Choosing the right Credit Card
All the credit cards are differ in name, benefits, cost, maintenance, etc. When choosing a credit card, you have to pay attention to the following guidelines:
1. Interest rate
This is the interest of the loan, which is paid for using money by card holder to bank. It is understood that a low percentage of interest is best to choose a credit card.
2. Commission and other payments.
This cost of services for a variety of operations on the card. For example, banks often charge higher fees for withdrawals at ATM.
3. Credit Limit
Determine what the maximum amount you want to borrow from the bank. All cards have a limit on the issuance of credit. Limit is determined based on your ability to pay. If you have the higher in income, you may get the higher in loan. With too much limit is the danger of losing control over spending and getting into debt. To avoid this, watch your spending and timely return the debt.
4. Grace period
This is a period of time during which the card holder can make free use of the borrowed funds, and which offer to make only the minimum payment to bank. On average, it is equal to 50-60 days. After completion of the grace period, the bank put interest on the used money.
5. Having additional options
For any card holder is very important to monitor the expenditure of funds, for this, it is worth to activate the SMS alert about the movements of money in the bank or online banking. Also, it is useful to the availability of bonus programs – from the payment of goods and services, you will receive various benefits, such as collecting points to pay for purchases.
To select the appropriate card, you must be aware of those parameters above.
How to get a credit card?
In most cases, the citizens aged 21 to 60 years old may get the card. To receive the card you must fill out an application, in which you need to provide personal information, contact information, information about the work, income, etc. For identification you need a passport or any other photo proof. And the income level of yours will directly affect the credit limit.
There are alternative ways to order credit cards. For example, filling out an application through the website of the bank or a call to the bank. These features are provided by many banks, but not in all banks.
After receiving an application, the bank’s specialists will check the data and make a decision about issuing card. Usually it takes 5-7 days. If you want to get a card faster then for the prompt release within 1-3 days you will need to pay extra.
You can take a credit card from a bank representative by doing customer signs in the receipt of a special document. This holds the all the rights and obligations of the cardholder.
After obtaining a credit card need to activate. This can be done by the PIN when using a card at any ATM, make a purchase at the store, calling the help desk.
From this point you can use a credit card at your discretion.