A great guide to the credit cards with which to live comfortably and bonafide in the U.S.
Americans have dozens of credit cards. Some pay for gasoline, others for groceries, and keep separate ones for big stores.
The cards have different terms and conditions. Some are good for small payments, while others help raise your credit score to a normal level. You need to understand this once, and it will be clear whether you need a new super-card from another bank. And figuring out this complicated issue will help you MYFIN.
There have always been many banks in the United States. The government, for a long time, forbade them to go national, and even in the famine times, instead of a few large banks in the states worked, thousands of small banks, which did not even have the right to open a branch in another state.
Even now, thousands of them compete with each other with credit programs, meaning different banks give different bonuses for using a credit card. People gamble on those bonuses.
Credit card terms and conditions.
APR is the average annual interest rate on a credit card. When you borrow money, you pay it back with this interest rate. Often the customer is not charged interest if they manage to repay the loan on time, but fees still add up to an APR.
An annual fee is a yearly fee. Not all cards have this. It is a steady amount that you pay using a card.
Credit Limit: The maximum amount of credit you can take out of the card. It's usually lower at the start and then increases with your credit score if you pay your bills on time.
The grace period is when you can pay off the loan without interest. The bank usually gives you 25-60 days to pay it back.
Transfer Fee - A percentage of the amount or a fixed price to transfer credit funds from a card to a card or bank account.
Transaction Fee: A percentage of the payment when you buy something.
Deposit: Some cards only open if you leave a security deposit, meaning you give the bank some amount you won't get back if you don't pay the loan. This is usually a condition of the card for people with low credit ratings.
Additional fees - the money or interest you pay to the bank on different terms.
Cashback is when the bank gives back some of the money you spend.
Rewards - rewards and bonuses for using the card.
Come on; it only doesn't look very easy!
All credit cards can be ordered online; they are sent by mail, which takes a different amount of time. You can pay off debts in various ways; sometimes, it's done with another credit card. Some credit cards must be used constantly for bonuses, others can be forgotten about for a year, and the terms will be the same.