Choosing the Right Credit Card

When a purchase is placed on a credit card, the consumer borrows money from a lender (a credit card company). Credit limits, or the maximum amount of money that can be borrowed, vary from individual to individual.

Before choosing a credit card, be sure to find the one that’s right for you. There are many types of credit cards, including the following:

• Secured
• Zero or Low-Interest
• Business
• Rewards programs
• Student
• Pre-Paid

Criteria that determines and affects credit card approval includes the individual’s ability to make payments and recoverable assets in the event of delinquency. Payments are due in monthly installments; failure to make timely payments results in higher interest rates, an increase in balance due and a lower credit score.

Additional benefits of credit cards are the 20 to 30-day grace period in which the card user has to pay the balance on the card before interest is charged.

Learn more about the application process and interest rates pertaining to credit cards. Fill out the form below and a representative will contact you shortly.