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Credit Card Guide
Credit cards are a quick way for you to borrow money for your daily needs. But we recommend you should be careful, as your credit history may be affected and if not make payments on time must pay interest that can lead to a situation of debt higher than expected at first.
Main types of cards.
Credit Cards – the rest is different because it lets you borrow money and return it in monthly payments. Normally you choose how much you want to pay each month but there is a minimum is a fixed amount or a percentage of the outstanding balance. It is usually set a credit limit which depend largely on your income and debts.
Among the credit cards are often the difference between traditional cards and gold cards and platinum. These last two are harder to get since it means that your income is higher and does not pose a risk when it comes to repay the sums borrowed. Normally you will enjoy more credit and certain other services.
Debit Card – It is linked to your checking account or bank account allows you to make transfers, payments, get cash and check your moves.
How to choose your credit card?
There are two main reasons when applying for a credit card, first make purchases without having to withdraw cash from ATM without having to worry about giving the right amount or the change, so that the transaction speeding up.
Another reason is the possibility to transfer the outstanding debt on a credit card to another credit card with lower interest.We do not consider get cash with a credit card is a critical reason when applying for a credit card because the fees are high and interest payable as well.
Payments – No matter what use you will give your credit card, in all cases must pay a fee every month if you borrowed money. This amount may be a specific figure or a percentage of the outstanding balance on your card.
Do not make a payment or exceed your limit can result in fines.
Ask your credit card knowing you will use to give the same because not all cards are equal and some we may be more costly or less beneficial for certain applications. So analyze what will be the main use will give your credit card and compare the features of different credit cards available.
At the time of making the payments can be hard to dispose of the money spent but not our first place. This statement conflicts with the state of euphoria that some buyers expressed at the time of paying with a credit card. You must be honest with yourself and know what quantities you can really have, as this will save you worry in the future.
Balance paid in full each month. You are one of those people who do not like prefer to pay debts and your total credit card every month, not to worry in the best interests but for the best benefits associated with your card such as discounts, vacations, gifts …. Spend without liquidating the outstanding balance each month – most people to use their credit card spending a fair amount, which aims to return in a period of time X. Most credit card holders have an average balance of about 1500 – 2000 euros, for them it is best to find the best introductory purchase rates. Now, if also has an outstanding debt, should interest cards with low interest for balance transfers from one card to another.
The best advice to any holder of a credit card is to try to pay as little as possible each month. If you have had problems in the past to make the payments on your credit card when you encounter problems in the future wish to request a new credit card.
Reward programs credit card
Travel programs and airline miles. First highlight one airline mile of a credit card does not necessarily mean one air mile flight. The value of the mileage is different depending on the program of each credit card, the destination and the time in which to conduct the trip.
Shopping discount programs. As the name suggests the time we spend with our credit card accumulate points that can later be redeemed for discounts on certain products.
Cash back – a lot of cash rebates are estimated between 0.5% and 1% of spending with the card and usually have a ceiling.
Tips when using credit card
Everyone knows that credit card companies compete with each other to attract new customers in the same way that mobile operators. The low-interest introductory offers are common so you can benefit from them. If you pay a high interest in a particular credit card advantage of the offers to change the card and could give you a break while saving money to pay off your account.
You have to make sure you request the new card about six weeks before the offer of your previous credit card expires or they return to pay interest and may find that in this case even higher.
The companies studied whenever a customer changes from one card to another so it is not advisable to abuse this practice and that in future you may be denied the requested card.
When you find it difficult to offer 0% look at the balance transfer fees.
For those who do not want to have to be continually eyeing the market to find the best options we recommend looking for the long-term introductory offers if you wish to transfer your balance, have an acceptable long-term interest.
You are not recommended to take a lot of cards in the wallet to serve different purposes. If you want to have a card that allows you to make balance transfers to an attractive interest you can request and store at home while you carry in your wallet card that is most beneficial to you when making your everyday purchases.
Currently there are cards that allow you to transfer the current account balance, which can help you avoid the red. But if you choose this option try to pay as much as possible. While you pay a percentage of your balance as this will reduce the payment you should at least be reduced. And therefore you may find an extra but not tempted to spend that money for other purposes not ultimately help you reduce your debt. Also the less you pay, the more you pay in interest.
The credit card issuers are very careful and maintain information not only about whether you are a good payer, but also on how many cards you apply for and how many applications are rejected, so do not throw you to get credit cards like crazy at a time reduced time.
Using credit cards on trips and vacations – The exchange rate of credit cards when used abroad may be increased from 0 to 2.75%. Beware of cards that charged extra fees when used abroad. And make sure that you have insurance, theft and loss of the card.
Insurance – Your card may come with different types of insurance and some may charge you a fee for them and others will offer them free, make sure that insurance check with your credit card account and under what conditions. Remember that despite having insurance should immediately report the loss or theft of your card. Do not leave your card or extracts of it to reach third.
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