Frequently Asked Questions
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Consumer Financing Credit Card Faq
Financing Credit Card
Convenience – Credit cards are a widely accepted form of payment and relatively safe versus cash or checks.
Leverage – If you are not satisfied with a product purchase using a credit card, you normally have the option of canceling and refusing payment.
Interest free loan – Most credit cards have about a 25 day period where no interest is paid on the balance.
Emergency Spending – Credit cards provide a ready source of credit for unexpected expenses.
Expense Tracking – Your credit card purchase are monthly summarized for your review and budgeting.
A secured credit card means that a security deposit has been set up to guarantee payments using the credit card. The amount of your security deposit is the credit limit for the secured credit card. This type of card is used by those that need to establish a credit history of consistent, on-time account credit payments.
APR stands for Annual Percentage Rate, a term normally used with consumer loans. An APR includes the costs associated with obtaining the loan: interest rate, points, origination fee that you will be paying annually. The APR is used a means of comparison with like loan products.
This means that the issuer of the credit card has verified with a credit bureau that you meet its credit criteria and has pre-approved you as a quality candidate for its product.
However you will still need to apply in order to actually receive a new credit card. You may or may not be accepted once you have formally applied.
There is a saying: “Everything in life is negotiable.” That also applies to your credit card interest rate.
If you have been consistently making on-time payments on your credit card for a period of time, it is worth a call to your credit card issuer to see if they can reduce the interest rate. It is a competitive market and it might be worth your card issuer to reduce the APR to not lose your business. If not, you might want to take advantage of an offer from another card issuer, since it is a competitive market.
Also you can consider opening a balance transfer credit card, with a lower interest rate, to move your existing credit card balance to the new card. You need to make sure that the balance transfer card, after the customary promotional period, offer you a competitive APR.
Credit cards offer much more protection against theft and fraud for online purchases. In case of a buyer dispute, the funds have already left your bank account. That is not the case if you use a credit card.
Keep your debit card for local purchases, when it is more convenient than carrying lots of cash. Use your credit card for online electronic payments.