Important Things to Look for When Choosing a Credit Card

General

When you are going about choosing a credit card, there are certain things that you will need to be aware of. This article will help you make the right decision on a card that can match your needs. The last thing you want to do is apply for the first card you come across. When you start to do your research, you’ll quickly learn that each card is very different in its own way.

Introductory Rates

A lot of people are anxious to get a credit card that comes with a ridiculously low or even no interest rate, but there’s usually a catch. This is typically only the introductory rate, so it only lasts for a certain amount of time. After that period of time has expired, you will have to start paying a significantly higher rate.

It is important that you look at the fine print with each card before applying for one in particular. If an interest rate on a certain card seems too good to be true, it probably is. You need to know exactly when the rate is going to change so you will be prepared. The credit card company should have this information listed on their site, but not all of them do.

Balance Computation Method

Not all credit card companies use the same method to come up the amount you pay for your monthly finance fee. You should look for companies that use the adjusted balance method, as it usually results in the lowest possible amount. Companies that use the average daily balance method typically charge more for this recurring monthly fee. You will have to keep this in mind when you are examining your options.

More Than One Interest Rate

There was a time where every single credit card had just one interest rate, but today that is no longer the case. These days lots of credit cards have multiple rates, so you will have to be aware of that when you are shopping around. There is a rate for purchases, another for cash advances, balance transfers and other things. You will have to look at each of the rates for the cards you are interested in before deciding which ones to apply for. This will help you save a lot of time and needless frustration.

Variable vs. Fixed Interest Rates

Some credit cards come with fixed interest rates while others are variable. A fixed rate will always stay the same no matter what, whereas variable rates can change over time. While it might seem like fixed rate is the way to go, it isn’t quite that simple. The fact is that a variable interest rate can work in your favor, but there is never any guarantee. Most credit cards these days come with variable interest rates, though there are some exceptions. You should consider this before deciding on a certain card to get.

Fees

Every single credit card comes with a multitude of fees that you need to be aware of. There are annual fees, late fees, balance transfer fees, and fees for going over your limit. You absolutely need to find out what the fees are with each card you look into. This will help you make the best possible decision overall. Look for credit cards that do not charge an annual fee, as this can save you some money. It might take a little bit of research, but it is well worth the effort.

Grace Period

The grace period is basically the window of time you have to pay off your credit card charges without incurring any interest. The length of this period varies depending on the card, which is why you will need to consider it carefully. The longer this period is, the easier it will be to pay off your card without spending any more money than necessary.

Privacy Policy

Take a close look at each credit card company’s privacy policy so you know exactly what it says. Believe it or not, most of these companies tell you right in their policy that they can share your information with third parties. If this makes you feel a little uncomfortable, you aren’t alone. Make sure that you take the time to read this fine print before agreeing to anything.

Choosing the right credit card can take some time because of all the different options that are available. The more research you do into your options, the better off you are going to be. It is crucial that you make a point of considering all of these things so that you do not make the wrong decision. A credit card can be incredibly helpful for a number of reasons, but you don’t want to choose just any of them to apply for.

7 Ways That You Can Pay for Your College Education

General

If you are determined to earn your college degree but need financial help, there are a lot of options available. It is crucial that you take the time to review each of the methods outlined in this article so you can get the money you need. There is no question that college has gotten expensive, which is all the more reason to get this information. This article will help you get the quality education you deserve.

  1. Apply for Federal Student Aid

The first thing you want to do is to go online and apply for FAFSA, which stands for Free Application for Federal Student Aid. It can provide you with significant funds that you will be able to use towards your education. This can be done entirely online, but it takes a while. You will be asked a lot of information, so be patient. Make sure that you fill it out right away so you can get the funds you need as quickly as possible.

  • Get a Scholarship

There are tons of different scholarships that you will be able to get to help pay for your college education. Take the time to do some research online so that you know what your options are. There are many scholarship opportunities that you can apply for. Remember to look at the specific requirements for each one so that you can save yourself some time. You won’t need to pay back any of the money you receive from scholarships.

  • Consider Many Different Schools

You will be able to find a lot of great colleges all across the country, and it is a good idea to look into some of the more affordable options. It might be a good idea to start off at community college, as it is a lot cheaper than a state college or university. You might also want to think about enrolling in a technical or trade school.

  • Grants

Another great way to pay your way through college is grants from the state or federal government. There are plenty of different grants out there, so you will have to explore your options. It is important that you do this research so that you can get the money you need for your education. The Pell program is one of the best grants available from the government, so you should look into it right away.

  • Work-Study Jobs

A lot of young people finance their education by getting a work-study job, which will give you a steady income while cultivating connections that can help you after graduation. You will be able to apply for one of these jobs in the FAFSA application online. There are tons of wonderful opportunities that you need to look into before making a decision. You will need to be eligible, but you should be able to find something.

  • Dip Into Your Savings

If you have any money saved up, you should consider dipping into it to pay for college. It is well worth the investment when you consider how much money you can make after you get your degree. You should look at your college education as an investment, because that is precisely what it is. There are many people who pay for their educations this way, and it can be quite effective. Just make sure that you don’t spend all of your savings so that you still have at least a little bit left over for emergency expenses. It is very important for everyone to maintain a rainy day/emergency fund.

  • Look into Private Loans

You can also get loans from private lenders to pay for tuition, books, and other college-related expenses. There are lots of these lenders out there, so it is crucial for you to explore your options. These days more and more people are getting private student loans for a number of reasons. It is a very fast and easy way to get the money you need to fund your education. There are private online-based lenders that offer both short-term loans and long-term installment loans. Take as much time you as you need to review these options before making a final decision either way.

The more ways you have of paying for your college education, the better off you are going to be. Earning a degree can be very expensive, so you need to use all of the methods you can for financing it. Just make sure that you are careful about who you borrow from, as there are many lender options available. Federal loans can be of great help to lots of college bound individuals, but there are lots of other ways to get the money you need. Private lenders are also worth considering for a plethora of reasons.