Borrowing on a Credit Card
One of the easiest ways to borrow money of a financial institute is to use a Credit Card, available from all banks, building societies, and other financial organisations. The choices available are enormous, with a wide variety of interest charges, annual charges, loyalty schemes, and bonus points available. However there are two broad areas that you should look at:
Annual Interest Rate
Firstly if you do not intend to pay off your Credit Card bill at the end of each month, then you should look at the Annual Interest Rate (APR), this rate is typically between 13-17% at the moment, and you should be looking for a card that offers as low an interest rate as possible. You should also bear in mind that you are charged much higher rates of interest than other forms of borrowing money, so if you do not intend to pay of your bills for a long period of time, then you should seriously consider a different form of loan that is less expensive.
Extra Benefits
On the other hand if you do intend to pay off you credit card bill at the end of each month, then you should be more interested in the loyalty schemes that are on offer. These vary from being awarded points every time you purchase something (these points can than me used to purchased gifts or air miles etc), to simply being given 'Cashback' on everything you buy (typically 0.5%-1% of your purchase). You should also look at the level of service that your card company offers. They are obliged under law to offer certain protection to the consumer, but often they will increase this protection with other guarantees. Some offer extended warranties on electrical goods, extra travel insurance when you are on holiday, accidental damage insurance for any goods you buy, and even free commission on cash withdrawals when abroad.
Also some companies charge an annual fee for using their card (especially business credit card accounts), so these fees should be weighed up against the cards benefits.
Even if you usually do pay off your credit card bills at the end of each month, when you open a account you may be offered 6 months interest free credit. This is often an excellent way of saving money as you are basically given an interest free loan for 6 months. It is even more useful if you are allowed to transfer some credit card debt from a different company into the interest free offer. However there is a danger of becoming trapped in a bad debit cycle here, transferring your debt from card to card until it is completely unmanageable. The best advice is to make sure you always have enough money in the bank, or in a savings account, to pay off your debt when you are taking advantage of the interest free credit period. That way you benefit from earning interest on your savings in your bank, but as soon as the interest free credit period has expired, you can pay the entire bill off without being stung for high interest charges.
So to summarize
If you are not paying off your monthly credit card bills, look for a card that offers a low interest rate
If you are paying off your monthly credit card bills, looking for additional card benefits
Interest free credit periods are good news for saving money, but beware of being caught in a debt spiral
Credit Cards are an expensive way of obtaining a loan or borrowing money, and you should investigate other cheaper forms if you intend to borrow money in the medium to long term.
Alastair Taylor runs a website that tries to give the consumer the truth about how to save money on Financial matters as well as home improvement. Visit Whatprice to saves yourself time and money.
 Google News Updated : Tue, 07 Oct 2008 02:49:07 GMT Three Europeans win the 2008 Nobel for medicine - International Herald Tribune
International Herald Tribune - By Lawrence K. Altman The Nobel Prize in Medicine was awarded Monday to three European scientists who discovered viruses behind two devastating illnesses, AIDS and cervical cancer. Aids and cervical cancer pioneers share Nobel award Nobel Prize to HPV Researcher Highlights Importance of Cervical ... Publ.Date : Tue, 07 Oct 2008 01:50:01 GMT As Palin Brings Up Ayers, Obama Team Cites Keating - Washington Post
Washington Post - By Anne E. Kornblut and Michael Abramowitz The presidential campaign of Sen. Barack Obama for the first time criticized Sen. John McCain for his role in the "Keating Five" savings-and-loan scandal yesterday, saying the issue was fair game after a ... Video: AP Campaign Minute McCain ready for combat in 2nd presidential debate Publ.Date : Tue, 07 Oct 2008 02:17:08 GMT Rays roll over White Sox, punch ticket to ALCS - Sports Network
Sports Network - Chicago, IL (Sports Network) - BJ Upton hit two solo homers, and the Tampa Bay Rays defeated the Chicago White Sox, 6-2, to clinch their first berth in an American League Championship Series in franchise history. White Sox eliminated from post-season with Game 4 loss to Rays Rays Finish Off White Sox to Reach ALCS Publ.Date : Tue, 07 Oct 2008 02:14:13 GMT Plaxico Burress takes Giants to school with tired act - New York Daily News
New York Daily News - Plaxico Burress with his son after the Giants win Super Bowl 42. Burress will need to get his act together if the Giants are to repeat as champs. Burress Returns to Giants, With No Regrets Unapologetic Plaxico Burress returns to Giants Publ.Date : Tue, 07 Oct 2008 02:10:29 GMT Computer Chip to Monitor Teen Drivers - ABC News
ABC News - By LISA STARK, MATT HOSFORD and KATE BARRETT Car keys -- long perceived as the keys to teenagers' freedom -- may soon be the best way for parents to monitor their every move. Going Along on the Ride With Junior Ford: Key limits speed, stereo volume Publ.Date : Tue, 07 Oct 2008 01:16:34 GMT Injury forces May-Treanor to sit out this 'Dancing' - USA Today
USA Today - By Bill Keveney, USA TODAY Two-time Olympic gold medalist Misty May-Treanor may be sidelined from ABC's Dancing With the Stars, but she says she won't let a leg injury suffered during rehearsals stop her from competing in beach volleyball. Misty May-Treanor drops out of ‘Dancing’ May-Treanor vows torn achilles won't end her volleyball career ... Publ.Date : Tue, 07 Oct 2008 02:09:39 GMT China's Reputation On Product Safety Reaches a New Low - Washington Post
Washington Post - By Blaine Harden Even Burma -- where one of the world's most repressive and isolated military governments relies on trade with China -- has now warned its people to steer clear of all Chinese dairy products. Video: No Traces of Melamine in New Test of Milk Powder China vows overhaul of 'chaotic' milk industry Publ.Date : Tue, 07 Oct 2008 01:55:33 GMT Increase Web Traffic |
PARLOT::Ebooks, Scripts,
Websites, and more... Article excerpted from the new book, "How to Do Space... Read More Several different types of credit cards offer several different options,... Read More Debt collection agencies are often a viable option for receiving... Read More The three major credit bureaus, Experian, Equifax and Trans Union... Read More A check can be considered bad if it is bogus... Read More Joint debts remain joint debts.Both spouses signed a legally binding... Read More Fixing a credit report starts with seeing what's on it.... Read More If you opened a credit card statement recently and were... Read More Whether you have no credit or damaged credit, secured credit... Read More Now in a world with so many easy to get... Read More Here are some useful credit card tips for you to... Read More Credit card balance transfer involves using a credit... Read More It goes without saying that your first and best defense... Read More By far the greatest invention the banks have ever come... Read More Q: I'm opening a gift shop and want to be... Read More Credit is currently and has been historically an integral component... Read More YOU SCRATCH MY BACK, AND I'LL BUY SOME MORE BEER!Let's... Read More What FACTA means is that if you, as an individual,... Read More There are always some companies that have past due invoices... Read More There are three major factors that affect how much you... Read More If you are one of the millions of people out... Read More Have you ever been told you were over your credit... Read More How can I prevent Identity theft from happening to me?... Read More Have your read your credit card contract through completely? Do... Read More You've probably heard the term credit scoring. You may have... Read More
Adsense
websites
Avoiding ID Theft and Credit Fraud
Various Types of Credit Cards - Part 2
Debt Collection Agencies
Keep Your Credit History Clean - Remove A Negative Credit Record From Credit Report
Bounced Checks - Straight Talk On Dealing With Bad Checks (NSF)
Important Things to Know About Divorce and Credit
Fixing A Credit Report
Beware of Falling Minimum Payments
Secured Credit Cards- Consumer Tips
What Are The Most Common Credit Card Mistakes?
Credit Card Tips
Balance Transfers Introduction
Five Credit Card Billing Problems and How to Fix Them
10 Simple Steps to Manage Your Credit
Credit Cards, Merchant Accounts, and Your Bottomline
Some Truth About Credit
SuperCharged Secret 4, Credit Card Utopia
I?ve Heard About FACTA; What Does It mean?
5 Steps You Can Take to Get Paid!
The Three Largest Factors In Your Interest Rate
Rebuild Your Credit the Right Way the First Time
What is Credit Card and Debit Card Blocking?
How You Can Help Prevent Identity Theft
Why Does Your Credit Card Rate Keep Going Up?
Credit Scoring: What You Dont Know Can Hurt You
Affordable and Reliable Web Hosting Starting at $4.49/Month
Figuring Out the Ever Nebulous Numbers Called Credit Scores
Credit Score FactorsThe information contained on our credit reports affect... Read More
5 Steps You Can Take to Get Paid!
There are always some companies that have past due invoices... Read More
Credit Repair: How To Deal With Your Creditors
If you are in danger of credit problems because you... Read More
Cash Back vs. Rewards Credit Cards
Ah, the sweet rewards of using credit!Not only do you... Read More
Finance - Money, Money
Finance is a big word for some of us. It's... Read More
Avoiding College Credit Card Traps
Congratulations college freshman! You're about to embark on one of... Read More
A Cure for an Ailing Credit
Credit has become a much-used word, thanks to the various... Read More
Finding and Applying for the Right Credit Card Offer Online
Anywhere you go online nowadays, you will see a multitude... Read More
Establishing Credit ? What You Need To Know Part 1
Establishing credit is one of the most important things you... Read More
Credit and Its Cost
What is Credit? Credit is money granted by a lender... Read More
Credit Repair Scam - How To Avoid Being A Statistic?
A good credit history is critically important for the consumer.... Read More
Bounced Checks - Straight Talk On Dealing With Bad Checks (NSF)
A check can be considered bad if it is bogus... Read More
Fair Isaac Corporation Credit or FICO Score
As I am not from the US, I had no... Read More
Credit Report Secrets: Do You Know What They Reveal?
If you've ever applied for a credit card or loan,... Read More
10 Dirty Tricks Credit Card Companies Play
The credit card companies make billions each year in legitimate... Read More
How To Repair Your Credit Report
A credit report is run on a buyer when he... Read More
How to Dispute Credit Report Errors
Your credit report--a type of consumer report--contains information about where... Read More
Start Building Credit Fast!
There are a couple of reasons for this. You can... Read More
What Does Your Credit Say About You?
A credit report is more than just a snapshot of... Read More
Credit Counseling -- Why It Doesnt Work For Most Debtors
"Cut Your Payments in Half!" the headline screams. "Consolidate Your... Read More
Understanding Your Rights Under The Equal Credit Opportunity Act
It wasn't all that long ago that lenders blatantly discriminated... Read More
What is a Bad Credit History?
A bad credit history can sometimes seem like a curse...... Read More
The Top 5 Secrets to Managing Your Credit Cards?So They Won?t Manage You
You've probably never heard of Frank X. McNamara, but he... Read More
19,178 Identity Theft Victims Per Day - Are You One Of Them?
Identity theft statistics are shocking. And we are told that... Read More
How did a Thief get my Name? Don?t be a Victim of Identity Theft
How do these people get my name? If you have... Read More
Credit |