Information Center – News and Articles about Credit Cards
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Credit Cards and Their Shortcomings
January 25, 2008
No denying that credit cards made our trade relations much easier. With plastics we get more buying power. And, of course, using credit cards is much more convenient than carrying cash rolls with you. Owing a credit card enables you to make online purchases, make reservations at airports, restaurants, hotels, etc.
According to latest surveys, over 80% of Americans carry credit cards. The average American has 8 to 10 plastics in his or her wallet. They just cannot imagine their life without this little plastic device. Even at an interview for a new job your future employer will ask you about your credit history. However, together with all those benefits and opportunities plastic money gives you, credit cards have their shortcomings.
Credit Cards' Downsides
Nothing is perfect in this world. And one of the main credit cards' drawbacks is that they give you a delusive feeling of your full financial freedom and unlimited buying power. Driven by a temptation to get new clothes, furniture, electronics, a car, a house after all, we slide our credit card though a card reader again and again.
The bad thing is you always have some money available on our accounts and you can make a purchase anytime. People often just do not think or even forget that they will have to pay the money they have spent back. And this, as you understand, leads to credit card debts.
The next sufficient disadvantage of plastics is that your credit card deal is accrued an interest rate that augments your money loans you are to repay. But that is an inevitable evil that you can put up with. Unlike the fact that your primary interest can change. Nothing in this world lasts forever. And you APR is one of the least long-lasting thing. You can get a credit card with a 0% intro APR. But later on it can jump up to 39%. At this point, filling out credit card applications, you need to read your card deal's terms and conditions carefully, especially the fine print.
Another trick with credit cards you can get into is your minimum payments. Credit card companies often set lower limit for you monthly balance pay-offs. They allow you to make just a minimum payment. And it seems to you that it is really a great concession on the part of your creditor. In fact, this minimum payment often makes up just 3% of your balance. Do simple math and count what a huge amount of money you will lose on your interest during just one year.
One more downside of plastics is that despite all security measures that creditors take you cannot be perfectly safe from credit fraudsters' attacks. They can steal your card or your identity as well. Credit card scammers invent new sophisticated ways to get to your personal information. And you should be extremely careful with cash advance operations. Some of the PDQ machines print your entire credit card number. Make sure you put in some safe place. So, it will not be stolen.
All in all, credit cards and risk go along. But you should definitely take advantage of using credit cards; you just need to remember what shortcomings they have and what hidden pitfalls you can face.
News about credit cards
06:48:15 AM Thursday, September 11, 2008
It is not just Hollywood celebrities, popular rock stars, models and other publicity persons that America admires. Businesses are not left out either. Every year Fortune magazine publishes a top-list of the US companies that performed better than others. "America's Most Admired Companies" are chosen by independent experts and surveyors of Hay Group.In order to choose the top ten companies from different industries, experts carefully study the companies' activity on 8 criteria. They are quality of products and services, quality of management, financial soundness, innovation, people management, long-term investment value, social responsibility and use of corporate assets. Wonder what companies hit the charts this year?View full story... Comments (0)
06:24:02 AM Thursday, August 21, 2008
Some 50 years ago an ordinary person could not imagine that half a century later very few sale operations will involve cash money. But today everything is just the other way round. Few people would step outside without a little plastic in their wallet. Credit cards are a frequent and welcome guest at any store or supermarket.Credit cards invaded our life. They have become omnipresent. But this sort of coexistence is pleasant for cardholders, as plastics make our life more convenient and give us more opportunities. But credit card companies decided to go further. It seems they want to turn plastic cards into a person's best friends. People and credit cards can become a finger and thumb. Now they can be inseparable even in the air!View full story... Comments (0)
05:33:37 AM Thursday, August 07, 2008
We know credit cards as a finished product. A credit card for us is a plastic card with certain features and options. But have you ever wondered how a piece of plastic and the idea of a new credit card product merge and turn into another cash back, low APR, business, etc. credit card prepared for use? Do you know what is developed and produced first - a plastic card itself or different features and terms of a credit card program?Credit card manufacturing is a complicated process. And you will barely ever get a chance to watch the complex work of professionals producing the cards. Credit card processing center is a closed establishment with limited access. But we can reveal some of the credit card manufacturing secrets to you.View full story... Comments (1)
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