Disadvantages of Credit Cards
Are you paying too much interest a month on credit cards? Does it seem like the money you are making, is going out in payments to card companies just as quickly as it came in? Then maybe it's time to look into transferring your balance to new company with a lower interest rate.
Low interest credit cards have many advantages, the most glaring of which is the low interest rate itself. These cards generally do not have a variable rate, which can be tricky and confusing. Rather they usually have a 6 month to 12 month fixed rate. Having this period of no interest can be extremely valuable in terms of paying off debt much more quickly.
This covers you in the event of something going wrong with the transaction and enables you to claim against the credit card provider or the trader.
Before putting the tax bill on a business credit card it may be worth investigating this option first rather than incurring interest charges on the amount via the credit card.
You should also beware "fixed rate" credit cards on which the APR rises automatically on your entire balance if you go over the limit.
Although there are still plenty of opportunities for small businesses with a good credit record to take advantage of business credit cards, lenders will invariably be stricter in their acceptance criteria than during the credit boom of the eighties and nineties.
In terms of time spent resolving problems as a result of theft, 32% of those in the more than six month group spent less than ten hours fixing problems. The number rises to 69% in the less than six month group.
The second finding concerns how theft occurred. 84% of those surveyed responded that they did not know the thief. In fact, only 5% of victims of misuse of existing credit card accounts knew who committed the crime.
Armed with a credit card and a mouse, online shopping is convenient and easy but it comes with some potential traps for the unwary - from rogue traders to inadequate cover from your credit card when things go wrong.
In addition to these low yearly rates, many of these cards will even offer such perks as cash back, reward point bonuses and much more. For those with an established credit history, this is often the top choice when it comes to credit card application.
Low interest credit cards have many advantages, the most glaring of which is the low interest rate itself. These cards generally do not have a variable rate, which can be tricky and confusing. Rather they usually have a 6 month to 12 month fixed rate. Having this period of no interest can be extremely valuable in terms of paying off debt much more quickly.
This covers you in the event of something going wrong with the transaction and enables you to claim against the credit card provider or the trader.
Before putting the tax bill on a business credit card it may be worth investigating this option first rather than incurring interest charges on the amount via the credit card.
You should also beware "fixed rate" credit cards on which the APR rises automatically on your entire balance if you go over the limit.
Although there are still plenty of opportunities for small businesses with a good credit record to take advantage of business credit cards, lenders will invariably be stricter in their acceptance criteria than during the credit boom of the eighties and nineties.
In terms of time spent resolving problems as a result of theft, 32% of those in the more than six month group spent less than ten hours fixing problems. The number rises to 69% in the less than six month group.
The second finding concerns how theft occurred. 84% of those surveyed responded that they did not know the thief. In fact, only 5% of victims of misuse of existing credit card accounts knew who committed the crime.
Armed with a credit card and a mouse, online shopping is convenient and easy but it comes with some potential traps for the unwary - from rogue traders to inadequate cover from your credit card when things go wrong.
In addition to these low yearly rates, many of these cards will even offer such perks as cash back, reward point bonuses and much more. For those with an established credit history, this is often the top choice when it comes to credit card application.
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posted by Credit Counseling at
9:34 AM
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