Credit Cards

Credit Cards


When selecting a credit card you should consider what type of credit card you need as there are several types of credit cards available, each offering different services, interest rates and conditions. In general there are following types of credit cards:

Low Interest Credit Cards

If you are planning to make only minimum repayments on your credit card this type of credit card is for you. Typical scenario with this type of credit card holders is: You buy an item using your credit card but you are not replacing all the money you used to by that item.
This means, credit card company will charge the interest on the remaining money you owe to them. As you are always having an outstanding balance, you should have a credit card with the lowest interest rate.

For example, if you owe $5000 on your credit card and your interest rate is 10% you will be paying $50 a month in interest. If your interest rate is 20% , you will be paying $100 a month in interest.
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Balance Transfer Credit Cards

Almost all banks and financial institutions offer "Balance Transfer Credit Cards". By offering better terms and conditions they are hopping you will transfer your existing credit balance to them. Often this is a good idea as you can save hundreds of dollars buy paying no or much lower interest rate using the services of the new financial institution.

Usually this offer is time limited, for example 6 months at 0% interest rate or 12 months at 5,9% interest rate. Make sure you know what is the interest rate after the expiry of the low interest rate period.
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Gold & Platinum Credit Cards

This type of credit cards are generally for people with higher income. High interest rates and annual fees are associated with these credit cards. Often your late payment fees are higher as well as compared to other types of credit cards.

To offset these higher costs you will receive preferential services including travel insurance, rewards program, frequent flyers points, etc. Also, having a Gold or Platinum credit card is a status symbol. apply for credit card

Rewards Credit Cards

This type of credit cards have higher interest rates as well as annual fees. Also reward program fees are charged. In return you get reward points which you can use to buy goods and services or exchange for cash.

If you are planning to spend large amounts of money using this card and you replace the money spent before the end of the interest free period, then this is a credit card for you. If you are disciplined with your money management, you can obtain items and services for free.
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No Annual Fee Credit Cards

This type of credit card is really for people which don't need a credit card. Let us explain this statement. You would cary this credit card with you and use it only in an emergency situations when you need to pay for something immediately but you do not have enough cash.

As this credit card has no annual fee, it cost you nothing to have one of them and it may come very useful in an emergency situation. The interest rates for these credit cards are high and there is no interest free period.
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Most of credit cards offer up to 55 day interest free period when purchasing items and services. This means if you repay the amount spent before the end of the interest free period, you will not have to pay any interest on your purchases. This does not apply for cash advances, if you take cash using your credit card the interest will be calculated straight away.
 

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