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MOST COMMON FREQUENTLY ASKED QUESTIONS ABOUT OFFSHORE CREDIT CARDS

This article consists of the most common FAQ’s regarding credit cards.

1)    What exactly is a credit-card?

A small plastic card that consists of a magnetic strip and is provided by any financial institution or bank is called a Credit Card. It allows the holders of the credit card to but goods and services on credit.

2)    What are the different types of Credit Cards available in the Market?

There are several types of cards available which fall under 2 major categories: Charge Cards which allow you to buy goods or services on credit but expects you to make the full payment at the end of every month and Credit Cards which also allows you to make purchases on credit but allows you to pay the amount due over a period of time with interest.

3)    Which type of credit card is the best?

There is no perfect answer to the question as it depends totally on the circumstances that you are in. It can be decided only by you as to which type of card will best suit your needs. Generally speaking, majority of the people prefer a credit card with low APR.

4)    What exactly an APR is?

APR is the abbreviation for “Annual Percentage Rate”. The companies that issue credit cards make money in several different methods. One of primary ways is the APR which is interest charged on your outstanding balance each year. For example, if your rate is twelve percent, then you should pay that much interest every year for your outstanding balance.

5)    How to get a low APR?

The APR offered to you is entirely dependent on the credit score of yours. It is as simple as this: for a high credit score you get a lower APR and vice versa. Therefore, to lower your APR you should increase your credit score.

6)    What is a “Secure Credit Card”?

If you did not get approved for the regular card due to low credit then your option is to get a “Secure Credit Card”. In this case you have to deposit an amount to the bank and you get a credit card with a limit equivalent to that deposited amount. The money will stay with the bank as a security for your credit card payments. If you pay your payments religiously then the bank many give you an approval for the regular card.

7)    How to compare the credit cards?

Some of the comparison factors for the credit card are late fees, penalties, finance charges, annual fees and interest rates. There are comparison websites found on the net which you can use to find the best card for you.

8)    How to apply for a regular credit card?

Applying for a debit or credit card is a very simple process of filling out a form and submitting it to the bank. However, applying for the right credit card will take some pain and effort. You can also apply online.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.