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TIPS TO SUCCESSFULLY GET A PENNY AUCTION CREDIT CARD PROCESSING ACCOUNT

 The financial institutions such as banks are competing fiercely against each other to grab the largest piece of the cake in the credit card industry as it is a very profitable business. They even hire several marketing agencies to bring in customers for them. The agencies provide offers to potential customers by mail or by phone. They tell them about the free credit cards, low APR rates, money back schemes, special bonanzas and pre – approved credit cards.

The hard fact to digest is: credit through a credit card never comes free. There are various kinds of fees, interest, credit terms and more eat away a lot of your hard earned money. These cards are a luxury which allow the consumer to Buy Now and pay later, which finally results to people spending much more than what they can earn or handle.

Before you go in to apply for a credit card you must know the advantages and disadvantages of it and make conscious efforts all the time to cut off the disadvantages.

Some important information that you need to find out is:

The advantages of having a credit card are:

  • It is much safer than handling cash.
  • Prevents loss of cash even if the card is stolen.
  • Using it wisely will build you a good quality credit report that will work in your favour when you apply for any kind of loan.
  • It is highly useful in emergency situations such as urgent hospitalization, accidents and any other unavoidable circumstances.
  • It allows you to purchase the stuff you like immediately and pay for it later.
  • A few companies also offer accident and travel insurance free of cost to their credit card customers.

But the greatest risk of having the credit card is, you getting carried away to find yourself in a huge pile of debt.

To become eligible for the credit card, you need:

  • To be older than 18 years.
  • Have a steady income or the guarantee of a parent with good credit report.
  • Having a bank account.
  • A phone.
  • Good credit score or credit rating. Your expenses must never be more than your income. The ideal expenses to income ratio are 0.5.
  • To get the Master or Visa Card your annual income should be more than $12,000. If not the only other choice is the secure credit card.

Types of credit cards

There are several types of credit cards including the unsecured classic and standard cards with a limit of two thousand dollars and high interest rates.

The Gold and Platinum cards are given to only those customers with a high quality credit report. These have highly favourable terms and conditions and low interest rates. The limits on these cards range from $2000 and can go up to $100,000.

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