► VISA
and MasterCard
are the two most convenient major credit cards since
they are accepted at most establishments worldwide.
American
Express and Discover
offer Unsecured Credit Cards and are continuing to grow
in popularity as well. The qualification requirements
for an unsecured credit card differ from company to
company.
► Most companies
will issue unsecured
credit cards to credit worthy customers
based on their credit history and earnings potential.
► A number
of credit card companies now offer accounts with no
annual fees, and this trend continues to
increase. A common incentive to the cardholder is a
low annual
percentage rate. A number of companies
will offer new customers a special low introductory
rate to gain their business. Customers must understand
that these rates usually have limited duration. It is
advisable to understand how long the introductory rate(s)
last until the regular annual percentage rate takes
effect. Keeping up with your payments is very, very
important.
► The great
risk of lax management of a credit card is that late
payments can initiate a number of punitive fees. Late
payments will usually cause your interest rates to dramatically
increase. It is therefore crucial that you pay attention
to deadlines or due dates. It is important to keep track
of your account figures. Unsecured credit cards
come with credit limits based on the type of account
that is opened. Almost always, the most qualified candidates
receive the credit cards with highest
credit limits and lowest
interest rates! |
