| A new "Urgent Credit Help" service is available now. Our advisers are ready to answer all of your questions. |
|
|
Credit Cards eZine
Acclaimsecuredcards.com presents the Information Center – a new and improved credit card news service. We will inform you with up-to-date articles on credit cards for good credit, bad or no-credit history. Get information on best credit card deals for student credit cards, cash back credit cards and business credit cards. Learn about the top deals on credit cards with the lowest APR deals and other hot issues.
Danger of Making Minimum Credit Card Payments• Click here to view all Articles... • Click here to view Credit Card eZine Archive... |
|
Many consumers fill in credit card applications in order to avoid or to solve their financial problems or in order to improve their credit history and credit score. It is very easy to use plastics as they give us the buying power and the unlimited time to return the loan to the bank. Some people think that it is very easy, but it is not as simple as it seems! Credit card business brings a lot of profit to the credit card companies, because cardholders make many mistakes. One of the biggest mistakes of credit card users is making minimum payments.
It is well known that credit card companies count on the revolving debt that rolls over from one month to another. All credit card companies, like Visa, MasterCard, Discover or American Express have so much profit, because credit card users pay huge fees and sky-high interest rates!
A minimum monthly payment can be called the worst enemy of every credit card user. An average American household has about $9000 in credit card debt. If they make only a minimum payment every month, it will take more than 30 years to pay off the debt they owe! They will also be obliged to pay really high interest rates. It seems to be very hard to pay off your credit card debt if you make only minimum payments.
Michael Williams, specialist in economics and finances advises you to make 2 or even 3 minimum monthly payments in order to avoid credit debt. You should be aware of the dangerous minimum payments. Only 11% of all credit card users, who make minimum payments, actually realize that they are not making the right choice!
Specialists say that it is much easier to avoid bad credit that to improve it. You should make your payments on time and desirably in full every month. Unfortunately, sometimes some special event or an emergency situation can leave you with some debt, here are some advises on how to reduce it fast. Always remember that the longer it takes you to pay off your debt, the more money you are going to spend in the long run.
Make sure that you are serious about paying of the balance on your card. If you have some option money at work you're a tax return, use it to pay off your credit card debt.
You can also use balance transfer credit cards in order to transfer your debt. All you have to do is to make sure that you do it before the introductory is over.
Minimum monthly payment may seem to be nice and cheap option, but you will pay a heavy price for it. Avoid making only minimum payments, and then you will not have to pay penalties, fees and sky-high interest rates! Only if you are a smart credit card user, best credit cards will help you to solve your financial problems!
Copyright © 2012 www.acclaimsecuredcards.com. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Comments• eZine Comments... |
|
Post Your Comments• If you have something to say, please leave your comments below. |
|
The Latest News |
|
Now that oil prices skyrocketed and the country is trying to cope with financial crisis, car owners find ways to lower the costs of car maintenance. Quite a number of banks introduce co-branded credit offers for making purchases at gas stations and other car related spending. Using an auto rewards card, a customer can earn points redeemable for rebates at gas stations, for purchasing new or used car, auto parts, etc. Besides, you can considerably save on paying for car service, provided that you choose a card co-branded with your automobile manufacturer.
As you see, automobile rewards cards work like any other rewards plastic. Some of them provide cash back and rebates, others imply point accumulation programs.
Many people travel by air on the regular basis - on business or for pleasure. This is why plastics for traveling are very popular, being in more demand than cash back credit cards. Consumers reportingly prefer using plastics with hotel or airmile rewards to regular cash rewards cards because travelling rewards are more satisfactory.
It is a well-known fact that credit cards with hotel and frequent flyer rewards are available for consumers with good and excellent credit history. These people can choose among numbers of bank offers in order to find the most beneficial credit card. A wise consumer who wants to keep his high credit score and save his money, knows the importance of choosing the right card.
The lucky visitors of the next Olympics'2012 in London are going to be twice as lucky because they will not have to carry money with them! Visa, the official credit card provider for the next Olympics, promises that all the purchases will be cashless in the Olympic village. What is more, Visa company announced they will issue quite a number of contactless credit cards which need only swiping over a reader. Thus, a transaction will take no more than a few seconds. Credit cards for quick and safe purchases are going to be used on public transport and will work as entrance cards for different events.
It is no secret that consumers today are terrified by regular reports of ID fraud cases. Every day you come across information about unauthorized charges on credit cards, card losses or phishing via e-mail or phone. Once being a victim of ID thieves, a consumer can spend years on repairing the damage of both credit history and finances. However, there are serious measures taken by credit issuing companies. It is quite understandable, because fraudulent activity also results in the significant losses that banks incur.
A group of lenders from Canada and the USA in cooperation with Visa Inc. started a new program for protecting customers from credit card fraud. The program basically provides real time alerts about all suspicious transactions with your credit cards. Thus, the service widely known as fraud alert has become more convenient and fast.


