Card
It is advised that you should do a little comparison shopping and you may get success in finding a card with the same rate for at least a year or another card that offers the same deal but charge no annual fee.
Use Credit Card Search Engine
An essential tool with which you can find the best card is the Bankrate.com which is credit card search engine. It serves as a great reference and comparison tool. You should keep it handy as you keep refining your choices.
If though you’ve already had your card for a while, but then also I suggest you to shop around again because now there might be a new deal with the same card company, or you may find a different, better arrangement out there with another card company that wants your business.
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