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What are the factors to look at to avoid getting bad credit cards?

[Friday, November 26th, 2010]

From the time credit card used has been introduced to people it has been embraced fully by consumers. The wide acceptance and popularity of these plastic cards can still be felt until present. It is now common for people to have more than one credit card: what is uncommon is for people not to have one.

There are certain ways on how credit card use can be more advantageous that carrying cold cash. However this does not entail that credit cards are perfect means to pay purchases and services.

As much as there are credit cards that can serve the card holder to the utmost there are also credit cards that can bring troubles instead of efficiency.

To avoid falling into such credit cards looking at the following factors before getting a credit card service is highly advisable.

The first factor is the interest rate. This comes in the form of annual percentage rate. This particular factor is the amount you pay for your balance each year. This rate can either be fixed or variable. Variable is fluctuating all the time thus knowing its exact cost beforehand is not possible while with fixed interest rate how much you will be charged monthly can be determined. Nonetheless there are factors that can change even the fixed interest rates. If the company is offering extremely high interest rates their cards are more likely to drag you into mountain of debts rather than help you with you finances.

Another factor to look at is the credit limit. This is the amount that the credit card company is willing to lend you. Credit limit can be determined by your credit history. High credit limits are not advisable given that they can hurt your credit score. If you wanted to take moderation in the picture get a credit card that carries not too high but not too low credit limits.

Fees and penalties that the credit card companies offer must also be assessed before getting a card with any of them. From the moment CARD Act limited the sources of profits for credit card issuers, most created a new income source out of fees and penalties. Therefore you have to carefully assess what types of fees a credit card provider will charge you with. If the fees are sounding so vague and there are just too many of them for you to handle, the credit cards offered by such company will definitely be not good ones.

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AcclaimVisa.com is an independent, advertising-supported web site. AcclaimVisa.com is compensated by the credit card issuers whose offers appear on our site. This compensation can impact how and where credit products appear on our site, including, for example, the order in which they may appear within product listings. AcclaimVisa.com does not offer, review or present all available credit offers.

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