Choose Your Card Wisely, or Hurt Your Credit

You have many types of Credit Cards to choose from Business, Catalog, Charge, Poor Credit, Pre-Paid, Regular, Secured, Student.
Choosing the right credit card is essential to your financial goals and your reason for a credit card.

Have you received your share of "pre-approved" credit card offers in the mail, some with low introductory rates and other perks. Before you accept, shop around to get the best deal.

Credit Card Terms:

A credit card is a form of borrowing that often involves charges. Credit terms and conditions affect your overall cost. So it's wise to compare terms and fees before you agree to open a credit or charge card account.

Annual Percentage Rate:

The APR is a measure of the cost of credit, expressed as a yearly rate. It also must be disclosed before you become obligated on the account and on your account statements. Some credit card plans allow the issuer to change your APR when interest rates or other economic indicators change.

Free Period:

Also called a "grace period," a free period lets you avoid finance charges by paying your balance in full before the due date. Knowing whether a card gives you a free period is especially important if you plan to pay your account in full each month.

Annual Fees:

Most issuers charge annual membership or participation fees.

Transaction Fees and Other Charges:

A card may include other costs. Some issuers charge a fee if you use the card to get a cash advance, make a late payment, or exceed your credit limit. Some charge a monthly fee whether or not you use the card.

Other Costs and Features:

Credit terms vary among issuers. When shopping for a card, think about how you plan to use it. If you expect to pay your bills in full each month, the annual fee and other charges may be more important than the periodic rate and the APR, if there is a grace period for purchases.

You'll also want to consider if the credit limit is high enough and the plan's services and features.

Useful Tips

Shop around for the plan that best fits your needs.
Make sure you understand a plan's terms before you accept the card.
Hold on to receipts to reconcile charges when your bill arrives.
Protect your cards and account numbers to prevent unauthorized use.
Keep a record of your account numbers, expiration dates and the phone numbers of each issuer to report a loss quickly. Be sure these are not with your credit cards so they are not lost with your card.
Carry only the cards you will use.

http://www.mycreditapply.com -> Your source for credit card information. A large credit card directory to shop, review, and apply for a card once your choice is made. complete with all the above information to assist in your financial decisions.