NEW CREDIT CARDS 2007 2008 - OPEN CREDIT CARDS ONLINE - APPLY INSTANT CREDIT CARDS

What is credit?

Credit is a privilege and a convenience. Credit lets you pay for electronics on an installment plan, take out a loan for a house, pay for clothing on a credit card, or pay for schooling with financial aid. Credit allows you to make a purchase without ready cash. You get credit by promising to pay in the future for something you receive in the present. But, there are strings attached; credit usually costs something (interest), and what is borrowed must be paid back.

--------------------------------------------------------------------------------

Why do I need credit?

Credit gives a number of benefits you don't get when paying with cash or checks:

Convenient, hassle-free shopping. When you use a credit card to make a purchase, you don't have to carry a lot of cash, pay by check, or present additional identification. A credit card also simplifies and speeds up catalog ordering and currently is virtually the only way to make Internet purchases.


Emergency protection. Credit cards are the ultimate financial security blanket. They can get you through nearly any emergency situation.


Easier budgeting. With a credit card, you can make purchases and pay them off on a schedule that fits your budget. Credit cards also allow you to take advantage of sales and special offers.


Security. If you lose cash, it can be used by anyone. If you lose a credit card and report the loss to the card's issuer before it is used, the issuer cannot hold you responsible for any unauthorized charges. If a thief uses your card before you report it missing, the most you will owe is $50.


Travel expenses. You'll find that a credit card is almost essential for renting a car, purchasing an airplane ticket, or booking a hotel room. Whether you're across town or on another continent, a credit card is the universal guarantee of your good financial standing. And if you need cash, you can get it at ATMs or banks around the world that accept your credit card.

--------------------------------------------------------------------------------

What is a credit report?

When you apply for credit, the lender reviews your credit report before approving your application. Think of a credit report as a resume. It details how well you have paid your bills and used financial tools such as credit cards and checks.

Just like a report card or a resume, a credit report is used to document your performance; in this case, your financial performance.

The report details how well you pay your bills, bank loans and credit card purchases. It also can indicate if you have abused financial tools such as checking accounts and debit cards. Even debts of small amounts, if not paid on time, can hurt your credit standing.

The three major credit agencies which monitor this activity are Equifax, Experian, and TransUnion. These agencies, also called "bureaus," collect and report information about your financial habits and put the information into a credit report.

Below is a list of information that can appear on a credit report:

Your name, Social Security number, birth date and current and previous addresses.
Information about your employers, both current and previous.
Your payment history with major credit cards, department store charge accounts and loan payments.
Your payment history with utility and telephone services.
A list of your accounts (if any) that have been referred to a collection agency.
Inquiries made about your credit history that have been made over the past several years, and whether or not you were granted credit.
Public record information: such as bankruptcies, foreclosures, and tax problems.
Information on a credit report can remain for many years. (This is often referred to as your "credit history.") Since this report is used by others to make important decisions affecting you, it is important to review your credit report for accuracy once a year.

* See our Credit Report section for more information.

Why is it important to establish a good credit history?

Establishing a good credit history is an important part of your personal and financial future. It can help open doors for you or keep them locked. A variety of people and businesses make decisions affecting your future based on your credit history. Banks and other lenders consider your credit report when reviewing applications for mortgages, revolving lines of credit or other loans. Landlords sometimes use credit reports to decide among rental applicants. And a potential employer may even assess an applicant's credit report prior to extending a job offer. Your credit report may also be reviewed when you apply for auto insurance or homeowner's insurance, or even a mobile phone. This is why it is so important to establish good credit.


How do I establish a good credit history?


In short, you can establish a good credit history by consistently paying your bills on time. Remember, to establish a good credit rating you should always pay at least the minimum amount due every month by the due date.

A credit card user is issued the card after approval from a provider (usually a general bank, sometimes from a captive bank created to issue a particular brand of credit cards, such as American Express Centurion Bank), in which they will be able to make purchases from merchants supporting that credit card up to a prenegotiated credit limit. When a purchase is made, the credit card user indicates his/her consent to pay, usually by signing a receipt with a record of the card details and indicating the amount to be paid. More recently, electronic verification systems have allowed merchants (using a strip of magnetized material on the card holding information in a similar manner to magnetic tape or a floppy disk) to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. Some services can be paid for over the telephone by credit card merely by quoting the number embossed onto the card (the credit card number), and they can be used in a similar manner to pay for purchases from online vendors.

On a monthly basis the credit card user is sent a statement indicating the purchases undertaken with the card, and the total amount owing. The cardholder must then pay a minimum proportion of the bill by a due date, and may choose to pay more or indeed pay the entire amount owing. The credit provider charges interest on the amount owing (typically at a much higher rate than most other forms of debt). Credit card issuers may waive interest charges if the balance is paid in full each month, which allows the credit card to serve as a form of revolving credit, or they may choose to apply any payments toward recent rather than previous debt. Interest rates can vary considerably from card to card, and the interest rate on a particular card may jump dramatically if the card user is late with a payment on that card or any other credit instrument. As the rates and terms vary, services have been set up allowing users to calculate savings available by switching card, which can be considerable if there is a large outstanding balance (see external links for some on-line services).

Because profit margins in the credit card industry can be quite high, credit providers often offer incentives such as frequent flier miles, gift certificates, or cash back (typically 1 percent) to attract customers to their program.

A few days ago I went into a restaurant to pick up an order that I had called in.
I paid using my Visa Check Card which is linked directly to my checking account.
The young man behind the counter took my card, swiped it, then laid it flat on the
counter as he waited for the approval, which is a standard procedure.
While he waited, he picked up his cell phone and started dialing. I noticed
the phone because it is exactly the same model I have, but nothing seemed out of
the ordinary. Then I heard a click that sounded like my phone sounds when I
take a photo. Now I’m standing there struggling with the fact
that this boy just took a picture of my credit card. Yes, he played it off
well, because had we not had the same kind of phone, I probably wouldnever
have known what happened. Needless to say, I immediately canceled that card
as I was walking out of the pizza parlor. All I am saying is, be aware of
your surroundings at all times.

A man at a local restaurant paid for his dinner with a credit card.
The bill for the meal came, he signed it, and the waitress folded the
receipt and passed the credit card along. Usually, he would just take it
and place it in his wallet or pocket. Fortunately he actually took
a look at the card and, lo and behold, it was an expired card of another
person. He called the waitress immediately and she looked perplexed.
She took it back, apologized, and hurried back to the counter under
the watchful eye of the man.

All the waitress did while walking to the counter was wave the wrong
expired card to the counter cashier, and the counter cashier immediately
looked down and took out the real card. No exchange of words - nothing at all!
She took it and came back to the man with an apology. Verdict: Make sure the
credit cards in your wallet at yours. Check the name on the card every
time you sign for something and/or the card is taken away for even a short
period of time. Many people just take back the credit card without even
looking at it, thinking that it has to be theirs.

Don’t choose a card just because it offers a zero annual fee. With the exception of airline, poor credit and charge cards, almost all credit cards offer a zero annual fee these days. Credit card issuers know that a zero annual fee is a big selling point with consumers. Competition among card issuers demands a zero annual fee, so rarely will you find a credit card with an annual fee anymore. This doesn’t mean you should reject a card because it comes with a fee. For example, airline cards almost always charge a fee to defray the cost of administering the frequent flier programs.

Don’t choose a credit card just because it has a low introductory rate. Credit card issuers know that low and zero introductory rates are big selling tools because consumers love them. That’s why more and more card issuers offer a special introductory rate or “teaser” rate. What is nice for the consumers is that fierce competition among the card issuers are making the introductory rates better and better (and longer and longer). But don’t let the introductory rate cloud your judgment. For example, suppose two credit cards offer the following introductory rates: Card A offers a 4.9% APR for six months, then a 11.99% purchases APR. Card B offers a 0% APR for six months, then a 13.99% purchases APR. Your inclination might be to choose Card B with the zero interest for six months; however, if you intend to carry a balance on your credit card for much longer than six months, you should always choose the card with the lowest purchases APR, even if it doesn’t offer the lowest introductory rate. Doing so will result in saving you literally hundreds or even thousands in interest charges in the long run if you always carry a big balance on your credit cards. Remember, the introductory rates are only a fraction of the total time the average person holds on to and uses a credit card. From now on when you receive literature from a credit card company offering a special introductory rate, go immediately to the terms and conditions and find out what the regular rates are that kick in after the special introductory period is over before applying for the card.

Don’t choose a credit card because it offers great rewards or cash back: Credit cards that offer cash back or rebates, such as discounts on future automobile purchases, etc., sound great, but they are a very poor deal if the purchases APR is high and you have to jump through many hoops to qualify for the rewards. Too often the rewards are just another selling point for the card issuers, and upon reading the fine print contained in the terms and conditions, one might find quite that the prizes don’t come easy. If someone came up to you and said, “I’m going to make a deal with you. Give me the $500 you have in your wallet now, and three years from today, I’ll give you back $20.” You would laugh, say “no thanks” and walk away, but consumers naively accept a similar deal with many of these types of credit cards.

Accept a cash rebate card only if it offers a decent purchases APR. If the purchases APR is acceptable to you, and the card happens to offer rewards, too, then it is a good card, but don’t let the idea of saving, for example, $500 on your car purchase three years from now, convince you to accept a card with a high purchases APR. If the purchases APR is 24% and you have to maintain a big balance to earn reward points or get cash back, you will incur much more in interest charges than you will ever receive back in cash or future discounted purchases.

DO choose a credit card with the lowest APR possible. If you are one of the 30 percent of Americans who pay their credit card balances in full each month, the interest rate is irrelevant to you, since almost all cards come with a grace period allowing a period of time to pay the balance in full without incurring interest fees. However, if you regularly carry a balance on your credit cards, the interest rates [the purchases, balance transfer and cash advance APRs] should always be your number one consideration in choosing a credit card.

Paying a credit card late fee is the same as throwing your money away. Late credit card payments can also hurt your credit score. The payment tips and strategies here will show you how to prevent these costly fees.

When credit card companies process credit card payments, every single detail is extremely important. Get even one of these small details wrong and you will have to pay credit card late fees.

The Fair Credit Billing Act requires credit card companies to credit payments the day they are received. However, this law also allows each credit card issuer to set their own specific payment guidelines. If any of these guidelines are not met, the credit card company can take as much as five days to credit the payment.

That means you can get your payment to your credit card company on time and it could become late during that five-day period. The credit card company could legally charge you credit card late fees. So it’s in your best interest to follow their payment guidelines carefully. The payment guidelines are usually on the back of your credit card bill.

Here is the five best ways to prevent credit card late fees.

1. Follow Credit Card Payment Guidelines Carefully

This includes everything from a specific payment address to the time of day the payment has to be received to be credited that day. Some companies even require that payments arrive in their preprinted envelope they sent you with your bill. To be safe, always use the preprinted envelope provided by a credit card company.

Include the billing coupon, and write the amount you are paying in the box provided. Make your check legible, don’t forget to sign it and double check that the payment amount is correct. Write your credit card account number on your check and send the payment with the proper postage to the payment address requested by the credit card company.

2 Pay The Minimum Payment Immediately

The best way to prevent paying a credit card late fee is to pay your bill as soon as it arrives. Even if you can only make the minimum payment, it’s better than paying a late credit card payment. You can always make additional payments later to keep your interest costs down.

3 Change Your Due Date

Most major credit card companies allow you set your own due date by just asking. Set your due date so your credit card bill arrives right after you get paid.

4 Automatic Online Payments

Paying bills online is also another good way to avoid paying a credit card late fee. Most major credit card companies are accepting credit card payments online. Just sign up for the service on the card company’s web site. Make sure to choose a payment amount that automatically covers the minimum amount due on your credit card each month. You can always make additional payments later to keep your interest costs down.

5 Make Your Payment By Phone

Most major credit card companies will accept payments by phone. Some of them will charge fees, ranging from $5 to $15 for the service. But credit card late fees cost you much more so it’s better to pay the small fee than a late credit card payment fee. Call the toll-free number on the back of your credit card. They will ask you for a check number and the bank routing number, which is printed at the bottom of every check.

If you do get hit with a credit card late fee, try calling the credit card company and ask if they will waive it. Many credit card companies will waive late credit card payment fees as a courtesy to customers with good payment records.

Copyright © 2005 Credit Repair Facts.com All Rights Reserved.

Would you like to eliminate credit card debt forever? Good news you can. You can eliminate your credit card debt by seeking credit card debt help with professionals that can help you consolidate all of your credit card debt together and have it paid off in less time.

No matter, how many credit cards you own and how much you owe in monthly fees, interest, and payments, they can all be consolidated into one monthly payment that you will be able to afford. With credit card debt help you can apply for a debt consolidation loan that will compile the money that you owe on all the credit cards and then you will be paying one monthly fee. No more fees paid out to various credit card companies.

Credit card debt consolidation will also save you money on the interest that you pay. You will not be paying the interest to each credit card company that you owe. It will now be one monthly payment and only interest on the loan. You will eliminate credit card debt. The credit card debt consolidation loan will pay off the money that you owe the credit card companies and you will have a clean slate.

But, be careful. You can find yourself back in trouble again if you begin to use your credit cards before your loan is paid off. You want to eliminate your debt not add to it. You can talk with a credit card counselor to get your spending habit under control, so you will eliminate credit card debt forever.

If you own a business even out of your home and wish to accept credit cards you should check into applying for a credit card merchant account. This will enable you to take your business to the next step. You will not have to hear the check is in the mail because you will be doing your own credit card processing from your own home, store or office. When you have a credit card merchant account your business will be able to find customers all over the world that love to pay with credit cards. This will help you sell or product or service online and not worry about the waiting for checks.

One major item you will need in order to accept credit cards is a credit card terminal. With this gadget you will be able to swipe your customer’s credit card and receive payments for purchase. If you take orders over the telephone you can manually add their credit card numbers into your credit card terminal to receive payments. You will be able to accept all major cards such as MasterCard, Visa and Discover. These companies do, however, charge a fee as well as the credit card processing company.

There are some companies online that can manage credit card processing for your business and take the burden off your shoulders. You can still use your credit card merchant account and receive the same interest rates and options as before, the only difference is that the credit card processing company will be handling most of the work.

If you have decided to finally join the crowd and apply for a credit card, then you must be ready for credit card comparison. Not all credit cards are the same. There are several types of credit cards available and you will have to choose between different companies and what they offer. You can find 0% credit cards and low apr credit cards. Usually the 0% credit cards and the low apr credit cards are just for an introductory time and then the annual percentage rate fee will go up.

Finding a low interest rate credit card that does not go up after a certain time can also be found, but you will need to do credit card comparisons for several of the different cards. Do not just pick the first one you find that has a great introductory offer. You may miss out on the best credit card to fit your needs. The internet today has made it very easy to do credit card comparison. There are several websites that have each credit card listed with all the information that you need to make your decision. You will be able to compare each option, interest rates, introductory interest rates, apr, and learn about what each card offers that the others do not.

After you have done all of your credit card comparison you will be able to apply with confidence with the company that covers all of your needs. Enjoy your new credit card and give yourself that leading edge with buying power.

You have found yourself in trouble with having too many credit cards and your budget just won’t stretch that far and you are at the end of your ropes. Well, there is credit card debt help out there that can help you consolidate credit card debt and ease your mind. You can even apply for a credit card debt consolidation loan if that is a good option for you. But, before you just run out and find a lender to approve your loan you should seek credit card counseling.

Credit card counseling can help you learn about all the options that are available to consolidate your credit card debt without strapping your budget more than it is now. You need to get out from under the interest rates that are charged on each card each month. You will also have to decide if you need a loan or what other options are available for credit card debt help. You do not want to get a credit card debt consolidation loan and then turn around and find yourself back in debt with all those cards again.

When you seek out credit card counseling, they can help you plan a budget, consolidate credit card debt and also improve your credit rating. When you get behind in your credit card payments it does affect your credit rating and that can be a major disaster down the road if you do not clean up your credit card debt. Getting this debt under control with credit card debt help will have you on the road to a clean bill of health, credit wise.