The Confidential Credit Card Report The Authorities Are Hiding From You!
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TABLE OF CONENTS:

Introduction to Credit Cards
How to Establish Credit
Types of Credit Card Accounts
Compare Credit Cards
Precautions for Credit Card Offers
When You Receive Your Credit Card
Your Credit Card Rights & Protections
Where to Go for Help
What is a Credit Report (And How Do I Get Mine)?
How to Dispute Credit Report Errors
Identity Theft Protection / Identity Theft Prevention (What to Do if Your Identity is Stolen)

 

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Introduction to Credit Cards:
Credit cards are a great financial tool, offering many benefits:

• They can be safer and more convenient to use and carry than cash
• Credit cards offer the ability to buy goods and services now and pay for them later
• They have valuable consumer protections under the law
• Major credit cards are accepted by merchants around the world
• They may provide a source of cash or payment in an emergency
• Credit cards can guarantee hotel or travel reservations
• If you are not happy with a purchase you made using a credit card, you may have the right to withhold payment until the problem is resolved

At the same time, having a credit card is a big responsibility. If you do not use it carefully, you may owe more than you can repay, damage your credit report, and create credit problems for yourself that can be difficult to fix.

To qualify for a credit card you must be at least 18 years old and have a regular source of income. Despite invitations from credit card issuers, you will still have to demonstrate that you are a good risk before they grant you credit. The proof is in your credit report.

Before you submit a credit card application, you may want to obtain a copy of your credit report to make sure it is accurate. If you are new to this country and you do not have a credit history, start by reading our article: How to Establish Credit.

The information in this section will help you make informed decisions about credit cards, including how to compare credit cards, terms to focus on in credit card offers, and steps for identity theft protection.

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How to Establish Credit:

A positive credit history is an asset, not only when you apply for a credit card, but also when you apply for a job or insurance, or when you want to finance a car or a home. Here are three major ways to start establishing a credit record for yourself:

• Consider applying for a credit card issued by a local store and use it responsibly. Ask if they report to a credit bureau. If they do, and if you pay your bills on time, you'll establish a good credit history.

• Consider a secured credit card. To obtain a secured credit card, you open and maintain a bank account or other asset account at a financial institution as security for your line of credit. Your credit line will be a percentage of your deposit, typically from 50 to 100 percent. Application and processing fees are not uncommon for secured credit cards. In addition, secured credit cards usually carry higher interest rates than traditional non-secured cards.

• Consider asking someone with an established credit history - perhaps a relative - to co-sign the credit card account if you do not qualify for credit on your own. The co-signer promises (guarantees) to pay your debts if you do not. You will want to repay any debt promptly so you can build a positive credit history and apply for a credit card in the future on your own.

If you are turned down for a credit card, ask why. It may be that you have not been at your current address or job long enough, or your income may not meet the issuer's criteria. Different credit card companies have different standards. However, if several companies turn you down, it may indicate that you are not ready for a credit card.

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Types of Credit Card Accounts:

 

Credit grantors generally issue three types of accounts. The basic terms of these account agreements are:

 

Revolving Agreement
(Typical Credit Card Account)

You may pay in full each month or choose to make a partial payment based on the outstanding balance. If you make a partial payment, you will be charged interest (a "finance charge") on the portion of the balance you do not pay. Department stores, gas and oil companies, and banks typically issue credit cards based on a revolving credit plan.

Charge Agreement

You promise to pay the full balance each month, so you do not have to pay interest charges. Charge cards and charge accounts with local businesses often require repayment on this basis.

Instalments Agreement

You sign a contract to repay a fixed amount of credit in equal payments over a specific period of time. Automobiles, furniture, and major appliances often are financed this way. Personal loans usually are paid back in instalments, too.

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Compare Credit Cards:

SIDE NOTE:
For instant credit card comparisons and reviews, go now to: http://www.Direct-Credit-Card.com

We highly recommend that resource. And also check out the articles in the “Resource” section. You’ll find tons of money saving, credit management and credit card related “MUST KNOW” information!

Credit card issuers offer a wide variety of terms. When you see credit card offers, consider and compare credit cards terms, including the following, before you select a credit card:

Annual Percentage Rate (APR)

The cost of credit as a yearly interest rate. Low interest credit cards are a good choice for those who plan to maintain a balance on their account (not pay the full amount each month).

Free or Grace Period

Allows you to avoid any finance (interest) charge by paying your credit card balance in full before the due date. If there is no free period, you will pay a finance charge from the date of the transaction, even if you pay your entire balance when you receive your credit card bill.

Fees and Charges

Many credit card issuers charge an annual fee for granting credit to you ($15 to $55 for most cards, and from $75 on up for premium gold and platinum cards); many also charge a fee for a cash advance or if you fail to make a payment on time or if you go over your credit limit. Some charge a flat monthly fee whether or not you use the credit card.

If you pay credit card bills in full each month, the size of the annual fee or other fees will be more important. If you carry a balance, the APR and the method of computing your balance are key terms to consider as you compare credit cards.

• Obtain all credit card terms and fees in writing, including whether a deposit is required.