Unsecured Credit Card Application - What You Should Know First
The Chinese are credited with coming up with numerous inventions including gunpowder, umbrellas, chopsticks, paper and paper money. Lamentably, (from Chinese point of view) the honors of coming up with plastic money went with early American capitalists.
From the time John Biggins, the inventor of a first bank issued card, had his first eureka moment in 1946, credit cards have evolved to become one of the most versatile ways of paying, and this is why.
Most major stores today will take your credit cards (http://www.credit-cardguides.com/Credit-Card/Credit-Cards.php), so you don't have to haul large amounts of unsecured and unclean currency with you. The only exception is the occasional small store, which only accepts cash. Also, by paying on your credit card in a timely fashion, you build a positive credit history.
Some places, like the United Kingdom, allow for reimbursement you if you make a credit card purchase and the items are not in the expected condition, if you make a claim within a set amount of time, usually 2 months or so. Credit cards are very secure, and even if you are attacked and robbed, you can later phone the issuer of your cards and cancel any cards that were stolen. Also, credit cards make it easy to keep tabs on your spending, as they log every purchase.
Does the credit card work for you or do you work for your credit card? Most people's answer to that question will depend on how they treat their 'old plastic' as credit cards are known.
For many with burned fingers will tell you they didn't realize that things had gotten so bad until very late, because most credit card offers try to sound like they are actually running a charity. Well, they aren't.
This is not a campaign of hate, which is aimed at the credit cards.
They certainly have their benefits; American car rental companies require a major credit card before you are allowed to rent a car.
But, consider this scenario:
You receive an offer in your mail that sounds good, maybe it's a new generation TV or a fridge. But it costs $2000. Oh, but you have a credit card with a $5000 limit, and you immediately purchase your merchandise. Typically, here is how your repayment schedule will play out. Most credit cards charge a minimum of total balance (usually 2 percent) of the total per month. Assuming the interest rate is 18 percent and you choose to repay the minimum amount of $40, $30 of that will go towards interest and only 10 percent towards the principle. As a result, you will take 30 years to repay and end up paying over $5000 interest.
Sounds scary It doesn't have to be. The moral of the illustration is use the credit card the same way porcupines make love; very, very carefully. Be sure to read all the small print when completing credit card apps (http://www.credit-cardguides.com/Credit-Card-Apps/Credit-Card-Apps.php).
Be that as it may, whatever the doomsday prophets say, plastic money is here to stay.
Find articles covering every topic related to credit cards (http://www.credit-cardguides.com/Credit-Card/Credit-Cards.php) at Credit-CardGuides.com, a virtual credit card clearinghouse chockful of helpful information on choosing the credit card offers that best meet your needs, as well as links to low APR credit card apps (http://www.credit-cardguides.com/Credit-Card-Apps/Credit-Card-Apps.php) and the most popularunsecured credit card application (http://www.credit-cardguides.com/Unsecured-Credit-Card-Application/Unsecured-Credit-Card-Application.php)s .
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