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Credit Card Canada - Canadian Credit Card Reviews and Applications How to Find the Perfect Unsecured Credit Card for You
In our modern busy lives, having a credit card is no longer a luxury but a matter of necessity which makes the daily ground easier and saves a lots of hassle. Credit cards are a definite must for those who fish out for online discounts, need an immediate cash advance, seek to rent a car, buy a last minute air ticket or even book a hotel.
Unsecured credit cards offer the perfect opopportunity to find and shop for best deals. Opening an account is not always an easy task - potential holders have to satisfy a number of requirements in order to have their application approved. Banks are particularly careful in deciding on the suitability of applicants. In reality, the unsecured credit card is a pre-approved loan granted by the bank to the cardholder. The bank has no guarantee that the holder will return the money because no initial deposit is required.
There is a large variety of credit card offers over the Internet. You can either browse for lucrative deals online or check with some of your local issuers. You need to carefully choose the option that is most suitable for your current financial situation and requirements. It is a good idea to compare the interest rates and the annual fees of various credit card issuers. They tend to vary for the different types of cards.
Many providers will be happy to offer their best deals to persons with high monthly income and good credit score. If you qualify for unsecured credit card, you can choose among various cards that come with cash back incentives. Between 40 and 45 percent of the credit cards come with reward programs, with a variety of card issuers and products on offer. Some of the cash back incentives include: gift certificates, frequent flyer miles, air miles, cash rebates for your higher education savings plan, etc. You have to ask you provider if there is an expiry date for the rewards. Keep in mind that some of the cards charge annual fees and in general, the interest rate on cash back credit cards is higher.
Persons with no or poor credit score may have to apply for a secured credit card first. Naturally, it takes some time before you build a good credit score and qualify for unsecured credit cards which come with low monthly fees and reward bonuses. It is advisable to gain credit gradually, starting off with a gas or department store card or a secured credit card. If you make your monthly payments on time, you will build up good reputation of paying debts on time. In practice, secured credit card will help you rebuild your credit. In a year, you may file an application for an unsecured credit card and the chance is that you’ll get one.
Some banks issue unsecured credit cards to customers with poor credit score, offering a chance to leave bad financial choices behind. The credit line of these cards is relatively small but if you are a timely payer, it may increase over time. Of course, some cards have notoriously high interest rates – poor credit scores show to the bank that your are a high risk borrower.
Today, the credit companies’ competitiveness works to the advantage of the consumer who benefits from the growing number of incentive plans on the market. However, consider the fact that the average household in the USA holds 7 credit cards, and the total US debt stands at $800 billion. It is important to use your unsecured credit card wisely, and not to use a dozen of credit cards at once.
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