When you are approved for a credit card, you are being given permission to obtain goods or services before payment, based on the trust that payment will be made to the credit grantor in the future. Believe it or not, you dont have to have perfect credit in order to be approved for a credit card. The truth is, however, that a better credit history will be rewarded with lower interest rates, while those with troubled credit may have to pay higher rates and additional fees in exchange for credit.
With so many lenders anxious to offer credit, it can be overwhelming to know which one is right for you. Instead of applying for multiple credit cards at one time, which will lower your credit score significantly, its a good idea to narrow your choices down to those that fit your needs and, more importantly, your budget.
One of the most important factors to consider when choosing a credit card is the APR, also known as Annual Percentage Rate. Is it fixed or variable? A fixed rate is one that will not change from month to month, while a variable rate is one without a consistent pattern. In other words, a variable interest rate can rise or fall from one month to the next,...
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