The ideal number of credit cards is a very individual thing. It depends on a combination of factors, including what type of credit card each one is, your monthly income, the amount of credit available to you and your history of making payments on your credit cards. According to the NS&I Quarterly Savings report issued in June, the credit card UK market is doing booming business, with 4.1 credit cards for every adult in the UK. So is 4.1 the magic number?

In most cases, say financial experts, the right number of credit cards is between 2 and 6. Of those, you should have at least one major credit card – Mastercard, Visa or American Express – as those are accepted nearly everywhere you go and are the most genuinely helpful in the case of an emergency. Other credit cards you may carry include a store credit card – which generally charge interest at whopping rates close to 30% – and a gasoline card. More important than how many cards you’re carrying, though, is how much you owe on them.

One of the things that factors into your credit score is your debt/credit ratio. The credit bureaus compare how much credit you have available to you in relation to how much you’re currently using. If you have one credit card with a credit limit of £1000 and you’re carrying a balance of £500, then you’re using 50% of your available credit. Is that good? That depends on the source of your information. Some lenders would consider 50% credit usage to be unacceptably high. For others, it’s right in their target zone. The most conservative lenders balk at a debt/credit ratio above 25-30% of your available credit.

There are other reasons to limit the number of credit cards you carry as well. When you have one credit card, it’s easy to keep track of your spending and your account due dates. Add a second credit card, and you’re still all right – but what happens when your one credit card turns into 15 in your wallet? At that point, you’re at serious risk of accidentally missing due dates out of sheer forgetfulness – and that will kick up your monthly charges, sometimes on more than just the affected card.

So what is the ideal number of credit cards? Here are some rules of thumb to help you decide if you have too few, too many or just enough:

1. Your monthly credit card payments should be no more than 25% of your monthly income.

2. If you’ve forgotten to make a credit card payment because you just MADE a payment – but it was to another company – you probably have too many cards.

3. If you can only make the minimum payments – and sometimes not even that – then you should consider consolidating some of your debts onto one credit card. UK companies offer many balance transfer cards that can help you consolidate your debts.

4. If you’re not sure which cards are at or close to their limits, you probably have too many.

5. If your total debt is less than half of your total available credit, you’re probably in pretty good shape.

There are some really good comparison sites where you’ll find all the best deals on offer for any credit card UK companies offer. If you’re looking for other credit cards, your first credit card, or a balance transfer credit card to reduce the number of cards that you carry, moneyeverything.com is the ideal first stop.

Author: Jon Francis
Article Source: EzineArticles.com
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Instant approval credit cards are accessible via the Internet as well as directly through the credit card companies themselves. However, when you approach credit card companies directly, the process might take longer than you anticipate as you may have to wait for turnaround. So instant approval credit cards online might prove to be a much quicker choice. Just typing “instant credit card approval” into a search engine gives you a large number of choices.

When choosing the right instant approval credit card online, choose from the website that features a wide variety of credit card companies. This list should have the rates and promotions of each credit card provider. The rates should include the APR rates, annual fees, balance transfer rates and any other rates associated with the instant approval credit card. You could then choose your preferred credit card company and click on their link to read the terms and transactions involved applying online. You could get an instant credit card approval in almost no time at all!

With instant credit card approval, clients get to immediately know whether he or she is eligible for applying for the specific credit card. However, it should be known that “instant credit card approval” and the actual credit card application are two entirely different processes. If your credit card approval is instantly confirmed, it does not indicate that you will be receiving the credit card in a few days. It is merely an indication of whether you are qualified to apply for the credit card. The credit card application procedure commences from the approval.

You need not worry about the security of the disclosed information for instant approval credit cards as the major credit card issuers and banks have highly secure encrypted connections to protect this information. Usually, an instant approval credit card is provided only to a customer who has a good history. However, with today’s competitive credit market, most credit card providers have stretched their limits to offer the credit card to people of differing credit records. It all depends on the provider you approach!

When applying for instant approval credit cards, you have to disclose information like your name, social security number, current address and any previous addresses you have resided at over the years. Of course, the main advantage of getting an instant credit card approval is that this approval eliminates the trouble that is caused while guessing whether or not the company will approve you of their credit card. There is no need to visit a bank in person to find out if you are qualified for an instant approval credit card. You can get the information online, through the Internet. This proves to be rather convenient to all the people who are urgently in need of a credit card.

Although it is generally not recommended to apply for multiple credit cards simultaneously because of the potential negative effect on your credit rating, since instant credit card approvals generally take less than a few minutes, you could try to apply for more than one instant approval card offer. With instant approval credit cards online, there is no need of you to be physically running from one credit card company to the other, sending in your applications. You could simply apply while sipping a cup of coffee on the comfort of your own couch! However, the most important thing to bear in mind concerning instant approval credit card process is that just because you have gotten an instant “approval”, it does not mean that you have instant money. In fact, instant approval can be a stepping-stone into instant debt if you are not cautious, so think twice before you set your heart upon instant approval credit cards.

Author: Robert Alan
Article Source: EzineArticles.com
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The instant approval credit card applications can be done online very easily and quickly. The features vary from one provider to another and you can usually get the application response within minutes. Instant approval credit cards are generally designed for those with very good credit, so before applying for the card online, make sure you start with an honest assessment about your credit worthiness first.

Know your earning capacity and your credit worthiness to start should adequately arm with the proper amount of information necessary in order to compare instant approval credit cards. Obviously, look for the best approval credit card to match your specific needs, whatever they might be. Some instant approval credit cards charge annual fees and some don’t, so be sure to compare and check. While it is generally recommended to try to avoid paying any type of annual fee, in certain instances, paying an annual fee might make sense, depending on your particular circumstances. Look for the instant approval credit card with lowest overall financial charges. Some common benefits of instant approval credit cards online are airline miles, shopping, rebates and rewards, retail, business and cash back facilities. With instant approval credit cards being one of the hottest credit card products currently available in the marketplace, each credit card company has its respective web site that consumers can use to research and learn about the various functions and features of each card product available.

With so many people accustomed to getting things quickly, in order to keep up with consumer expectations and growing competition, card issuers are obliged to speed up the application process. Instant approval credit cards are filling the growing demand for quicker access to credit resources. The instant approval credit card process allows cardholder candidates to apply for credit cards online, without the customary extensive paperwork involved. Now, with secure transactions the online applications have become even more secure than the traditional paper applications which could be stolen from a person’s mailbox, resulting in identity theft. These instant approval credit cards can also be applied for over the phone. Either way, you should know in a few seconds about the approval or the denial.

Once the instant approval credit card has been approved, the applicant will, unfortunately, have to wait to receive the card before being able to tap into the credit line. It’s important to note that some instant approval credit cards have higher interest rates. Therefore, you’ll need to determine whether these expenses are worth the cost of securing an instant approval. With increasing competition between the credit card companies, instant approval credit cards are becoming an increasingly common option even for those with a less than perfect credit history. Some of the instant approval credit cards also include rebates, rewards and cash back programs.

Instant approval credit cards are much appreciated because they are different from the traditionally slow credit card application process; you are either approved or rejected as soon as you submit the application instead of having to wait for days, or even weeks to get a credit card. But remember, instant approval is different from an instant decision. The bank makes an instant decision, without counting in that certain period of time given to the credit company to decide if an application is approved. The banks effectively provide an instant pre-approval regarding your card application, allowing them additional time for the detailed research on your credit history before granting the actual approval. The credit history check typically will take a few weeks to complete.

Potential card applicants must realize that instant approval credit cards are a method used by banks and credit card companies to process applications instantly in order to speed up the decision process based on data they get from an applicant’s online credit report.

Lastly, always make sure to go through banks and credit card companies that offer the highest level of internet data encryption when applying for instant approval credit cards online.

Author: Robert Alan
Article Source: EzineArticles.com
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Now that we know about the basics, let us talk about more important aspects. For instance, how would a teenager handle the credit card? Most of them not only make full use of their credit cards, but also manage to exceed their limits. Are these teenagers aware that credit card companies are keeping a close watch on them?

Have you cosigned your child’s card? Then, act like a responsible parent and explain the finer details of credit card to your teenager. Teenagers may also use student credit cards. No matter what, you have to get involved to ensure that your child makes proper use of his or her credit card. Let us go through some tips to help teenagers understand the importance of best credit cards

Tip #1: Help Them Understand the Importance of Credit

Make it clear to your A small plastic card could do a lot for you. Yes, we are speaking about credit cards. What is a credit card? It is a card that could be used to get cash, goods or services up to a prescribed credit limit.teens that credit cards are not magic cards that spin out money. Do your children receive ads and solicitations regarding credit cards? If they do, very few of them pay attention to it. What should you do now? Explain to your kids how long it would take to settle a given balance.

Tip #2: Truth about Credit Card Companies

Point out the stealthy activities of credit card companies. It is a well known fact that credit card companies prey on the undisciplined and financially unburdened lot of the society. There are two ways to escape their trap. One is not to use the credit card. The other is to exercise discipline in the use of credit cards.

Tip#3: Persuasion Tactics

How about using a credit card sleeve? These sleeves are considered to be excellent marketing tools. These sleeves have messages of warnings in them that could just have an impact on your teen’s mind.

Tip#4: Use Visa Buxx Card

It looks just like a visa card but is far more helpful. Yes, it is, at least for the teenagers. Visa Buxx cards are prepaid credit cards. Here, you could just deposit certain amount of money into the card and that is your limit. Well, Visa Buxx certainly gives the controlling reins to you. You can now make sure that the teens follow your guidelines.

Tip#5: Leave ‘em Alone

Have you set the ground rules? If yes, don’t harp on it again and again. Leave the teenagers alone. For all you know, they may be far more responsible when they are allowed to handle credit cards on their own. Anyway, you can always observe them.

Why should you go through all the trouble of preparing guidelines? It is only because credit card debts are considered to be highly vicious with extremely high interest rates and compound interest calculations. If you fall into the trap, it is hard to get out of it.

Author: Kate Turner
Article Source: EzineArticles.com
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With the help of a 0% APR credit card, it means that you need not only pay the outstanding balance; and what more you could even charge up to the limits without having to sustain any monthly interest charges. However, sometimes, one tends to think just how these credit card companies can afford to provide 0% APR credit cards, and make a profit out of it?

Although 0% APR credit cards may not comprise any monthly charges, it is sure to come with annual fees which you are obliged to pay for the privileges of a 0% APR credit card. These annual fees usually run from $15 to $20 or sometimes, even higher. Having a 0% APR credit card doesn’t mean that you can pay your dues whenever and whichever way you intend to. It IS necessary to make your payments on time, or else, you will have to pay for high overdue fees. For each late payment, the 0% APR credit card holder has to pay fees that may range from $20 to $40. With habitual late payments, these meager amounts may accumulate to a hefty total!

It should be remembered that 0% APR credit cards are usually offered for only a stipulated period of time. This credit card interest may hold good for only a fixed period of time, usually ranging from 3 up to 15 months. On the completion of this period, a higher rate of interest may come in vogue, usually 12% or higher. You could easily transfer any existing credit card balances to a new 0% APR credit card to get 0% interest on the transferred balance. In this way, the credit card holder has to pay less interest for a stipulated period of time, and thus get a chance to clear outstanding balances as quickly as possible.

When applying for a 0% APR credit card, it is always better to read the terms and agreements of the credit card. Not to overstate an obvious question, but why should one do so? Simply because many credit cards may come with a default rate wherein late payments not only incur a late payment fee, but it would also include a default rate that will be added to the annual percentage rate. This in turn doubles the figures on the existing balances and on the new purchases made on the card moving forward. Ouch!

One very important point to take into account when applying for a 0% APR credit card is to read all paragraphs of the agreement, otherwise known as the fine print. This is because though it is illegal for a credit card company to hide their fees and charges, it is nonetheless legal for them to mention these points in small print! The 0% APR credit card companies thus usually announce in large and bold print about their 0% APR but hide the facts that this is only for a limited period of time and any extra fees which might be included are done so in very fine print.

Another trick that is up the sleeve of 0% APR credit card companies is to install sky-high APR’s right after the amount of 0% APR balance transfers are paid down. In other words, the money you first pay to the credit card company is applied to the transfer, and any other purchases you make will be charged a high APR. Sometimes, credit card companies may also go to the extent of sending you a different card than the 0% APR credit card you had initially applied for. In this way, you are not allowed the 0% APR but a different card offer with different terms and conditions. The card issuers typically rationalize this behavior based on the card issuer determining that you do not meet the qualifications for a 0% APR credit card. Qualifications for a 0% APR credit card is usually found in the small print of the agreement, and is usually overseen by applicants!

It can thus be seen that though 0% APR credit cards do seem to be rather inviting, there are some loopholes and tricks to their use. As always, it is highly recommended to read the terms and conditions on the card application agreement for the 0% APR credit card, or any type of credit card application, thoroughly in order to avoid any future problems, headaches or financial surprises.

Author: Robert Alan
Article Source: EzineArticles.com
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As a rule of thumb, you need to use some common sense and there are some tips that shall help you in avoiding credit card scams:

1. Always keep an eye whenever you use your credit card and get it back quickly if you have given it to some other person and try not to let your card out of your sight.

2. You need to be careful while you give your credit card to someone else and never give your account number over the phone unless you are sure that the company is a reputed one. Also it is not safe to give the credit card number over phone to any company who asks you for the same seeking excuses such as “computer problem”.

3. Don’t give any response to emails asking you to provide your credit card information and emails that ask you to go to a website and verify your personal and credit card information.

4. Don’t provide your credit card information over insecure websites.

5. You should sign your credit card as soon as you receive them and shred all the credit card applications when you receive.

6. You should not write your Pin number on the credit card or anywhere near your credit card.

7. Don’t leave your credit cards and receipts lying all around.

8. You should shield your credit card number so that others who are around you could not copy or capture it on a mobile phone or camera.

9. Always keep the list of your account numbers and expiry dates and phone numbers along with addresses of each bank issuing you a credit card at safe places. You need to update this list each time you get one new credit card.

10. Try to carry only those credit cards that you require and don’t carry extra credit cards that you need rarely.

11. You should promptly open your credit card bills and make sure that there is no bogus charge involved. You should also treat your credit card bill in the same way as you check your accounts and reconcile it monthly. Save your receipts so that you can compare them with monthly bills.

12. In case, you find any charges for which you don’t have a receipt or one you don’t recognize you need to report these charges to the credit card issuer.

13. You should destroy and void incorrect receipts and shred anything with your credit card number written upon it.

14. Don’t sign a blank credit card receipt and you can carefully draw a line through the blank portions of the receipts where there is chance to add any fraudulent charges.

15. Even though carbon paper is not much in use but if there is any carbon used in a credit card transaction you should destroy it immediately.

16. Don’t write your credit card account number in a public place for example a postcard or from a place that it is evident to others.

17. Its good if you carry your credit cards separately from your wallet.

18. Never lend your credit card to others and if you move from your existing residence, do notify your card issuer about the change in address.

Visit our recommended website [http://www.credit-card-debt-consolidation-guide.info]

Author: Olivia Andrews
Article Source: EzineArticles.com
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“0% APR credit cards. Limited time offer. Apply today!”

You can’t beat that for a credit card. That’s just like buying something with cash. A great deal, especially if you don’t have cash on hand. But you may be wondering, “How can the credit card companies and banks make money if they aren’t charging interest?” Well, read on to find out whether or not these 0% APR credit card offers are just pulling your leg.

Deal Or No Deal

Every time you buy something using 0% APR credit cards, you pay absolutely no finance charges or interest rate charges on your entire credit card balance. Just think… you can refurnish your home, pay for your child’s college tuition or go out on a spending spree without paying a penny more.

However, most 0% APR credit cards offer only “introductory rates” at 0%. This low rate may be limited to a specific time period, such as 3 months or as long as a year. In addition, 0% APR credit cards often allow you to transfer balances (up to a specific amount) from another credit card to take advantage of the zero interest deal. Once the introductory rate period ends, then the APR can go through the roof.

Okay, so maybe you can’t get 0% interest into eternity. But, if you play your card right, you can still reap the benefits of these unique offers.

Making Zero Interest Work For You

You may already have several credit cards and can’t imagine what you’d do with another. After all… personal finance experts advise against having too many credit cards. Before getting a 0% APR credit card ask yourself, “What is the APR on my credit cards?” and “Do I carry a balance on my cards from month to month?”

The average interest rate for credit cards is around 14%. On the low end, you may have a card that charges as little as 5% interest, whereas cards for those with bad credit or no credit can be a whopping 29%. Retail credit cards tend to have a high interest rate around 19%, even if you have A1 credit. If the interest rates on your cards are up into the teens, then you definitely need to consider other options (a 0% APR credit card), unless you pay off your balances on a monthly basis.

Don’t throw money out the window and into the pockets of the credit card companies. If you have high interest cards and pay only the minimum balance, then it can take years to pay off. $1000 spent could nearly double to almost $2000 by the time it’s paid off. The best thing to do is transfer the balance to a 0% APR credit cards.

Where To Find 0% APR Credit Cards

If you have good credit, chances are you’ve already been bombarded with mail offers. You might even find these special values available through organizations you belong to or companies that you do business with regularly. Other sources include your local banks and credit unions. And don’t forget to search the Internet. It’s a great place to comparison shop for numerous credit cards. Keep in mind that you usually need to have good credit to qualify for a 0% APR Credit Card.

0% APR credit cards allow you to avoid finance charges altogether. If you are in debt, this is especially helpful in that you can pay down your balance much more quickly. But be sure you don’t end up in a situation where you transfer balances from one card only to fill the old card back up again with new purchases. If you’ve been thinking about making a large purchase but don’t yet have the funds and don’t want to take out a loan, then a 0% APR credit card will be like paying cash. Just be sure to pay off your balance before the introductory rate ends and finance charges begin.

Author: Robert Alan
Article Source: EzineArticles.com
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Though credit card companies issue cheap credit cards with discretion, it is possible for individuals with so-so credit to find credit cards that are a good deal. With usage of the card and good credit history, their APR can be lowered as their credit “worthiness” improves.

The key factors to look into when weighing the benefits of two cards that are competing for your credit are:

1) Introductory APR

2) The Annual Percentage Rate (APR)

3) Annual Fee

4) Offers, rewards, bonuses etc

The APR or the yearly rate of interest on the card is one of the prime determinants of the financial benefit that your card offers you. Some low interest credit cards offer an introductory APR of zero. In such cases you need to analyze the length of the introductory period and the regular APR charged after that. The best low interest credit card offers are those with a long introductory period and a low regular APR on your low interest credit card.

Credit card companies usually charge an annual fee. However if your credit history is good enough, some card issuers will waive the annual fee for the first year. The ideal low interest credit card for you is one which aggregates the cost and benefits in a manner that gives you the maximum financial advantage. Having a cheap credit card with low/no APR, and low/no annual fee that also offers customer rewards is like owning a luxury car that guzzles little or no fuel!

Just Before You Get Your Low Interest Credit Card

Most importantly, remember to do your comparison shopping to find the right card. For instance, is your low interest credit card a fixed rate or variable rate card? Cheap credit cards that are variable rate can be billed at different rates without notification. But remember, a low interest credit card rate, like all other credit cards, can be increased only after a 15 day notice when interest rates go higher. A little homework before you apply can save you a lot of dollars later.

Cheap Credit Cards: How Cheap Are They?

Is a cheap credit card really cheap? There are precautions that must be observed in looking at the cost of your low interest credit card over time. Sometimes credit card issuers offer low interest credit cards with an initial APR of zero. After the introductory period, the interest rate rises to negate the potential financial benefit obtained from the initial offer. Also be aware of the method your credit card uses to charge interest. Some rate calculation systems like the “two cycle” system may be costlier than you bargained for.

Low Interest Credit Cards: A Take-Home

1) Low interest credit cards are optimal for those with good credit

2) Find out which credit card is in sync with your needs, taking into account the carrying cost (APR) as well as rewards

3) Be aware of hidden details in your low interest credit card to avoid getting surprised

4) Use good financial sense once you have acquired your card.

Author: Robert Alan
Article Source: EzineArticles.com
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How do prepaid credit cards work?

Although labeled as a credit card, prepaid credit cards function more like debit cards. You will need to place a deposit into your credit card account before you can start charging your expenses to it. In this sense, your deposit amount is also your credit, so it is unlikely that you will spend more than what you can afford. The fact that they are backed by major credit card names such as MasterCard and Visa provides them with the security and benefits of any standard credit card.

Loading limitations

One of the disadvantages of prepaid credit cards is that limitations may be imposed by the credit card companies on the maximum amount of deposits that can be loaded into your credit card account. Thus, this becomes a limitation on the amount that you can actually charge to your card, even though you can truly afford it.

No interest charges and escalating debt

Interest charges are not applicable for prepaid credit card due to the simple fact that you don’t actually owe the credit card company anything. All charges to your card are money that you already have, as the credit card company is not extending a credit line to you. Therefore, you won’t be charged interests on your purchases and also will not be caught in a web of escalating debt.

Service and set up charges

With no interests chargeable to you, credit card companies compromise by imposing other types of charges which are not applicable for standard credit cards. These would include charges for loading your card, monthly membership fees, set up fees or even purchase fees. All of these charges may become quite substantial which increases your cost of using prepaid credit cards.

Enhancing your credit record

As certain credit card companies report your usage and payment history to the credit bureau, having a prepaid credit card can actually help you rebuild a good credit record. With this, you can then revert to a standard credit card after a period of good standing.

Author: Alan Bernstein
Article Source: EzineArticles.com
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You see the ads all the time in newspapers, magazines, TV and on the Internet. “Instant Credit Card Approval – Apply Today!” Now you think to yourself, I could do with a new credit card, especially some instant approval credit cards. I’ll apply now and have my application sitting on their desk tomorrow, and have a new card by the end of the week. You might even use the Internet and get your instant approval credit card online. All you need to do is fill in an online form and you’ll get your card by mail in a day or two. It’s that simple! Isn’t it?

Well the reality of actually receiving instant approval credit cards this way may be a little different. When companies advertise instant credit card approval, their definition of instant and your definition may be somewhat different. Now, to you or me applying for instant approval credit cards means you get your card back instantly – right away. Now for most of the credit card company’s the meaning of instant approval should read -we will start processing your application immediately.

The credit company will check your credit using the information available from credit bureaus. They normally search for information regarding your past credit history and your current status. It’s normal for a bank or credit card lender to get three or more of these reports and analyze them to make sure they make the right decision whether to give you credit or not. Unless you have an exceptionally good credit rating, sometimes as high as the top 4% in the country, then there’s no way you will get instant credit card approval. This type of search and analysis will take up to three days maybe longer. Yes-even if you have applied for an instant approval credit card online. They will still perform the same searches. It’s going to be at least four to five days but usually longer (a week or two) before your card will reach you.

If you have poor credit rating it’s probably not worth your while applying for an instant approval credit card online. When you get to the website of the majority of lenders, you’ll find it says these instant credit card approval offers are normally only available to people who have a good credit rating. It’s important you look closely at the terms and conditions stated by the card issuer or bank. Although most of them will state clearly that to be considered for these kind of instant approval credit cards you must have a good credit rating, it’s still worth applying. The companies aren’t going to break the rules, but they may bend them slightly if your credit rating is near to their qualifying standard. Don’t forget card companies and banks need customers, the person that’s dealing with your application may well take a chance and approve your application.

You may be lucky and receive notification quickly that you have been approved for an instant approval credit card online. The card will be mailed to you, you receive it and you can then go and buy whatever you want. That is quite a common misconception for people who apply for instant approval credit cards. They think they have instant access to the credit that’s been approved. A lot of banks and credit card companies will have a process where you have to validate the card, normally by phone.

As you can see, although instant credit card approval isn’t quite as instant as you might expect, it’s still a lot quicker than the old way of sending an application by snail mail, and waiting weeks for approval, so why not take look at the options available and apply today? An instant approval credit card online might just be what you have been waiting for.

Author: Robert Alan
Article Source: EzineArticles.com
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