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Credit cards are like fast cars - they permit you to accelerate the pace of your usage, but they bear risks of accidents if you do not know your vehicle and drive as well fast. Like driving a car, using credit cards must be done consciously and along with caution. And like buying a vehicle, shopping for a credit card requires the customer to understand the advantages and risks of different choices. When shopping for a credit greeting card, be sure to understand the conditions and terms before you choose: Annual Percentage Price (APR). How much are a person paying to borrow money? The interest rate or Apr (APR) is the percentage cost of credit on the yearly basis, plus any other financial charge. The higher the interest price or APR, the more you purchase borrowing. Be aware that interest rates may increase whenever you pay past the due date or review the minimum balance. Annual Fee as well as Other Fees. How much does the charge card company charge you yearly for while using card? Annual fees are not contained in the APR, and they can add substantially to the price of credit. Credit Card Minimum Payment. What is the minimum payment that you need to pay each month? And if you don't pay your minimum payment, how high would be the additional fees? You can establish good credit should you make regular payments and pay balance in full each month. This will even help you avoid incurring additional fees because of late payments. Grace Period. How much time are you given to repay a purchase without paying interest? A grace period will help you to avoid finance charges on current purchases by paying the statement entirely on or before the due day. The longer the grace period, the larger your chances of avoiding interest costs. Credit Limit. What is the most of money you can charge in your credit card? Generally, it is wiser to begin with a lower credit limit. This can help you control your spending and is usually cheaper. If you know how your car works and how you can drive it safely, it can consider you places. The same is true for charge cards. If used responsibly, they also enable you to establish your credit history. Use it wisely and gaze after a good payment record - and you will be in the fast lane towards a proper credit score. TIP: Before you chose credit cards, compare fees and terms of numerous credit greeting card offers. Avoid credit cards with a good annual fee, a monthly fee or perhaps a fee for not using the greeting card. Finally, be careful of introductory prices. A low introductory rate may be a very high rate after six several weeks. Bottom line-learn how much the charge card will cost before you apply for just one!






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