Credit card interest rates apr

As you are most likely already aware that credit card interest rates can be very high with rates of 30% annually, depending on your credit history and credit card issuers are getting more and more diligent watching for late payments and over limits and may raise your interest rates and lower your credit limit because of it. The annual percentage rate (APR) is the interest rate you will pay if you carry over your balance from month to month, take out a cash advance, or transfer balances from another credit card. If your like most who sometimes may carry over a balance each month, you should be more interested in a credit card that carries a lower interest rate, but the lower interest rate means you need a good credit score. Credit card companies may charge a yearly fee in addition to the interest rate. Many card issuers, including most of the largest credit card issuers, have started lowering interest rates to below the 18 to 19 percent levels that were common through most of the 1980s and early 1990s. If you have unpaid balances from previous months, there may not be a grace period for your new purchases. The grace period can help you avoid finance charges by paying your balance in-full before the due-date. There is usually one annual percentage rate (APR) for purchases and another for cash advances (usually the highest), and yet another for balance transfers. The Federal Reserve System surveys credit card companies every six months and has a easy to understand explanation of commonly used credit card terminology, and a survey of major credit card companies which is updated twice a year. The Federal Reserve plans to require credit card companies to give consumers at least a 45 day notice before they can raise interest rates and to provide clearer info on the fees. The Federal Trade Commission also explains credit card terminology but also has information on where and how to file a complaint.

Preventing identity theft and credit card fraud how to protect your credit information

According to a recent poll by Experian, one in five Americans has reported they have experienced some form of identity theft. If it happens to you, and your identity is stolen, you might be in for a lengthy hassle that could cost you your credit rating and leave a permanent blight on your financial records. How Credit Card Theft Starts Thieves start by targeting your personal information: Social security numbers, bank statements, tax reports, credit card debit information and passwords, or even your checkbook. Don’t leave this valuable information lying around at your office, or in your car. Be aware that you are leaving a door open for anyone to get access to your bank account or credit card information. Question anyone who asks for your credit information, including employers; find out what their privacy policy is and get a copy of it. Shred all documents no matter how insignificant they may seem to you. In addition, don’t ever lend your credit card to ANYONE, including family members, unless you are willing to take on their debt personally. Many family arguments have ended up in court with bitter feelings from one time casual credit card or debit card lending that got out of hand. When you apply for a credit card, be certain that their online application is secured, and the privacy notice is posted. Spotting Signs of Identity Theft * If you’ve frequently been missing your credit card bill, or your mail keeps getting “lost” contact the post office immediately. If you live in an apartment complex , find out from your superintendent or manager if you can change your mailbox key. A missing bill could mean that an identity theft has occurred and the billing address has been changed. * If you’re suddenly getting credit cards (not just a credit card offer) from companies that you didn’t apply. Call these companies and find out if you are the account holder; if not verbally cancel the account and follow up with a written letter. * If you’re being denied credit, or your credit card terms are suddenly being changed to higher interest terms, for no obvious reason. * You’re suddenly getting phone calls and letters from creditors about purchases you did not make. How to Protect Your Credit Information The best protection is constant awareness of the use of your credit information. Choose your passwords carefully. Avoid using any easily available information, such as your mother’s maiden name, your birth date, the last four digits of your SS#, or your phone number. If you must use this type of identifier in opening an account, request a password change immediately after opening the account before it slips your mind. Secure your credit information at all times, even around your house--if you’re having work done on your home, or if you’re having a big party, or your roommate brings home guests. Don’t give out any information unless you know exactly how it will be used and by whom. The Best Defense for Your Credit Security: Stay vigilant. Review your credit card statements every month, and question any suspected purchases by contacting your credit card issuer directly. If you suspect an unauthorized purchase, send a letter to your credit card issuer detailing the item in question and any reference numbers. The credit card issuer is required to investigate your claim and report back to you, in writing, of their findings. You can also request a free annual monitoring report from each of the major consumer reporting agencies: Experian, Equifax and TransUnion. A recent amendment to the Fair Credit Reporting Act requires that these credit reporting companies provide these reports to you at your request, every 12 months. It’s your credit. Protect it! Copyright 2005 Ed Vegliante.

The great stress reducer instant online approval

In my vast experience within the realm of credit - and personally debt, lots of debt - I've found that instant approval credit cards are pleasant to acquire. It's similar to going to a job interview and being told by the receptionist that you can have the job. Now this may be because of over a decade of baseball I've played (the decade where you learn how to play, not the decade of being able to do it as a job), but the comparison that arose in my mind, the first time I received an instant approval card, was that of a pitcher throwing the ball over the centerfield fence for you, without you ever lifting the bat from your shoulder. Maybe that's a stretch, but you get the idea. It's nice. All the stress and strain and worrying that comes with the approval process normally is not present. Just a straightforward 'yes, absolutely, you can have some credit.' I should mention, though, that there is usually a down side to a good thing, and instant approval credit cards are no exception. If your credit is not up to the issuer's tastes, you will be met with an equally quick 'no.' This can feel like being pegged by that same pitcher while you sit in the dugout putting on batting gloves or eating a sunflower seed. I will say, though, having been through rejections and approvals of many degrees, that an instant 'nope' is better than a 'no way you're getting one of these' response that you waited weeks to hear, which is a fate one can encounter with other cards. Now there is one mistake that ought to be avoided with instant approval credit cards. When you get your application approved, remember it is the credit aspect that is instant, not the physical card. It takes usually a business week or two for your card to actually arrive in the mail. I discovered this the hard way. I received my instant approval online while I was shopping around the Internet for old rock and roll paraphernalia. My heart was nearly broken when I could not immediately purchase a frayed and slightly burnt guitar strap that once belonged to the rhythm guitar player for a band that opened for Credence Clearwater Revival. What? What? Don't look at me like that. You've probably purchased weirder things online than that, come on. Anyway, that was how I learned that instant approval doesn't mean instant license to spend, which ought to be kept in mind for those of you about to get a card. Also, remember that instant approval does not mean a definite yes, it means an instant thumb-up or thumb-down. But you have to admit, the prospect of knowing in seconds what you normally wait days or weeks to find out is an attractive possibility. And while not all cards issuers will respond within a minute or two, most online applications are processed quickly. A electronic reply can be had in no more than a couple days. And that beats the postal reply method hands-down.