Credit Time - article...

November 16, 2014

If a person enjoys renting and booking anything, shopping online, receiving loans, etc., then they will need to own a credit card. If you do not like carrying large sums of cash around as a security measure or if you travel internationally it may be in your best interest to bring along a credit card. A credit card today is the intimate companion to cash, sure to be in a marriage for the duration/perceivable future. Though there are services such as Western Union and Money Gram that can come to a traveler’s aid for example if circumstances were to necessitate some immediate cash, but owning a credit card seems to be a great deal more convenient.


The best credit cards are those which can be used at minimal cost and which offer significant rewards for using them. Before you begin shopping for a credit card you may want to obtain a credit card report in order to assess your current credit position; you may be able to obtain the first credit card report free. Some of the top credit cards available now are the: BankAmericard Cash Rewards Credit Card. The Bank Americardhas no annual fee; pays $100 if you spend $500 in 90 days; 1% cash back on all purchases all the time; and 0% APR for 12 billing cycles (including balance transfers).The Chase Freedom Credit Card has a nice 15 month 0% introductory APR and is also recommended for its rewards. If you travel a great deal you might be interested in the sleek looking, metal-made black card by Marriott Hotel, the Marriott Rewards Premier Credit Card. This card is slightly more expensive since after the first year there is an $85 annual fee, but the card provides its users with 7 free nights stay in the Marriott if you spend $1,000 in 3 months.


Some of the best cards for rewards, such as the Discover It offer free monthly credit score as part of the 5% cash back rewards package; though obtaining a credit card report can provide greater benefit than simply the knowledge of your credit score. A credit report can show you a listing of all of your credit activity and history so that for the good of your own financial security, you can view all of your accounts making sure everything is authentically yours. You can also check for inaccuracies or for billing issues that you may want to dispute. If you are interested in repairing your credit signing up with a credit reporting service, which provides constant access to your credit report, is a very good idea. Transunion, Experian, and Equifax offer this access for a monthly fee of approximately $19. If you find a service that offers all 3 credit scores you may want to make sure that this will completely show everything on each of the reports, since there will be items on one of them and not on the other. While you are repairing your credit, you might be partaking in activities such as letter writing to the companies involved with your charge off accounts or in the collections section of your report. You will be asking them to report your bills paid (if you choose to pay them off), and you will want to be able to access these reports to make sure that the company has followed through on reporting them paid. Most of the credit reporting companies offer Identity theft insurance, some of them up to 1 million dollars in coverage. This is a very valuable service which could provide you with not only additional protection due to the regular monitoring, but also to provide compensation as well if someone were to commit fraud with your information. Unfortunately, fraud is really not that difficult to accomplish.


If you use your credit cards a great deal and pay only the minimum monthly payment, you may want to check out the website and use the minimum payment calculator. This calculator will show you how long it will take to pay off the credit card in full and provide the final total. Those who are repairing credit may want to keep credit balances low as this will greatly improve your credit score.




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