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CREDIT CARDS

A credit card is a thin rectangular slab of plastic issued by a financial company, that lets cardholders borrow funds with which to pay for goods and services. Credit cards impose the condition that cardholders pay back the borrowed money, plus interest, as well as any additional agreed-upon charges. The credit company provider may also grant a line of credit (LOC) to cardholders, enabling them to borrow money in the form of cash advances. Issuers customarily pre-set borrowing limits, based on an individual's credit rating. A vast majority of businesses let the customer make purchases with credit cards, which remain one of today's most popular payment methodologies for buying consumer goods and services.

                             Most major credit cards, which include Visa, MasterCard, Discover, and American Express, are issued by banks, credit unions, or other financial institutions. Many credit cards attract customers by offering incentives such as airline miles, hotel room rentals, gift certificates to major retailers and cash back on purchases.

Credit card interest rates can range dramatically -- from 0 percent, limited-time balance transfer offers to as high as 30 percent.

Creditors use such factors as your credit score, income, assets, current debt load, credit inquiries, payment history, and economic conditions to set your annual percentage rate (APR).

Who receives the best (lowest) rates? Consumers with positive and proven credit histories.

Choosing a credit card

When you’re deciding which credit card to get, ask yourself this question: Will I be paying interest on my debts?

If you pay your credit card balance in full and on time each month, you won’t be charged interest. In that case, it’s worth it to get a credit card with rewards. These cards give you points, cash or airline miles every time you use them. However, rewards cards have higher interest rates — high enough to wipe out the value of the rewards you earn. That brings us to what to do if you do carry a balance (in other words, you don’t pay off your debt every month). You’ll want to minimize your interest payments, so you should pick a credit card that has a low-interest rate.

Your credit card is issued by a bank, such as Bank of America, Chase or Wells Fargo. The bank determines your interest rate, fees, and rewards, so it’s important to find a bank that offers a card you like. Transactions are processed on a network, like Visa, Mastercard or American Express. The network doesn’t really affect the features on a card, except for such perks like rental car insurance or price protection. However, the network determines where the card is accepted.

In general, the better your credit score, the better the cards you can qualify for. The most generous rewards rates, the best perks, and the lowest interest rates are available to those with excellent credit.

If you’re just starting out

To qualify for the best credit cards, you need good to excellent credit. As a result, high rewards rates and low APRs are often out of reach of young people just starting out, whether they’re in the workforce or still in school. If you’re new to credit, you’ll need to work on building your credit first. Here are some options for doing that.

If you want to go for any type of requirement, you can easily rely on us. We will provide you the best solutions on rate and charges according to your eligibility. 

You can just apply from here and our executive will call you and help you with the desired process.