Using Low Interest Credit Cards For Vacations

Many of us go on vacations every year. Going on a holidays are a great way to relax and bond with the family without the pressures of work. Many Americans go on vacations during the summer months between April and September and as a nation, we spend billions of dollars on holidays. A survey conducted by Visa USA showed that American Cardholders planned to spend an average $1,654 on their summer vacation, while 'mega vacationers' spend over $5,000 on their summer vacation. (source: http://corporate.visa.com/md/nr/press708.jsp)

Spending Big on Vacations without Cash

Traveling with big wads of cash is not a smart choice. This is especially so when you intend to enjoy the finest of wine and food, travel on first class and checking into 5 star suites. You would not want a bulging wallet sticking out like a sore thumb on the streets of Paris. Credit cards are the next best invention after jet lag pills for vacationing.

Using credit cards is much easier to carry and also keep track. Cards take up less spce and can be kept in your pocket. There are even some credit cards which comes with a neck chain. Nowadays even if you travel to many developing countries, credit cards are widely accepted. You also will not need to ensure that the foreign currency in your wallet is enough for the next meal.

Easy Accounting of the Spouse's Purchases

Unlike cash, credit cards make managing your receipts much easier. When you purchase something, records from that purchase will be sent by your credit card issuer at the end of the month. This can be used as a proof of purchase in many cases, especially when your luggage gets lost in transit. You will always want a backup cos things do go wrong and when it does, you can always fall back on the credit card statement.

Low Interest Credit Cards versus High Rewards Credit Cards

There are many people who only use their credit cards for vacation purposes only. In these cases, many would like to accrue reward points since they will be spending sizable amounts on the air ticket already. Then there are others who prefers a low interest credit card. This is especially so for vacations that stretches beyond a month or two and you are not able to make payments until you get back home. In these instances, a low interest credit card makes better sense.

Many credit cards also allow cash advances from ATM in many countries. If you are venturing into less developed areas outside the cities, getting some cash for the trip would make sense. Then in such instances, a low interest credit card will be better suited to your needs. You can also have a peace of mind when you make that large purchases, knowing that the interest will not accumulate over your head by the time you get back home.

In essence, credit cards can make your holidays easier than ever. You can earn rewards and cash back with purchases you make using your card. And you can avoid high interests with a low interest credit card. Cash may be king in many areas, but when you are traveling light, cash is overly bulky.

Jared L

Getting Your Credit Card Online. Internet Application for Credit Card

Application for credit cards traditionally takes weeks, even for credit card offers that arrives in the mail pre-approved. These days, the internet has made everything much easier. With online application, you will get an approval within minutes. Of course you will also get a rejection within minutes too.

Immediate Response If You have Good Credit

For those of you with good credit, you will not have any problems being approved online for a credit card at all. Competition for credit cards are very cut-throat and low interest credit cards are readily available. The APR or interest rates for such cards can sometimes range below 7%. However these low interest credit cards are often designed for people with excellent credit ratings.

If you are unsure of your credit ratings, you should check out what is your credit yourself before applying online. This is because the online banks or lenders will retrieve and scan through your report when you apply online. Each disapproval for a credit card adds to your bad ratings. Make sure you routinely check your credit ratings. At the minimum, twice a year, to know where you stand.

Applying for that Credit Card Online

After you have looked at your credit report and determined how good your credit rating is, you can apply online for an immediate approval. No matter which credit card company you apply for online, they will ask for your personal information, such as name, phone number, social security number, age, employer and income etc.

Please read through the terms and conditions carefully before filling out the application online. You should review the APR or interest rates, as an introductory low interest rate on the credit card may only be applicable for the first 6 months. After which the interest rates can rise back to above 10%. This is important to note. After entering the application, the bank will pull your credit report using your social security number.

Things to Note for Online Application

Always use a secured/encrypted website for credit card application. If the bank or lender does not have a secured website, or it has a unnecessary long website address, this should raise some eyebrows. You are sending personal information and should always be extra careful. You do not want to be a victim of identity theft.

The other thing to note for online application is the availability of information and comparison sites for credit cards. You can easily find reviews or comparison on websites via google or yahoo. These sites allow you to easily compare the features and benefits of each card before application. You should make use of these services, as they earn a commission from each approval they sent to the credit card issuing banks or lenders.

If you’ve been approved, you can expect to receive your credit card in the mail in a few days. Applying for a credit card online is the preferred way to receive a credit card as the respond time for approval is amazing. There are hundreds of online credit card companies looking for your business - which gives you tonnes of choices when choosing the right credit card for you.

Increase Your Credit Limit on Your Credit Card

All credit cards come with a credit limit. This is often pegged to your credit worthiness as well as your monthly pay. A higher credit limit will allow you to purchase that expensive toy/ring that you have been eyeing. However beware of the temptation to over-spend, as the interest rates on the credit card is always waiting for you. With great power comes great responsibility..

Tips for Raising Credit Limit

In order to up your credit limit, the first thing to do is to increase your credit worthiness. Basically you must be able to prove to the banks that you are a trustworthy borrower and that they do not have to worry about non-payments from you. This is one of the key things that banks or lenders look out for when they check out your credit report.

You can let the banks know that you are a responsible credit card user by informing them when you are making a very large purchase, which is beyond your usual credit limit. You can request for a temporary credit limit increase and after purchasing the item, you would want to be able to pay for it by month's end. This will demonstrate to the banks that you need a higher credit limit and that you are able to pay for it easily.

Once you prove to the bank or credit card company that you can be trusted to borrow money, they may raise your line of credit. This strategy is useful but you are likely to have to call them a number of times before they will realize that you have a need for higher limit. A good way to let them know is by telling them that you would like to have a higher limit and ask the customer service officer to check your history. They will likely accede to your request if you have been paying off those purchases on time.

Another great way to get that credit limit increase is to use your credit card at every chance possible. This will show the bank that you are a loyal customer to the bank and you can even inform the customer service officer that you use their credit card exclusively. The credit card that you use for this purpose should be a low interest credit card, otherwise you may face compounding interest in a very fast manner.

Paying on time and paying the entire amount is always desired. You want to show that you can afford the type of large purchases that the banks liked in their credit card customers. If you follow the above tips, you will get your credit limit raised higher. Once you have the higher credit limit, you must be careful about over-spending as the temptation and ability to buy the latest gadget have grown stronger. Just remember the credit card interest rate has not gone down.

Repair Your Credit with Bank Secured Credit Cards

There are many credit cards for all types of consumers. Many of us who has a good credit rating are flooded with too many choices. However for those of you who may have a bad credit score, of whom wants to repair their credit, one of the best options is a bank secured credit card. Not only can a bank secured credit card help you to repair your credit, it works like a usual credit card, so that your friends does not have to know.

Same Look and Feel Like a Traditional Credit Card.

Banks secured credit cards look and work like traditional credit cards. The difference is that the issuing bank will use your bank account balance as a collateral. Your credit limit depends on how much you have in your bank account. The bank will take money out of your account when you are late in paying your credit balances. Bank secured credit cards ensures that neither yourself nor the banks lose out in anything when they issues a credit card to a person with bad credit.

Rebuilding your Credit bit by bit

Bank secured credit cards are highly suitable for those who have a bankruptcy or simply do not qualify for a line of credit due to bad credit or no credit history. By using bank secured credit cards and paying the monthly balances on time, you will be taking steps towards rebuilding your credit. Make sure you are able to pay your bills on time and the banks will recognized your discipline and credibility. Subsequently you will be able to apply for a unsecured line of credit or better known as a credit card.

No debts with a Bank Secured Credit Card

A bank secured credit card will only provide you with a balance that equals to what you have in your accounts. You will not be able to spend more than that. That means that you will not accumulate any debts. One detail to note is that the banks will take money out of your account if you fail to make payments on time monthly. Although this seems to be a back up plan for payments, do not allow it to happen as it will affect your credit score.

Late Charges Apply as Well

Like a standard credit card, bank secured credit cards can hit you with late charges when you do not pay your bills on time. These late charges incur interest charges and can compound faster than you think. The compounded late charges and interest charges can add up quickly that your bank account can be easily drained. Make sure you pay your bills on time and you do not have to worry about these types of charges.

For those who need to rebuild their credit, a bank secured credit card is a great card that can offer you the benefits of a line of credit as well as a facility to build your credit score. Most banks allow such secured cards but they do not readily offer to anyone who comes in through the door. Make sure your credit card bills are paid on time and once you have build up a decent credit, you can apply for a standard credit card; get a low interest credit card then.

For those who have bad credit or need to start building credit, a bank secured credit card is a great place to start. These cards can lead you to an unsecured credit card, providing you pay your bill on time. Almost all banks offer these credit cards, all you have to do is ask. Once you have kept your credit card in good standing for a period of time - you’ll have the satisfaction in knowing that you are taking the right steps in rebuilding your credit.

Getting Cash Back with your Credit Cards

Traditional credit cards, even low interest credit cards, offer rewards like air miles, dining vouchers and even gifts like LCD TV. The types of rewards that credit card issuing banks offers are mind boggling, but more recent, cash rebates are becoming very popular. This is because most people prefers to recieve cash over the usual rewards, which may not always be what they desire.

For a lot of people, the idea of recieving cash is way better than air miles or even LCD TV. Think about it, cash offers you the flexibility of buying anything you desire and not be limited to only what the banks offers. This can also be thought of as another form of discount of the credit card's interest rates.

Higher Fees and APR


Normally, these types of credit cards entail higher fees and APR. You don’t want to carry a high balance on these cards at any time, as it normally ends up very costly. If you can off your balance at the end of the month, then your APR won’t affect you. Paying off your bill will also allow you to take full advantage of the cash rebate reward.

The percentage of cash back will vary, although most normally have 1%, with 5% being applied with certain purchases. For every purchase you make using your cash rebate credit card, you’ll get a small amount of cash back. Using your credit card on a frequent basis will give you a lot of cash back at the end of the year.

Getting Cash Back for Large Purchases

When you make large purchase, you will likely be getting a sizable cash back on your credit card. However you should check your terms and conditions before you use that card. This is because many such cards have a limit on the monthly cash rebates and you may be better off with using a high rewards, low interest credit card. But if your card is one that offers cash rebates without limit, it will definitely help in lowering the price of that large diamond you are dreaming off.

Interest Rates versus Cash Rebates

Remember. The better the cash rebates, the higher the interest rates or APR will be. Interest rates is where the banks make their money. If you make large purchases thinking that the cash rebates will help to offset the interest rates, you would be in for a rude surprise. Never use a cash rebate credit card to help with your cash flow problems, the high interest rates can compound fast.

Always research the rebate credit cards and find out what are the other features and terms. There are many credit cards that actually offers a competitive APR, due to the competition between banks. You should compare all such cards and then decide which is the one for you. If you are the discipline sort who pays your monthly balances on time, a higher cash rebates (even if it comes with a higer interest rates) can be right for you. Just make sure you pay on time.

Jared L

Can you Avoid Credit Card Debt With a Low Interest Credit Card?

We see many people saddled with credit debt everyday. Debt from credit cards can be very stressful, and can lead to many unwanted destabilizing situations. Anyone can run into credit card debts, even people who are holding a low interest credit card can run into debt if they are not careful. Credit debt is never a good debt as the supposedly low interest or low APR can quickly add up with compounding effects. This can lead to bankruptcy and the downgrading of your credit report.

Getting in Debt is Easy to Do, Getting Out is Difficult

Remember this, getting in credit card debt is easy but getting out of it is something that takes a lot of work. Just because you are holding on to a low APR credit card does not eliminate you from harm, once you start letting that minimum payment slide from one month to the next, you have started the ball rolling. Choosing a card with low interest is step 1, step 2 is to ensure that the monthly balances are paid in full.

Even if you go to an agency or company that specializes in helping people get out of credit debt, it will not happen overnight. To get out of debt, it will take you much time and effort to get the debt under control and begin the long process of rebuilding your credit. This can sometimes take years.

Learn About Personal Finance

You will need to learn more about credit, managing your money and finances in general, in order to defend yourself from falling into debt. Personal finance is an important education. Just because you know that low interest credit cards are better than high APR credit cards does not make anyone a financial expert, you should pick up more tips on planning for your finances by reading and taking courses from the community college, for example.

Learn to create a monthly budget for all your expenditure and use your credit card only when necessary. The low interest credit cards can help if you really need to stretch your payments, but learn to do that as an exception not a norm. If you stick to a plan and avoid steering away from it, you’ll not have any problems staying out of debt.

Get Rid of High Interest Credit Cards

If you have other credit cards that you don’t really use, such as store credit cards that are known for high interest rates, you should get rid of them. If you have a lot of open accounts, you can also look for debt consolidation, which will combine all of your debts into one single monthly payment so you can get them out of the way quicker. By using debt consolidation services, you will only have one bill to pay and the interest are usually lower.

Pay Your Balance in Full, Even On A Zero Interest Credit Card

When you receive your credit card bills, you should always pay more than just the minimum. Ideally you should pay the entire balance. If you only pay the minimum amount, you could get yourself into credit debt very fast as you can get yourself in a situation where you are only paying nothing but interest. Every month, you should strive to pay the minimum amount and then some. Paying more than the minimum amount will also help to pay off your credit card bills faster as well. That low APR credit card is just an excuse to pay just the minimum.

If you are already in credit debt, there is still help. You can find debt management or debt consolidation services that can help you to reduce your debt. No matter how dire the situation, there are always ways out of credit card debt. Look out for a good debt consolidation agency who can help you. But remember, pay your bills on time and not just the minimum and you will be able to stay debt free.

Jared L

Getting a Low Interest Credit Card with a Positive Credit Report

Credit Cards are a common item in our everyday life. Almost everyone above 21 has a credit card nowadays, even people who has bad credit. Credit Cards are directly linked to your credit report. When you abuse your credit card, your also negatively impact your credit standings. This can have substantial impact on your future applications for other credit facilities.

Banks and Credit Companies reward credible and trustworthy credit card customers. Customers who pay on time are important to banks as we provide stability to their cash flow and ability to loan greater amount of money. Low Interest credit cards are often only available to customers who have a good track record i.e. a positive credit report.

Don't Let Your Credit Card Destroy Your Credit

Banks and lenders will use your credit report to screen all their credit card applicants. Most banks and lenders have a portfolio of credit cards that they can offer you. Naturally they will offer their best products to their best customers, and these customers have positive credit reports. Your credit report is hence an critical factor for your credit and it can determine the whether the banks or lenders will offer you that low interest credit card. Paying your bills on time is now of the key factors that determines your ratings.

The majority of people are responsible borrowers and would not want to damage their credit report. Paying your bills on time and maintaining positive reports will demonstrate to the banks and lenders that you are a credible person. If you have too many credit cards, this can also damage your credit reports, even if you pay your bills on time.

Having More Than One Credit Card Can Have Negative Impact

When you rely on too many credit cards, lenders may see you as a likely candidate for overspending. Banks and lenders will fear that you will hit the spending limit on all your cards and be unable to pay them. Although this is not from an unlikely scenario, you will be tempted to spend beyond your means with the availability of fast credit. Try to maintain only a few essential credit cards.

Something else you will also need to keep in mind is the fact that it can be really easy to miss a payment on your credit cards. Although this doesn’t sound bad, it can have a very negative look on your credit report. If you start missing payments or paying them late, the lender will eventually enter it in your credit report. This can have a negative impact, lowering your beacon score and eventually bringing down your overall credit rating.

If you play it safe and only get one or two credit cards and keep a track of how you use them, you won’t need to worry. Your credit report should always be a primary concern, and you should always do your best to ensure that it stays free of negative ratings. If you keep up things up to date - you’ll enjoy the benefit of a positive credit report. And perhaps that low interest credit card

Jared L

How To Choose A Credit Card? Is a Low Interest Credit Card The Best Choice?

You have probably search the internet for credit card options and would have know by now the enormous amount of options that you have. There are credit cards which offers you the lowest interest rates, the best repayment terms and even cash rebates. And that is just the tip of the iceberg. How does one choose the best credit card among the thousands of credit card options that is suitable for him/herself? The card that you choose should reflect and suit your lifestyle and spending amounts. Is a credit card with low interest rates or APR the one factor when you choose a credit card?But I am jumping way ahead of myself, the first thing you will need to decide when selecting a credit card is why do you even need one in the first place? Isn't cash king? Some people apply for a credit card to manage monthly cash flow, while others are atracted by the incentives and rebates that are given to the customers who uses the credit cards. With a credit card, you are able to make purchases and buy goods without touching your cash, until the end of the month. In this way, not only can you let your cash gain interest in the bank account, you can also increase the flexibilty and freedom in your purchases, as long as you pay your credit card bills at the end of the month, before any interests get accured.

Low Interest Credit Card for Quick Cash

There are others who will choose to get a credit card for instant cash purposes. In such cases, credit cards with low interest rates will be attractive. Such needs are for people who want to use their credit card at the ATM and get instant cash for travel expecially before they go to places without credit facilities. If this is your reason for looking for a credit card, a credit card with low interest rates will be especially important for your consideration.

Options and Incentives Other Than Low APR

After you get a credit card, you will also need to consider the payments. You need to decide if you want to pay the balance in full at the end of the month or just the minimum required amount. With a low interest credit card, you will have the option of defering payments with minimum interest. Hence when you compare credit cards, you should look at the introductory rates, balance transfer rates, and other offers that apply to new credit cards applicants. Some will offer you amazing deals and even zero interest rates, especially if you have good credit.

Another important area to look at when comparing credit cards is the incentives. There are many cards out there that will give you attractive incentives, such as reward points and even cash back with purchases that can be used towards paying the balance. There are several common incentives out there with credit cards, all you have to do is look around and compare.

Paying Less Interest Is Still The Most Important Criteria
The key area that you should look at and compare is the interest rates and APR (Annual Percentage Rate). The interest rate on the credit card or the APR is what you will have to pay on what you purchase when the incentive period runs out. APR rates varies among credit cards, so it is always in your best interest to shop around. The lower the interest rates or APR rate you get, the better off you will be.

One more area to look out for is the minimum payment amount. Typical minimum payment balances starts around 3%. There are some exceptional ones that can be lower while others tend to be higher, hence it pays to look around. The interest free period is a concern too, as you will naturally want to choose the longest period that you can keep the payments down.

After comparing and choosing the credit card suitable for your lifestyle and needs, you should always make sure that you know exactly what you are getting. Whether be it low interest rates or attractive incentives, credit cards are double edge swords. They are great to have, but they can be troublesome when the interest on that low interest 8.8% credit card starts accumulating. Put some time to research the various credit cards available to you, you will definitely find one suitable for you. A credit card with low interest rate is a important criteria, but consider the other incentives and options. Sometimes the rebates can outweigh the low interest. And dun forget to pay your bills on time.

Jared L