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Using Secured Credit Cards to Establish or Rebuild Your CreditWhether you're just starting out in the world of credit or hoping to rebuild a damaged credit report, using secured credit cards can help. However, you'll need some cash to get started. First, let's define what secured credit cards are. They are REAL credit cards, generally Visa or MasterCard, that can be used for anything Visa or MasterCards can be used for. The difference is that they require the cardholder to deposit a certain amount of money into a checking or savings account to use as security against the card. Secured credit cards also differ from debit cards in that secured credit cards are loans made against the money in your account, rather than simply having the money automatically deducted from your account, as is the case with debit cards. In that way, they can be a helpful tool toward either establishing or reestablishing your credit. The interest rates on secured cards are generally higher than on standard cards, but not always. For instance, the website www.bankrate.com lists twenty-four secured credit cards, starting at 7.2% and going as high as 23.98%. Annual fees can vary from zero to $69.00, according to the site, as well. Normally, you'll need to deposit at least $300 into a checking or savings account, which will then determine your credit limit on the card. (Each card will be different, so you'll want to do some shopping for the card that best suits your needs.) Secured cards can allow you to begin rebuilding your creditworthiness by charging responsibly and then repaying according to your agreement. They can be a relatively quick way of either establishing or reestablishing your credit, and are worth checking out in your plan to gain control of your financial future. Copyright © Jeanette J. Fisher Jeanette Fisher teaches how to get out from under credit card debt, how to use credit to make money, and six ways to build strong credit to finance your first home and multiple investment properties. For free credit advice and free ebook "Credit Tips for Mortgage Financing," see http://worryfreecredit.com Article Source: http://EzineArticles.com/?expert=Jeanette_Joy_Fisher Back to the Articles |
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Low APR credit cards are on the rise
Yes, low APR credit cards are on the rise. Many credit cards are competing for your business to give you the best and lowest rates available today. There are so many credit cards from you to choose from that they are doing all kinds of things to get your attention including lowering their interest rate and giving you no annual fees. Why is this happening? Because there are so many credit card companies. They all want your business and this is an attractive incentive to get you to apply and own one of their credit cards. If you choose a low APR credit card over one with 19.99 percent you are sure to go with the lower APR. The only problem is that sometime these 0% and low APR credit cards are only promotional ways to get you to apply and then later your interest rate will rise. Many credit card companies have low APR credit cards for a certain amount of time such as 3 months, 6 months and some up to one year. You will have to compare to find out which one keeps the lower APR after the promotional period to ensure you are getting the best deal around. No matter what the reason low APR credit cards are here to stay as long as the companies are competing for your business. Just remember to compare everything they offer besides the lower interest rate. You may find that several credit card companies are now offering other wonderful incentives for you to apply with them such as reward programs. No matter which company you choose, you will enjoy the low APR credit cards even if it is only for a limited time. You will be able to save money on your purchases because you will not have to pay any interest until the promotional period is over. Just be sure your balance is very low when the interest rate kicks in and you will be fine. |
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