Wednesday, March 5, 2008

Credit Card Offers

I just received another three credit card offers in the mail today, what a joke! Just read the fine print people, they claim a low interest rate but that "guarantee" is always subject to your credit score and history. Chances are if you have only had credit a short time you will not get that rate.

Some quick things to watch out for:

1) 0% balance transfer offers (these almost always include a fee based on the amount you are transferring

2) "Guaranteed" APR and credit limits, they are always subject to your credit score

3) Applying for too many cards (this results in a lot of inquiries that lower your credit score, it takes two years for these to go away)

4) Defaulting on cards: your interest rate will be bumped up to the highest APR that is legally allowed (usually around 24%!!!)

5) Pre-approved offers do not mean you get the card, they can still deny you. In fact, go to a website yourself and shop for a card that works for YOU. You have access to the same deals they send you in the mail that you can apply for yourself at any time, so don't feel rushed!

Want to compare cards? Try this site:

There are options on there if you have no, little, or bad credit!

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