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Winning The Credit Game!
Everywhere we go, the word credit can be found, shining huge dollar signs in front of our very eyes. Everyday we receive solicitation and promotions offering us credit. Credit actually makes the financial world go round, yet just the mere mention of the word can make many people very nervous. So why does credit get such a bad reputation? It's been my experience that credit falls into the same category as politics and religion. People have very strong opinions about Credit. It has been around since the beginning of mankind. People would borrow either goods or services, to be repaid at a later date with interest. There's nothing wrong with that. And like anything else, it can be used, or abused. There are programs that allow you to borrow from your IRA, or you can borrow from the equity that had built up in your home. Credit card companies often offer promotions to borrow money at a lowered rate of interest for a predetermined period. It's all good news for the consumer. One of the simplest ways to borrow money to use a Credit Card. The choices available are plentiful, with a variety of interest charges, annual fees, loyalty programs, and reward systems. Many companies offer 6 months no interest credit. This is often an excellent way of saving money as you are basically given an interest free loan for those months. It's even more valuable if you are able to transfer some of the card debt from a different company into the interest free loan. The best advice is to make sure you always have the money in the bank, or in a savings account, to pay off your card when you are taking advantage of the interest free promotion. That way you benefit from earning interest on your savings at your bank, but as soon as the interest free credit period has ended, you can pay the entire bill off without being hit for high interest charges. If you intend to pay off you credit card bill at the end of every month, there are many benefit programs and reward packages available. You can receive award points every time you make a purchase with that card. These points can be redeemed in cash or discounts, and can even be used for the purchase of airline miles, etc. Some companies offer a consumer guarantee protection on items purchased with the card, and many will extend the warranties on those items. Many offer discounts such as car rentals, travel insurance, accidental damage insurance for any products you buy. Also some companies charge an annual fee for using their card (especially business credit card accounts), so these should be considered against the cards benefits. If you are not paying off your monthly credit card bills, look for a card that offers a low interest. If you are paying off your monthly credit card bills, look for additional card benefits. Interest free credit periods are good news for saving money. Credit Cards are an effective, and easy way to borrow money for a short time. Be wise and prudent when deciding to use credit. The bottom line is the credit card companies want your business, and there is a credit card out there that can meet everyone's needs. The author has been on both sides of the "credit" table. Through her experience she has been able to teach thousands of people about how to use credit responsibly. Cecily Backstrom is passionate about credit and is the webmaster of Rapidly Moving Credit
MORE RESOURCES:
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RELATED ARTICLES
Good Credit -- Essential for the Prospective Home Buyer Credit is a funny thing. It can be a useful tool in the hands of an informed individual, or a weight of burden to the unsuspecting. Avoiding Credit Card Traps The next time you open your credit card statement, take a closer look at the small insert titled "changes to your credit card agreement". You know the one I'm speaking about. How To Repair Your Credit Report A credit report is run on a buyer when he or she needs to buy something that will take a long-term loan, such as an automobile or a house. The credit report can come from one of three agencies - Equifax, Experian, and Trans Union. Online, Phone, U.S. Mail or In-Person: Where is Your Credit Card and Personal Identify Safest? Identity theft is the fastest growing crime according to the Federal Trade Commission (FTC). It occurs when someone takes a piece of your personal information and uses it without your knowledge to commit fraud or theft. Understanding Your Credit Score When you apply for credit one of the first things almost all credit officers do is check your credit score. Although not all of those officers explained to us what a credit score is, we are all rated according to it and the offers we receive were all dependent on that score. What is Credit Counselling? Ever wondered what is Credit Counselling? There are occasions when you might encounter a financial situation that is beyond your scope which is when a session with a credit counsellor could be beneficial.If you're not disciplined enough to create a workable budget and stick to it, can't work out a repayment plan with your creditors, or can't keep track of mounting bills, consider contacting a credit counselling organisation. 10 Simple Steps to Manage Your Credit By far the greatest invention the banks have ever come up with came out in the 20th century. Also the new field of Credit Management was born with the invention of the credit card. Dont Fall for Credit Repair Scams We've all seen the ads on television or in magazines, shouting, "Erase bad debt!" or "Remove negative entries from your credit report!" If you're a person suffering from a less-than-stellar credit rating, those headlines may seem like the answer to a prayer.The only problems is, those programs don't work, and to add insult to injury, you'll find yourself paying hefty fees to those companies, only to end up right where you started, or worse. Credit Card Is Adding The Silver Lining To Your Pocket In the new millennium plastic money or credit cards has rendered a new zing factor to your pocket. This has not only made you economically more flexible but subsequently added glamour to your financial image as well. A No-Brainer Way Of Getting Credit And Credit Cards What Is Your Credit Rating Now?If you have any charge accounts now, or have ever borrowed from the bank to buy a car, or if you ar paying on a mortgage, there is credit information on you.Up until a few years ago, you could only guess at what your credit rating was, because the credit bureaus who keep track of borrowers wouldn't tell the borrowers anything! But that's been changed through several laws, and now the bureaus have to send you your credit file when you request it. Why Consumers Need a Nationwide Credit Freeze NOW What do a shoe retailer, an online discount broker, and a popular clothing retailer all have in common? All three - DSW Shoe Warehouse, Ameritrade, and Polo Ralph Lauren - sustained breaches to their customers' accounts. Unfortunately, these three are not alone when it comes to security breaches. Rewards Cards: Are They Worth It? Virtually all consumers will have a credit card at some point in their lives. Is this an understatement? Probably, as most consumers carry multiple credit cards. Credit Cards Can Help You Get Out Of Debt Your credit rating / credit score is based upon how you have dealt with credit previously. If you have always paid the full amount owing and never missed a payment then your credit score will be high. Beat Credit Card Companies at Their Own Game! Have you ever wondered how much money a credit card company makes? Have you ever wondered how much of that comes from late fees? Everyone has and if you haven't you should because most likely you own a credit card, which means that these late fees has or could directly affect you.As you have probably taken notice, credit card late fees are on the rise and have been so for awhile. Searching For A Low Interest Credit Card? These days, people need to very carefully consider what type of credit card they will carry in their wallets. There are so many options out there, and each individual has different needs. Preventing Credit Card Mess Credit card debts problem is extremely common today. It is usually the first sign of longer term financial troubles. Credit Card Security Advice Which of the following is the biggest threat to your credit card security?a) Shopping online with a credit card b) Shopping in a real store with your credit card c) Ordering something over the phone with your credit cardThe answer may surprise you. It's b - shopping in a real store with a credit card. The Hazards Of Your First Credit Card You probably don't need me to tell you credit cards are easy to get a hold of; at least, that is so in the US and UK. How many weeks pass without a glossy brochure promoting a credit card popping through your letter box? And that's just your mail; the tv advertising budgets for credit card promotion are enormous, with some famous faces often adorning your screen, smiling beautifully as they tempt you. Ten Steps To Building A Good Credit History Are you thinking of buying a house? Do you want to buy a new car to replace that old wreck? Trying to get insurance on you home, auto, or life? In each of these situations, what's on your credit report will determine if you can get a loan or insurance and what rates you'll have to pay.If you're trying to build or repair your credit history, you have a daunting but not impossible task in front of you. Building Your Credit History Today, credit is an indispensable part of our lives. In order to get the things you need, such as a home or a car, you have to apply for a credit.
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