Playing The Credit Game To Win|
by Cecily Backstrom
Anywhere we go, the word credit can be seen, shining big
dollar signs right before our very eyes. Everyday we receive
promotions and solicitations offering us credit. Credit
actually makes the financial world go round, yet just the
mere mention of the word can make most people very edgy.
So why does credit get a bad rap?
It's been my experience that credit lands into the same
category as politics and religion. People have very strong
thoughts about Credit. It has been around since the
start of mankind. People would borrow either services or
goods, to be repaid at a later date with interest.
There's nothing wrong with that. And like anything else, it
can be used properly, or abused.
There are programs that allow you to borrow from your IRA,
or you can borrow from the equity that is built up in your
home. Credit card companies often offer promotions to borrow
money at a reduced rate of interest for a predetermined
time. It's all good news for the consumer. One of the
easiest ways to borrow money is to use a Credit Card. The
choices available are enormous, with a variety of interest
charges, annual fees, loyalty programs, and reward points.
some companies offer 6 months same as cash programs. It's
often an excellent way of saving money as you are basically
given an interest free loan for 6 months. It is even more
useful if you're permitted to transfer some credit card debt
from a different company into that interest free offer. The
best advice is to make sure you always have enough cash in
the bank, or in a savings account, to pay off your debt when
you are taking advantage of these types of promotions.
That way you benefit from earning interest on your savings
at your bank, but as soon as the interest free credit period
has ended, you can pay the entire bill off without being
hit for high interest charges. If you intend to pay off
you credit card bill at the end of every month, there are
many benefit programs and reward packages available.
You can receive award points every time you make a purchase
with your card. These points can be redeemed in cash or
discounts, and can even be used for the purchase of airline
miles etc. Some companies offer consumer guarantee
protection on items purchased with the card, and some
will increase the warranties on those items. Many offer
discounts such as car rentals, travel insurance, accidental
damage insurance for any goods you buy.
Also some companies charge an annual fee for using their
card (especially business credit card accounts), so these
fees should be weighed up against the cards benefits. If you
are not paying off your monthly credit card bills, look for
a card that offers a low interest rate. If you're paying off
your monthly credit card bills, look for additional card
benefits. Interest free credit periods are good news for
saving money. Credit Cards are an effective, and easy way to
borrow money for a short time frame. Be responsible when
deciding to use credit. The bottom line is that the credit
card companies want your business, and there is a credit
card out there that can meet anyone's needs.
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