TIPS TO SUCCESSFULLY GET
A PENNY AUCTION CREDIT CARD PROCESSING
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.
information that you need to find out
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
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
Having a bank account.
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
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.