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Fixed Rate Credit Card
Guide To Credit Card Terms
By Darren
Listed below you will find a quick description of the most common industry related terms and phrases. The industry comes with a lot of jargon. You can't be expected to recognise all the technical phrases employed and some of them could be very important. Listed below you will find a quick description of the most common industry related terms and phrases.
Affinity card
A that makes a donation to a charity of your choice based up on how much you spend. In most cases it's best to avoid a charity that encourages you to sign up for such a card. Chances are such a has a higher interest rate than the standard. Don't let guilt cloud your judgement.
APR (Annual Percentage Rate)
calculated yearly this is your overall interest rate presented as a percentage of your balance.
ATM (Automated Teller Machine)
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Sub Prime Loan Bust Extends To Fair Isaac
Fair Isaac has taken a big hit as many people are pointing the blame for the sub prime loan bust on the FICO credit scoring model. Fair Isaac is also seeing a decline in business due to the current credit crisis that is making the demand for any type of loan product very low. The credit crisis has left many people weary or even unable to get approval for any type of loans which means that less people are having their FICO credit scores checked.
Is Home Loan Forgiveness Worth It?
Many lenders are offering their lendees financial assistance with their home loan by offering home loan forgiveness. For many people who are finding themselves in trouble with paying their bills this may seem like a great idea, but in truth it could be potentially harmful. With home loan forgiveness an amount will be forgiven off the loan itself therefore lowering the payments, but the lender will report the money that is forgiven to the IRS which in return the lendee will have to pay taxes on at the end of the year. A person that is considering home loan forgiveness should carefully determine whether this option is the best for their financial circumstances.
How To Get Out Of Credit Card Debt Faster
It is very easy to swipe a credit card and then find oneself later in a large amount of debt. Many people are unaware that the minimum payment that they are making each month on their credit card is simply not enough and that if they want to get their credit card debt down they need to make higher monthly payments. Another key in getting out of credit card debt is that once the money is paid down on the card it is imperative to not use the credit card and accrue any more debt. If there is a need for financial assistance, using an online payday advance can be more debt friendly than using a credit card.
How Your Credit Card Reflects On Your Credit Report
There are many determining factors that make up a persons credit score and one of the major factors considered is a persons credit card history. Having a credit card or even numerous credit cards is not necessarily a bad thing when it comes to how a persons credit score is scored. In fact, a person with credit cards that pays on their cards in a timely manner and keeps a balance of the card can actually gain a higher credit score than a person who completely pays off their credit card.
The Importance Behind Checking Your Credit Report
The accuracy of ones credit score is very important when it comes to the rates in which a person may receive a loan. Since it is very common for human error to occur when data is being entered on a persons credit report is imperative for people to check their credit report for inaccuracies.
Finally A Cut In Interest Rates
The economy has been hindered recently with high rise in home loan defaults and other economic crisis so when the U.S. Federal Reserve cut interest rates by half a percent, a sigh was heard across America. The recent cut of interest rates means that home loans and auto loans will be available with lower rates. The recent interest rate cut was one waited for four years and has caused economy to show more activity then it has in the past.
Cash Advance Loans Are Great For Vacations
When the situation arises to where you may be trying to go on vacation, but the only time that you can take off from work falls in between paychecks, online cash advance loans can get you the money you will be receiving with your upcoming payday. Online cash advance loans are loans in which can be applied for online and received via direct deposit. Cash advance loans can get you up to $600 from your upcoming payday and requires no credit checks.
Stay Up With Vegas With An Online Payday Advance
Going to Vegas is great, but what happens when you run out of money? With an online payday advance the money you need to continue your vacation in style is available up to $600. An online payday advance allows people to have direct access to their payday when they are on vacation and even when they are not on vacation.
Payday Loans Are Great Short Term Loans
When a need for immediate cash arises, payday loans are the quickest way in which one can acquire the money that they need. Payday loans are loans which can be applied for online and can be used for any financial situation one may have in their life. Payday loans are quick and easy to acquire and allow people to avoid the embarrassment of being turned down for a loan from a bank or family and friends.
Stay On Track With Payday Loans
Payday loans are the perfect answer for any person with any credit situation to get the money they need to handle their finances. When a person needs extra money, the money can easily be attained by simply going online and filling out a quick application for a payday loan. The funds from the approved payday loan are deposited directly into the applicants bank account and repaid in the same manner.
cash machine. Utilized to withdraw money direct from your credit card, although in general a fee will also be charged.
Balance transfer
When you transfer your debt 'balance' from one to another. The usual reason for this is to try and keep as much debt as possible on a lower-interest card.
Credit limit
Your credit limit is the maximum amount you can spend or withdraw on your credit card. Spending beyond your credit limit will result in your card no longer being accepted, and you being charged an over-limit fee.
Fixed rate
A fixed rate is one which indicates that you are given a fixed rate on sign up which should stay the same for the period you have the credit card. In practice though interest rates can be changed for almost any reason.
Grace period
The grace period is the amount of time between your spending with the and the time when you start paying interest on that spending. The best credit cards can have a grace period of up to two months, poorer cards may not have one at all.
Minimum payment
The minimum payment is the lowest amount you can pay back to the company each month. You always try to pay more although this is not necessary. Paying only the minimum amount you are not paying back the money borrowed but only the interest. Minimum payments are usually around 2% of your balance.
Sub-prime
A phrase used in the finance industry to describe customers who are a bad credit risk, but are considered worth lending to as the bad credit risk allows the finance company to charge higher fees.
Teaser rate
A 'special offer' low rate. You will see many offers with "LOW 4.9% APR" in the headline followed by "for first six months, 21.9% thereafter" in the small print. Teaser offers can sometimes be worth taking, but not if they tie you in for longer than the period of the offer.
Variable rate
An interest rate that is calculated by adding a figure to the current base rate. Taking this option will allow your to be affected by changes in national interest rates - a good idea if you think they might go down, and a bad one if they're on the way up.
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