Premier credit card offers are a great way to gain the credit score you need to get approved for loans and credit in general. The card is designed for consumers with weaker credit scores who might not qualify for many other types of credit. However, you should not plan to only use this card for a short period of time. Instead, this is essentially a card to use for an introductory period to build your credit prior to moving onto a traditional credit card that offers better rewards, fewer fees, less interest rates and a greater credit limit. Here are some important tips to help you understand what you should look for when selecting your premier credit card.
-The APR or annual percentage rate is the fee that you will be charged on purchases if you do not pay the full credit limit on time. Most people do not factor in the APR when they choose a premier credit card, but it can hurt your credit score. The APR is calculated by adding up your monthly payment, any annual fees required, the total purchases you make each month and a percentage to your credit score based on how much interest you pay. If you pay your entire credit score amount on time every month, you can expect your APR to be relatively low.
– Creditworthiness is determined based on your history. Any new purchases or balance transfers made within your first year of membership will negatively affect your creditworthiness. This is why it is important to pay your entire credit limit on time every month. If you are just starting to get your finances together, this may not seem like an issue, but you should focus on establishing credit so that you will be able to pay your entire credit limit on time for the first year, then you can consider other options such as a high interest rate premier credit card or a lower introductory rate.
– Other fees associated with your premier credit cards include application fees, service fees, and security fees. Generally, these do not affect your credit score, but you should understand the terms and conditions thoroughly before you apply. In addition to applying fees, many companies also charge a yearly membership fee, quarterly fee, or a monthly fee that can cost quite a bit of money. There are some services that offer cheaper rates, but you may be required to pay for them in advance.
– The most popular type of premier credit card is the secured credit card. Many people prefer this type because they do not have to provide collateral, which keeps the risk of fraud or theft low. Secured credit cards generally offer higher credit limits because of the increased safety that their security allows customers to have. You will not have to worry about damaging your credit score with late payments or missed payments because they are protected from these things. If you plan on paying off your balance often, you should still look for an unsecured card because once you use an unsecured card, it will become a revolving account and you will continue to pay a certain amount on a monthly basis.
Another thing you should consider about your future plans with your future credit limits is whether or not you will need to make a large security deposit. Most secured credit cards require that you make a security deposit each month, whether you spend money or not. This deposit amount may not go towards your balance every month. Usually, your interest rate will be higher if you make a larger security deposit than it would be if you kept your balance low and did not make any purchases each month.
As you look at getting your first card, you should make sure that you have all the information that you need available to you. One way that you can get all the information you need to have available to you is through using a mobile application that will provide you with everything you need to know about your future credit card accounts. With a mobile application, you will not only get to know about your current and future credit limits; you will also get information on how much you will have to deposit into your premier account each month, the APR you will have to pay each month, and the terms and conditions of your new premier credit card account. You will have the ability to apply for your new credit card account online or over the phone and you will even have access to the applications and requirements associated with your new credit card account. A mobile application will make life easier for you when it comes to managing your finances.
If you have considered all the options that are available to you still want to try a secured credit card, you may want to look into a special type of credit card called a no deposit card. These types of cards require that you make a deposit each month that is held in an account. If you do not have enough money in your savings account, you may want to consider emergency savings account just in case something unexpected happens. No deposit cards are available through most financial institutions, and they offer some good advantages, such as being able to build credit score, reduced interest rates, and avoiding the annual fees that other credit cards come with.
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