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Credit terms vary from company
to company. Look at all the options when looking for the
best credit card offer. If you have other credit cards,
you can get a balance transfer at a lower rate by
switching companies. If you plan to pay off your balance
monthly, get a card with no annual fee as the APR wont
really matter as long as there is a grace period. If you
take out lots of cash advances, you may not get a grace
period. This means you start paying interest right from
the date of purchase. If you pay for purchases over time,
get the best APR rate you can to lower your monthly
payment.
Determine which type of
credit card is best for you. The choices range from
personal and student, to business and company (ie Sears
card).
Your credit report may also
affect the type of credit card you can get. If you have
poor credit or no credit, you may be offered a secured
credit card. You can still buy using your credit card but
purchases are limited to the security deposit you made. Do
a little homework and look at many offers and you will
find the best credit card to suit your needs.
Become educated in the
terminology and "lingo" of credit cards. Know
what "pre-approved" or “secured” credit card
offers are all about. Be very cautious of the
stipulations involved in your credit card contract. Check
out long-term rates, not just introductory rates. Look for
hidden fees, annual fees, balance transfer rates, late
charges, cash advances and grace periods.
Finally, use your credit
cards wisely. Carry only the cards you need, pay off
your credit cards on a monthly basis, and always look at
your credit card statement carefully to check for accuracy
and changes.
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