Secured Credit Cards are just
like regular credit cards only that you can only borrow the money that you've previously transferred to an account.
These credit cards offer many of the same features and benefits of
regular credit cards with the low introductory rates, cash back and reward programs.
Look into those types of extra perks, which often come on top
of regular credit card benefits including different types of insurance, fraud liability protection, and purchase protection.
However, should the merchant not disclose the actual nature of the transactions, these will be processed
as regular credit card transactions.
Personal loan: Interest rates on debt consolidation loans are lower for most borrowers than rates
on regular credit cards.
Usually by the third year you qualify for things like mortgages and car loans and
even regular credit cards, if you put the right steps in place beforehand.
A HELOC has a higher interest rate than a mortgage, but because it is secured by your home, you can still save big over
regular credit card interest.
Your cash withdrawal may also be charged at a higher interest rate than
regular credit card purchases and if you do it regularly, your credit rating might be affected.
In contrast, many
regular credit cards offer much better sign - up bonuses that can result in points or miles and even cash back rewards.
Although not technically a credit card, prepaid cards can be used in much the same way as
regular credit cards when it comes to making purchases and payments.
But there are
also regular credit cards that function in this vein, even if they don't exactly fall in the rewards card category.
If you desire to get out of your bad credit status, searching for credit cards for bad credit can be the way out as you may not qualify
for regular credit card.
If you aren't able to pay off the balance before the promotional period ends, or you make a late payment, you could be subject to
regular credit card interest rates.
Let's take a look at one
regular credit card from Discover: The Discover Motiva has a combined set of features that make it attractive.
It's the first two years after [a bankruptcy discharge] that you have the most discomfort... usually by the third year you qualify for mortgages and car loans, even
regular credit cards if you take the steps to rebuild your credit report.
The interest rates on 0 % apr credit cards are usually higher than that of
regular credit cards after the 0 % apr introductory period has expired.
Avoid credit cards with high interest rates or those that do not offer rewards because these cards do not offer anything more that
regular credit cards do at more reasonable interest rates and with additional benefits.
Prepaid credit cards carry the Visa or MasterCard logo, and are accepted by many of the same establishments that
accept regular credit cards.
People with no financial strength: If your debt - income ratio is already high and you are unable to increase your income, you will definitely find it difficult to get a
new regular credit card.
Business credit cards are sometimes accompanied with annual fees however the have tend to have a favourable interest rate.Also many business cards include an introductory offer although it is usually a shorter time period
then regular credit cards.
First of all, if you want to know where you can travel using miles, you should remember that there are two types of travel credit cards: airline co-branded credit cards and
regular credit cards with rewards on travel.
Fees: Generally, there are many fees that secured credit cards may attract which you may not need to pay when applying
for regular credit card.
As an aside, once you get those credit cards paid off, you'll likely notice that you'll soon start
getting regular credit card offers in the mail weekly.
My niece and her husband, both in their mid-20s, just bought a single - family home, without having a history
of regular credit card use.
If you aren't able to pay off the balance before the promotional period ends, or you make a late payment, you could be subject to
regular credit card interest rates.
Regular credit card companies will issue you a card so that you can use it to make Continue ReadingBenefits of 0 Interest Credit Cards Explained →