Get a Credit Card - Best Place to Apply

By: Bryan Burbank

A credit card is a plastic card that when issued allows the user to make charges on an account. This account then becomes a debt that the person holding the card is responsible for paying. Most commonly people will apply for credit cards and depending on what your credit score or rating is you will be approved or declined. If you are approved then there is a limit that is set on your card which is the amount they are loaning you. If you go over this limit there is usually a penalty that you will have to pay.

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Some people get a credit card and a debit card confused because they look similar. A debit card however is attached directly to your bank account and when you make a purchase using it then you are deducted that amount directly form your bank account.

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Basically a credit card allows you to carry a balance every month. There is an interest rate that is attached to the card and this is the annual amount you will be charged on the balance that your credit card has on it. It is important to know that you should look for the best rate you can when applying for a credit card because it can save you a lot of money.

It is also important to understand that you should always make timely payments on your credit card because when you are late or miss payments then the credit card issuer will raise the interest rate to the maximum amount and that is usually between 25 to 30%.

Every month the credit card holder will get a statement that will show the charges that were made during the previous month and what interest rate is being charged. It is very important that you check and make sure that the charges that are on your statement are your and that everything is accurate as far as the rate of interest you are being charged.

A credit card can be a great way to give you some flexibility every month when it comes to buying things you want before you get paid. Try to always stay within your limits of what you can afford because getting into credit card debt beyond what you can afford can cause you great problems with your credit score.

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