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Have you ever received a pre-approved credit card offer that popped up in your email? If not, then count yourself lucky. The majority of those who use email as a matter of routine are receiving dozens of `good offer`s from online credit card issuers. Low interest rates as well as more generous caps on credit purchases are some of the positive features on offer -- and what`s even better is that your credit rating is good enough to get you pre-approval. Looks like a really good deal? Sure it does, but before you go ahead and accept that offer, step back and think whether you really need to have plastic or whether you`re fine without it. Going by consumer surveys, the typical American household has incurred a 10-thousand-dollar credit cards balance in unpaid dues. You don`t want to be one among these numbers.
The most effective step you can take to keep card debt down is to avoid using online credit cards at all. Still, if you happen to get a pre-approved card that greatly interests you, at least know what you are committing to prior to opening your account:
What interest are you paying? Make sure you`re familiar with the interest rate you will be paying. There are two categories of rates: fixed APR (annual percentage rate) and adjustable interest rates that are adjusted according to the current market rate. A fixed APR is probably the wiser alternative, because creditcard providers must notify you ahead of increasing interest rates.
The inexpensive interest rate being offered is typically just an `intro` rate, which means the rate may -- and most likely is bound to -- be raised considerably when the intro period is over. This means that card dues transferred from larger interest rate plastic cards to the new card at an (initially) inexpensive rate could, over time, end up costing more in credit fees. Consequently, ensure that you`re aware of the provisions of the offer prior to the time that you sign on the dotted line to get that card.
Remember that a card can come with more than just a single interest rate -- There`s a possibility that you don`t know that most cards carry more than one rate. The balance transfer and/or withdrawing cash usually attract steeper interest rates. The rate is usually mentioned in your card offer as the rate applicable for your purchases with the online creditcard. Consequently, over a longer term, it`s likely that you`ll be forced to shell out a higher rate of interest if you`ve got a transfer of your earlier card balance or take a cash advance by using your credit card.
creditcard providers may hike the credit fees in case you fail to submit your payment on time. A few
first premier credit card providers will instantly raise your rate of interest from the preliminary `teaser` interest rate to the standard interest rate, even if you are fall behind with your payment even once.
Turn down the new credit card online the card company is offering you when there`s a fee involved -- If there is a fee involved with your new card, you should refuse the offer. Where`s the need to shell out money for any kind of extra charge on the online creditcard when, by just having good credit, you are under no compunction to pay any such fee? If you have good credit, there are bound to be a whole bunch of additional, more beneficial proposals, and you`ll have the luxury of picking whichever one is most suitable for your requirements.
A lot of these cards are merely preliminarily approved. Consequently, when you actually submit an application, the online credit cards company will evaluate your overall credit status more thoroughly, and also cross-check the data that you supplied in your application form. Terms and conditions could change, depending on how you qualify, such as a higher rate or a lower line of credit. And in the event that your application for the card is rejected, the turned-down application will probably be a black mark on your credit standing.
As things stand, in the interests of your own safety, you want to meticulously read the offer - and don`t miss the small print. If you find it hard to clearly comprehend and feel happy about everything you find in the offer, toss the plastic card offer into the nearest bin. Even when you are more than happy with the stated provisions, do your homework in order to ensure that the lower preliminary rate, especially when it comes to balance transfers, will really get you cash savings in the long run.
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