Mega Credit Cards

Credit cards can cause people a lot of financial problems, but if used right they can also be a valuable financial tool. There are a number of ways you can use a credit card to your advantage and stay debt-free. If you are looking to get a credit card, then you should think about the advantages that cards could give you:

Buy now, pay later

Credit cards allow you to have free money for any period up to two months. If you pay the balance in full each month then you can buy things that you could not usually afford in one period. For example, if you want to buy an expensive electrical item or piece of furniture, you can put it on your card and spread the cost over this month and the next. If you time the purchases then you can have a longer grace period in which to settle the balance before interest occurs.

Rewards

Having a credit card can give you a number of benefits. Many credit card companies offer loyalty schemes or air miles etc as part of the card service. This means that by spending money on your card you are also getting some added benefits. If you pay off your balance each month you are effectively getting these benefits for free.

No need to carry cash

One advantage of credit cards is that you do not need to carry wads of cash around with you, which can be dangerous and inconvenient. Having a card will also help you in places that do not accept cash, such as when you rent a car or book a hotel. These items require a card to secure the booking.

Insurance

Your credit card offers you a certain level of travel insurance for free. If you go on holiday and use you credit card to book the flights and accommodation then you are covered for certain things. This obviously varies from card to card, but it is something that can come in very useful if you have problems on holiday.

Purchase and loss protection

A credit card gives you greater protection than cash or debit cards. If you buy something on your credit card and it is faulty, you are usually covered in full for around 30 to 60 days. You are also covered if your card is lost or stolen, and of course you dont lose money like you would if you misplaced cash. Cards are a much safer and reliable way of spending than cash.

Travel benefits

Credit cars are the best choice for holiday currency, as they have many more safeguards than other forms of credit. You will also get a much better exchange rate using your credit card than you will exchanging cash. If you are going abroad you should always take a credit card with you.

Credit cards, if used appropriately, have so many benefits. If you want to spend money safely and conveniently anywhere in the world, then use a credit card.

There are so many credit cards out there to choose from that deciding which one to get can feel really daunting. What makes one offer better than the hundreds of others youve seen? Take this little quiz to find out what you should look for in a card.

First, Are You a Student?

If you are, then youll be best off with a student card youll probably have trouble getting accepted for anything else. It would be best to contact the bank where you have your student account before you do anything else.

Do You Have a Balance to Transfer?

If you do, then you need to be looking for a card with a low APR on balance transfers preferably one that stays low for more than a few months, unless you intend to switch often.

Are You Planning to Make New Purchases?

If so, then pay more attention to the APR for purchases, which is usually entirely different to the one for balance transfers. You should also look at what kind of grace period different cards offer, so you dont end up paying interest on your purchases straight away.

Do You Pay Off Your Balance In Full Every Month?

If you have a lot of money or you only keep a credit card for emergencies, then you might just pay it all off each time you get the bill. If you do, then youre in a position where you obviously dont need to worry about the interest rate much at all, since you wont be paying any interest (make sure theres a grace period, though).

Many people dont realise, but the credit card company still makes money from you even if you pay no interest the money shops pay to be able to accept credit cards. The credit card companies want to give you some kind of reward for letting them make this money without causing them any trouble, and you basically have a choice of three things:

Get cashback. For always paying everything off, theyre quite willing to throw a few dollars your way. If you spend much with the card, this can add up to a tidy sum.

Take vouchers. You might, for example, be able to earn points as you spend that get you money off flights, or other rewards.

Give it away. If theres a charity or other cause you support, the chances are that you can donate money to them using an affinity card. This is a credit card that gives a very small percentage of each transaction to your chosen cause, and over time it adds up to a pretty decent donation for them.

Take Your Time

Dont let anyone pressure you into making a decision before youre ready. Any offer that says its for a limited time only is one you should ignore, as theres no reason to do it other than as a sales tactic. Think hard about your spending habits and what you want the card for, consider all the options you can find and then, once youre sure, go for it.

3 Ways To Get Approved For A Student Credit Card

If you’re a college student, you know how expensive books, movies and tuition can be. And if you only work during the summer break, you may be looking for a way to stretch your funds through the cold winter months. Fortunately, a student credit card can help. Find one with low interest and good terms, and you can charge during the lean times and then pay it off when you’re making money on your summer job.

To get a student credit card, follow these guidelines:

1. Find some cards for comparison.

It’s easier than you think. Credit card companies often set up tables and booths at college fairs. You may even find fliers or applications around campus. And you can always find a student credit card with an online search. Be sure that the cards you’re considering are specifically student cards. Credit cards aimed at students tend to have more lenient credit score and credit history criteria, and they also tend to have lower interest rates.

2. Pick the one with the best terms.

Not all credit cards are created equal! Since your student credit card is probably your first, educate yourself a bit about the terms and jargon you’ll encounter. Choose one with a low interest rate, since that’s the “extra” amount your credit card will tack onto your balance each month. Look for one with a longer grace period, too, which is the amount of time you have to make a payment before interest begins accruing. Other things you should look for is a card with no annual fee and a low late payment fee.

3. Apply!

Simply fill out the application–either on paper, online or on the phone–and answer the questions on the form. You’ll need to reveal all the basics, like your name, current address and phone number. You’ll also need to provide them with a “permanent” address and phone number. The application will include lines for information about your school, your school’s address, your enrollment status and your year of graduation. It’s possible they’ll ask about your bank accounts and employment.

If you’re currently employed or have significant savings in the bank, chances are your line of credit–the maximum balance you can hold on your card–will be higher. But even if you only have a summer job, you should still be able to qualify for 500 – 1,000 in credit.