Consumer Financing Credit Card Faq

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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.

A grace period is the amount of time after a due date of a bill before late fees are applied.

A late bill payment needs to be 30 days old before it will appear on your credit report. However, even if your late payment does not appear on your credit report, you will likely experience late fees and interest charges.

Late payments (30 days or more after due date), collections and foreclosures will remain on your credit report for seven years. Bankruptcy judgements will remain on your credit report for ten years.

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.

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