Category Archives: credit card

Credit card comparison

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Credit cards are widely used for both online and offline transactions due to convenience offered. For online transactions, they offer a degree of protection against fraud as the credit card owner can dispute a transaction, if he or she is wrongly charged. However, if the credit card owner delays payment of the amount due , the interest to be paid on the credit card is very high as the interest rates charged by credit card companies are significantly higher than those charged by banks for loans since the amount is not secured.

So it is important to carefully evaluate the positive and negative features of the credit cards offered  by the various credit card companies in great detail before taking a final decision and selecting a particular credit card. An online credit card comparison offers information on the different credit cards based on criteria like balance transfers, interest to be paid on purchases and average APR to be paid. The APR is variable and depends on a number of factors. 0% interest is charged for balance transfers for periods which could vary from 12 months to 16 months. Interest on purchases is 0% for 3 months.  The APR varies from 15.9% to 16.9%.  The credit cards compared are those from Virgin, HSBC, MBNA rewards, Egg and World Wildlife Fund. You can apply for these credit cards online.

If you do have a credit history, it is advisable to get prepaid credit cards . These can be obtained easily and do not require much paper work. Some of these credit cards have an activation fee, but in other credit cards, this fee is waived off. Prepaid credit cards are ideal for students. However, a monthly maintenance fee is usually charged for these cards by the issuer.

Increase of credit limit on credit card

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At times, the limit on the credit card is not adequate and gets exhausted before the month end. You can get the credit card limit increased or use another credit card for making purchases for the rest of the month.

If a credit card holder wants the credit card limit increased, he or she will be asked by the bank to fill  up a form requesting a limit increase and also provide additional documents like recent payslips and bank statement. If you have a good repayment history on your credit card, your application for an increased limit will be approved.

The credit card issuer will check your credit records before approving your application. However,  this enquiry will not usually show on your credit file as your bank is an existing creditor.
You authorize them when you open the account, so they cannot penalize you because an existing  creditor wants to make some inquiries each time.

Credit card reviews

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Credit cards are very convenient for making payments both online and offline. Your credit score is a widely used criteria of your financial status. The way you use  your credit card determines your credit score to a large extent. A wide variety of credit cards are available from a large number of companies and it is important to review all the credit card features before taking a decision.

In the the current economic conditions by selecting the right credit card, you can save a substantial amount every month and also receive free bonuses. If you do not use credit cards often, you should check the various no annual fee credit cards from the various credit issuers like Discover, American Express and Visa.

If you are paying a significant amount monthly as credit card fees, you should consider transferring the balance on the credit card to another credit card which offers a 0% Intro APR. However, it is important to compare the offers for Balance Transfer Credit cards and check the duration for which the 0% Intro APR is offered, the annual fees and cashback offers if any.

Compare credit cards

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Till have a century ago most families lived within their means and took a loan only when there was a financial emergency due to unexpected events. With the advent of credit cards, the number of people in debt has increased rapidly. While credit cards are very convenient as the user can make purchases without carrying large amounts of cash and does not have to repay the amount immediately, they are often misused.

The interest rate on the balance due on credit cards is the highest compared to all other debts, so it is advisable to pay off the due amount on the credit card at the earliest. Before selecting a credit , it is advisable to compare credit cards from different banks to find the card with the  best terms. The offers differ depending on your credit rating, income and other conditions, so you should check all options.

By selecting a low interest credit card, you can save a substantial amount. Many banks offer credit cards with zero APR for an introductory period. They also allow you to transfer the balance from another credit card. However, you should also check the annual fees and the normal interest rate before taking a decision.

Using prepaid debit cards

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Since most credit cards have a high spending limit, many users go on a shopping spree and buy stuff that they do not need and cannot afford. Repaying this amount increase your debt and results in a lower credit score. In the current economic conditions, where it is important to conserve every penny, it is advisable to use a prepaid debit card while shopping, so that you do not spend more than what you can afford.

A prepaid Mastercard is accepted at all places where a normal Mastercard credit card can be used, both offline and online. It can be used for making cash withdrawals from an ATM, however, there is a limit of 2 withdrawals per day, and some charges will be debited from the card. While using a prepaid Mastercard for making purchases at point of sales terminals in shops and supermarkets, it can be used as either a prepaid debit card or a prepaid credit card. For a prepaid debit card, a PIN will be required, and for a prepaid credit card, validation will be done using your signature.

You can load money on to your prepaid debit card by direct deposit or at a Green Dot Reloading Location. There are no fees deducted for loading the prepaid debit card by direct deposit. The minimum amount that can be loaded on to the card is $10 and the maximum amount that can be loaded is $2500. The maximum balance that the card can have is $2500, and it can be used to make a maximum of 12 purchase transactions in a day. The maximum transaction amount is $1,500.

The balance on the prepaid debit card can be either checked online or by calling the customer support number. In case the transaction value is more than the balance on the debit card, the card will be declined. In case the card is lost or stolen, users should contact customer support immediately.

Prepaid debit cards

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Carrying large amounts of cash while shopping or traveling is both inconvenient and risky as it can be stolen. While credit cards may be useful, not everyone is eligible for credit cards, as the credit card issuer check the credit record and rating of the customer before issuing a credit card. Many customers using credit cards tend to overspend, and end up using a large part of income to service the debt.

By using a prepaid debit card like Mcashcard, a user can combine the convenience of plastic money with the advantages of using cash. A Mcash card can be purchased online or offline without any credit history either by paying cash, ACH or other convenient payment method. An Mcash card has an initial activation fee of $9.99 and a loading fee depending on the type of card and the method used to load cash. Users can transfer funds to another Mcash card holder free.

There are three types of mcash available which can selected dependence on the budget. These are an impersonal one time use Mcash card with a maximum load of $500, an impersonal re loadable Mcash debit card with a maximum load and balance of $2500 and a personalized re loadable Mcash card with a maximum balance of $10000 and maximum balance of $2500. No documents are required for a one time use card, but social security number and other information is needed for purchasing a re loadable Mcash prepaid Mastercard.

Compare credit cards

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Today, credit cards are used for payment of most transactions both online and off line, and by choosing the right credit card, you can save a significant amount. In addition to low interest, balance transfer and instant approval credit cards, there are many credit cards that offer rewards when you make purchases with them. These include gas credit cards, hotel and travel rewards, cash back rewards,airline credit cards. Some credit cards are designed for a specific niche, like business credit cards, student credit cards and credit cards for individuals with a fair,good and excellent credit rating.

If you have a lot of credit card debt, you can significantly reduce the interest you pay by opting for a low interest credit card. Before selecting a particular credit card from the many low interest credit cards available, you should compare them on the basis the Introductory APR offered, the introductory APR period, annual fee and APR after the introductory period is over.

By doing a balance transfer, you can pay a very low interest rate or even zero interest on your credit card debt for an extended period of time and save money. The offers on balance transfer credit cards are usually available for a limited period of time and after the expiry of the period, if you still have an outstanding amount, you can transfer the balance to another credit card. The regular APR for these credit cards often depends on the credit rating of the individual.

Fair credit reporting act

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You can use the dispute process and remove items from your credit report. You can do this by using the dispute process where each of the credit bureaus has set up internally. This is a long and drawn out process. The other processes are designed so that you fail at the attempts. You can use this process if you are looking for faster solutions. You can also improve your poor credit report through the study of Fair Credit Reporting Act.

Through the study of fair Credit Reporting Act you can figure out unique methods to remove the negative information from your credit report. The Fair Credit Reporting Act contains over 300 laws. These Laws can be used to remove the information from then report if you know how. This will require many weeks of study and strategizing. You can also hire a professional to repair your credit report. This will help you to live your life without any stress while your credit would be repaired.

There are many Professional Credit Restorations Firm whom you can hire to do the heavy work for you. There are lots of people who claim to repair your credit but most of them can’t. There are very few legitimate and reputable credit restoration companies. If you chose this option, you do your due diligence.

Balance transfer for credit cards

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If you are planning to get a credit card for the first time or get a new credit card, you should check out SmartCreditChoices.com to find the best deals . The credit cards are classified by category into instant approval credit cards, 0% credit cards, balance transfer cards, cashback credit cards, reward credit cards, low APR credit cards, prepaid credit cards and other categories for the convenience of the user. The credit cards are also classified according to the  four major credit card networks – Visa, Mastercard, Discover and American Express and issuers like American Express, Advanta, Discover, Bank of America, Citibank, HSBC.

Credit cards offering 0 balance transfers allow consumers to save a substantial amount on the interest on the unpaid balance on the credit card. Some cards like the Discover More (SM) Card-Top 0% Balance Transfer credit card offer both a 0 apr balance transfer for 12 months and 0 apr on purchases for the same period.  Other may change a low APR of less than 4% for no fee balance transfers.

Depending on the amount due on the credit card and future spending patterns, a consumer can select a credit card to maximise his or her savings. Most of these credit cards offer a cash back bonus of up to 20% on online purchases and protection against online fraud. To be eligible for the best offers for 0% APR no fee balance transfer credit cards, your credit rating has to be either good or excellent.

How quickly will my credit score improve?

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You may want your credit score to improve quickly so that you can apply for a loan for a large amount at a low interest rate like a car loan or housing loan. However, the time period over which the credit score will improve depends on the factors which resulted in the low score.

Your payment history accounts for 35% of your credit score and is the biggest factor influencing the credit score. The amount owed to the creditors is 30% of the score and is the second biggest component and is  still significant it is not as important as payment history. Get a copy of your  credit report and delete all incorrect entries.

If you repay most of the debts and pay off the oustanding amount on your credit card, your credit will slowly improve over a period of time. If the credit score is fair, it could improve by as much as 100 points over a six month period.