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    Applying For Credit Card: Invest2

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    Haider Shah
    Applying for a credit card requires considering several important factors: [1] The annual percentage rate (APR) is the cost of borrowing and should be compared across cards, along with fees, charges, and incentives. [2] The minimum repayment amount is typically 3% of the balance or £5, whichever is higher, and must be paid if the full balance isn't paid off each month. [3] Some cards charge annual fees that accrue interest if not paid in full. [4] Introductory interest rates are low or zero but increase after a set time period, so the new rate should be considered. [5] Loyalty points or cash back rewards require meeting spending thresholds and

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    Applying For Credit Card: Invest2

    Uploaded by

    Haider Shah
    77 views4 pages
    Applying for a credit card requires considering several important factors: [1] The annual percentage rate (APR) is the cost of borrowing and should be compared across cards, along with fees, charges, and incentives. [2] The minimum repayment amount is typically 3% of the balance or £5, whichever is higher, and must be paid if the full balance isn't paid off each month. [3] Some cards charge annual fees that accrue interest if not paid in full. [4] Introductory interest rates are low or zero but increase after a set time period, so the new rate should be considered. [5] Loyalty points or cash back rewards require meeting spending thresholds and

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    Applying for a credit card requires considering several important factors: [1] The annual percentage rate (APR) is the cost of borrowing and should be compared across cards, along with fees, charges, and incentives. [2] The minimum repayment amount is typically 3% of the balance or £5, whichever is higher, and must be paid if the full balance isn't paid off each month. [3] Some cards charge annual fees that accrue interest if not paid in full. [4] Introductory interest rates are low or zero but increase after a set time period, so the new rate should be considered. [5] Loyalty points or cash back rewards require meeting spending thresholds and

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    77 views4 pages

    Applying For Credit Card: Invest2

    Uploaded by

    Haider Shah
    Applying for a credit card requires considering several important factors: [1] The annual percentage rate (APR) is the cost of borrowing and should be compared across cards, along with fees, charges, and incentives. [2] The minimum repayment amount is typically 3% of the balance or £5, whichever is higher, and must be paid if the full balance isn't paid off each month. [3] Some cards charge annual fees that accrue interest if not paid in full. [4] Introductory interest rates are low or zero but increase after a set time period, so the new rate should be considered. [5] Loyalty points or cash back rewards require meeting spending thresholds and

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    Applying for Credit Card

    By invest2 dated: 20-Octobar-2019

    In the world of money and banking, every person is well acquainted with credit cards. They offer
    tremendous ease to their customer while shopping and buying various goods. It allows the card holder
    to borrow money against a line of credit. When you a purchase any good using credit card, the money
    from your account is deducted which comprises the good’s price and interest.

    Things to look at while applying for credit card:

    In this section we will discuss some significant things that one must consider while applying for a credit
    card:

    Annual Percentage Rate (APR): This is the cost of borrowing on the card, if you don’t pay
    the whole balance off each month. You can compare the APR for different cards which will
    help you to choose the cheapest. You should also compare other things about the cards, for
    example, fees, charges and incentives.

    Minimum repayment: If you don’t pay off the balance each month, you will be asked to
    repay a minimum amount. This is typically around 3% of the balance due or £5, whichever is
    higher

    Annual fee: Some cards charge a fee each year for use of the card. The fee is added to the
    amount due and you will have to pay interest on the fee as well as on your spending, unless
    you pay it in full

    Charges: Check in the credit agreement what other charges apply to the card. You will
    usually be charged for going over your credit limit, for using the card abroad and for late
    payments

    Introductory interest rates: This is where you start off paying a low rate of interest or none
    at all. The rate then increases after a certain amount of time. For example, it could increase
    after six months or from a certain date. You’ll often see an introductory rate for balance
    transfers. If you are comparing cards, look at how long the introductory rate lasts as well as
    the interest rate it changes to at the end of the introductory period
    Loyalty points or rewards: The points add up depending on the amount you spend and
    you can then use them to buy goods. Sometimes this is in particular shops. Check how and
    where the rewards can be used and think about how likely you are to use them.

    Cash back: This is where you get money refunded to your card, depending on how much
    you spend. Check that you are likely to qualify for the cash back. For example, it may only
    apply if you pay your balance in full each month. A lower interest rate may be a better deal.

    Hope this article would have assisted you a lot in gaining knowledge about things to be
    considered while applying for a credit card.

    Thanks.

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