Credit Cards Journal

Archive for the ‘Credit Card’ Category

There are a lot of person who has a credit card but he doesn’t know that there has a few types of variety in different credit cards. Some of these are for specific groups of people and others are for those that want additional facilities than just your normal card. There are no specific differentiations between the credit cards. But in basically we can differentiate it into 3 types:

Standard Cards:
This card offered by every bank to the normal users. A standard card is for those people who are not looking any extras in his/her deal. This is the most ordinary kind of plastic card and most of the times these offer the best interest rates. But it will never offer any special features or options. The simply work of it is that, if you want some credit to your name, this is the card for you. There are also some credit cards which are issued for those with bad credit. There are many cards that are particularly for those that have had past credit issues. These cards are generally protected, have inferior credit limits, and might have high interest rates. This card is also a part of standard credit card.

Entertainment or Special Cards:
Travel and entertainment cards are dissimilar, which refers to those that are for a specific group of people. Under this category you will get cards like the student card or travel card or business credit card. Student cards are often nice for students because they have low interest rates and they may not need to be paid off instantly. Others, Business cards offer large credit limits and many other bonuses that come along with them and travel card has also some exciting features.

House Cards:
These cards can be used only at particular chain of stores. Main issuers of house cards contain different department stores oil and gasoline companies and telephone or mobile companies.

Most exciting event for a collage student is to own there credit card. A person owns his/her first credit card at collage. These lead a massive opportunity for the students in collage life because the credit card will help you through in shopping, allow you to shop through the internet or it can be useful in the need of emergency. However if you don’t have a credit card yet then it’s not a big problem, because there are lot of credit card companies in the campus area waiting for you.

The students always should remember that credit card is not free money. You do have to pay the charge that the companies require. Finance charge, annual fee, late payment fee, and cash advance fee are some of the mentionable fees that credit companies will charge you. Among them, try to avoid the cash advance fee because it is expensive and the interest rate are high. Annual fee is the membership fee and the charge will be from anywhere to $20-$100. This fee mainly depends on the company. Finance charge is the fee for your unpaid part of your bill in each month.

The important thing that students should be aware of is keeping there account up to date. Students should always pay off the entire amount in there account in each month, or else the student have to face big financial charges. Another thing the students always keep in there minds that collage year is the important year for student to build up a great credit report, which will be pretty helpful later on the students’ career.

It is not that hard for you to maintain these rules. Just be little careful and use the credit card in a smart way. Always read the full terms and condition before filling out the form, do not shop impulse in you credit card and the best is use it when you really need it.

We know there are many advantages to use a credit card though there are a few disadvantages as well. But after all of those, in my one works on travel, I suggest to tourists to use credit card when they are in a trip. There are some specific reason that why I suggest to use credit cards, suppose you may take a decision to visit to Spain for making a vacation, and decide to change £2500 into Euros but you will most likely have a bad exchange rate. Moreover, all types of commissions and taxes charged by the bank or Post Office. On the other hand, get your credit card and use it on any trip; you get the rate typically be far better.

Sometimes we face such situation that we need to travel but we do not have available cash; in this case, your credit card is very beneficial because with a credit card you can purchase any product now but you may pay later. Another point in its favor, there are some hotels, shops and car rentals accept only credit cards not any cash. Further advantages, if you use credit card, you do not need to carry cash; as a result there is no risk to snatch your money. Additionally, when you purchase any airline ticket using credit card, you will get free travel insurance. Furthermore, it gives you purchase protection for a certain amount of time after one purchase is made. In addition to say, it will provide loss protection; so your card is if stolen; just make a call to your provider to stop it services and re-issue a card. On the other hand, in a trip if your money is stolen there is no possibility to get back it; as a result, you have to face many unwanted situation.

But one thing you should bear in your mind that you must keep each receipt and check those carefully against your credit card statement when you return home and if you get any doubt inform it to your service provider instantly.