Want to get your first credit card
Credit Cards Do Not Have To Make You Cringe
If you want to get your first credit card, but you aren't sure which one to get, don't panic. These cards aren't nearly as complicated to understand as you might think. The tips in this article can help you to figure out what you need to know, in order to sign up for a credit card.
Be sure that you compare interest rates, before you choose a credit card company. There is no standard when it comes to interest rates, even when it is based on your credit. Every company uses a different formula to figure what interest rate to charge. Be sure that you compare rates, to ensure that you get the best deal possible.
Should you notice a charge that is fraudulent on any credit card, immediately report it to the issuing company. This will help your creditor catch the person who is using your card fraudulently. That is also the smartest way to ensure that you aren't responsible for those charges. Any charges that you did not make need to be reported to your credit company with a phone call or a high priority email.
Credit Cards that make you Cringe
When you are getting your first credit card, or any card for that matter, make sure you pay close attention to the payment schedule, interest rate, and all terms and conditions. It is definitely to your benefit if you take the time to read through it, although many people neglect to read this information.
If you have a credit card with high interest you should consider transferring the balance. Many credit card companies offer special rates, including 0% interest, when you transfer your balance to their credit card. Work out if this is beneficial to you before you make the decision to transfer balances.
If you aren't interested in transferring the balance somewhere else, try negotiating with the issuing bank, if you are not satisfied with the high interest rate on your credit card. You can sometimes get a lower interest rate if you tell the issuing bank that you are considering transferring your balances to a different credit card that offers low-interest transfers. In order to keep your business, they may lower your rate!
Emergency, business or travel purposes, is all that a credit card should really be used for. You want to keep credit open for the times when you need it most, not when purchasing luxury items. You never know when an emergency will crop up, so it is best that you are prepared.
Every time you decide to apply for a new credit card, your credit report is checked and an "inquiry" is made. This stays on your credit report for up to two years and too many inquiries, brings your credit score down. Therefore, before you start wildly applying for different cards, research the market first and choose a few select options.
Credit cards can be a lot simpler than you thought. Now that you've learned the basics of getting one, you're ready to sign up for your first card. Have fun making responsible purchases and watching your credit score begin to soar! Remember that you can always reread this article if you need extra help figuring out which credit card to get. Now you can go and get your card.