What You Need To Know When Looking For A Credit Card

Credit cards have become a major part of the average Americans lifestyle

. Because charge cards have become such a staple in the average Americans lifestyle, a great deal of people are looking to apply for their first charge card accounts. But, what are the important factors to remember when filling out your first application? Unfortunately, this stuff is not tough in school so, here are a few tips that will help:

The first thing that Americans should do when attempting to get approved for their first credit cards is get a copy of their credit reports. A consumer credit report is a list of all the loans that the consumer has taken out. This report allows banks to gauge the risk involved in loaning money to people. It also allows people to make an educated decision as to which charge card accounts it would be best to apply for first.

Once consumers have obtained a copy of their credit report, it is now time to start looking at charge cards options. The consumers that have deemed they have limited/no or bad credit would now be ready to look for credit card accounts designed for people with their credit score. The same goes for the Americans who find they have excellent credit and everything in between. At this point, comparison is the key. Here are a few points to look for when comparing charge card accounts:

Interest Rates: The first thing that Americans should look at when comparing charge card accounts is the interest rates. And yes that is plural. Credit cards generally come with multiple annual percentage rates. These interest rates include the standard annual percentage rates (the interest rates Americans will need to pay for standard purchases), balance transfer annual percentage rates (the annual percentage rates people will need to pay for balances accumulated by balance transfers), cash advance annual percentage rates (the APRs Americans will need to pay for balances accumulated by taking out cash advances), introductory APRs (the annual percentage rates that is used to get people interested in applying for the account. This APRs only lasts for a short period of time from opening the account) and finally the default annual percentage rates (the default annual percentage rates is the rate of interest that people will have to pay if they default on the credit card account. Examples of defaults would be late payments or exceeding the credit line).

Annual Fee: Many charge card accounts offers come with annual fees. Before applying for a new charge cards, Americans need to be aware of the annual fee associated with the account. Generally, annual fees are under $150.00 anything more than this is not a good charge cards.

Rewards: Many credit cards come with great reward programs. This is a result of the overwhelming competition in the credit cards industry. Because the cost of charge card accounts is calculated using the rewards, it is important to apply for a charge cards with a reward program you will use. Consumers who are afraid of flying should not apply for a sky miles credit cards!

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