By Jeffrey Campbell on 29-11-2011
As consumer credit is becoming a much more complex subject, it is very important for consumers of today to realize that there is little margin for error when it comes to applying for a new credit card. The mistakes you may have made in the past should have taught you a lesson now that credit is much harder to get.
Unfortunately there are still those who continue to make the same costly mistakes when it comes to acquiring a new credit card. Here is a reminder list of what not to do when applying for or using a credit card:
Check Your Credit Score First
Before you even submit an application for a new credit card, you need to know where you stand credit score-wise. Without having a good credit background, it can prove difficult for you to get approval for a credit card. If you have to keep applying with different providers for new credit cards, you are further harming your credit score with too many inquiries.
Find the Right Card
With so many credit cards on the market, it can be difficult to narrow down your choices.
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By Jeffrey Campbell on 25-11-2011
Starting next week, holders of Bank of America credit cards could be charged with penalty rates up to 29.9%, if they make a late payment.
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The bank began letting its customers know about the change in April. It said that beginning June 25, one tardy payment may lead to the higher penalizing interest rates. Although a higher rate is not automatic following a late payment, the bank said that a late payment will lead to an account review, which could in turn bring about a rate hike based upon the consumer’s payment history.
Once the decision has been made to raise the rate, the customer will be given a 45-day in advance notification. Then, only new purchases will be subject to the new rate. I
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By Brandon Morris on 23-11-2011
Lowe’s is one of the two largest home improvement stores in the United States. Like most major retailers, Lowes offers their own credit cards that can be used to finance in-store purchases: the standard Lowe’s Credit Card and the Lowe’s Project Card. Like most store credit cards, the Lowe’s card has some advantages. However, most consumers are better off choosing a 0% APR credit card that provides a cash back sign up bonus and rewards rather than a high rate card that is really only useful in one location.
Both the standard Lowe’s Credit Card and the Lowes Project card are store credit cards. They are not affiliated with any major credit card payment network so they can thus only be used for purchases at Lowe’s. Cardholders of the standard Lowe’s Card receive their choice of either a 5% discount on purchases or 0% promotional financing for six months. The standard ca
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By Amy Turner on 21-11-2011
The Applied Bank Small Business Micro Loan credit card has low credit limits designed to encourage business owners to pay down their debts quickly. Instead of having to go through the hassle for applying for a traditional business loan, Applied Bank Small Business Micro Loan cardholders can get the money that they need for emergency expenses nearly instantaneously.
Compare this and other online credit cards with the credit card chaser!
Applied Bank operates out of Wilmington, Delaware, and has been accredited with the Better Business Bureau since 1992. This is a small financial institution with close ties with small business owners; however, business owners from all over the United States are permitted to join.
Applied Bank Micro Loan Card Details
Unless you are a small business owner, you wont be able to apply for the Applied Bank Small Business Micro Loan card.
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By Jeffrey Campbell on 20-11-2011
Debt counselling charities have warned struggling borrowers not to be lured by the offer of interest free, short-term loans.
The loans, offered by short-term lender InstantLoansDirect.com, charge 0% interest for the first eight days, then 50p a day for every £100 borrowed until the loan is repaid.
This equates to an interest rate of 448.3% APR. “In contrast, most payday loan lenders charge an APR of over 1,000%; with the likes of Wonga charging as high as 4,000%,” the firm said in its press release.
Joanna Elson, chief executive of the Money Advice Trust, said there were sometimes circumstance when this kind of offer would be useful for people, but added: “There are, equally, circumstances in which this kind of offer can be dangerous for vulnerable people struggling with their finances.
“The big fear with high interest, short-term lending is that people start to roll-over the loans if they are unable to meet initial repayments.
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