Cheapest Credit Cards | Banking Cards

Some people think that credit card fraud is something new that emerged with the growth of the internet. But the reality is that it has been around almost since the inception of credit cards. In the pre-internet days, stealing credit card numbers was incredibly easy. All that you had to do to get a credit card number was take the carbon paper that fit between the store copy and the customer copy and copy the numbers from that. In those days there was no security code that was also required. With the numbers gathered, it was a simple matter of using stolen blanks which were not really guarded too well because they were blank, after all.

The other method of credit card fraud then was to just take the card and use it until the card was discovered missing and cancelled but that took a lot of time as the card was not swiped electronically but imprinted and it could be days before the imprint was in the final place where it was processed and the processing was manual. Now your number can be intercepted en route to a merchant or stolen by employees at an online processing point or captured through a fraudulent email asking you for information on your credit card. The onus is on you to avoid taking risks with your card. Be careful using your credit card online. If possible get a credit card that you can preload for online use. That way if the card is intercepted there will not be much on it because you only load it with enough funds to do your online shopping.

Credit card fraud does not seem to frighten people into being careful and this might be due to the zero risk factor where fraudulent charges are covered by the card issuer but if your credit card is used as part of a larger identity theft plan, you could be quite vulnerable to damage to your credit rating, your persona, and your ability to buy a car, house, or just about anything else.

There was a time when credit cards were routinely sent out to recent college graduates without them even asking. The theory was that now that people graduated, they were ready for credit cards.  The plan was insidiously clever because people would start using their new cards and get hooked on the convenience. But that was about 50 years ago. The laws have changed so dramatically that the table has turned so the people are now making applications for their first credit card and crossing their fingers that they will be approved.

There is an odd factor about applying for your first credit card. If you are too young, it is a challenge to be accepted and if you wait too long that can be even worse as there is the question of why someone in his or her thirties does not already have their first credit card. When you fill out your first credit card application the factors that are assessed are your age, your student status, and any credit rating you already have. Major credit card companies have found a way to make it easy for students to get their first credit card through the direct approach of designing credit cards particularly for college students. If you still don’t have your first credit card and you are past the student stage, it may be more challenging to get your first card.

If you don’t have any credit history and you want a credit card, get your credit report and find out your FICO score. You can get this report for free. If you don’t know what your score is you can actually harm your credit rating further by applying for a credit card that is beyond your score. If you are rejected, you will end up losing points for the rejection. If your score is over 600, you can apply for a prime credit card and if it is under 600, you can apply for your first credit card in the sub-prime area.

Does finding a cheap credit card sound like a dream?  It’s not, you can still find credit cards with good rates if you know where to look and what to look for.

Look for cards with these features:

• Low APR (Annual Percentage Rates).
• Monthly Payments should normally be 3%.  Watch out for higher monthly payment fees.
• Look for rewards you will use:  if you fly, look for frequent flyer rewards.
• Check out a credit union.  Credit unions tend to have the best deal on credit cards.

Make sure to always watch out for “hidden fees”.  Read all the fine print, sometimes credit card companies make their fees hard to find.  Here are some “hidden fees” you will want to avoid.

• Annual fees.  Do you want to pay just to use your card? Fees can range from $25-$300 a year.
• Application fees.  You may be charged $10-$15 when you apply for a card.
• Cash advance fees.  Charges you will get for getting cash from your card.
• Balance transfer fees.  Fees charged to you for transferring your balance to another card.
• Finance charge.  The fee for having a monthly balance.
• Late payment fees.
• Over credit limit fee.
• Retuned check fee.

Phone order fee.  This is from making payments over the phone.
Universal default.  If you have late payments on any other accounts (car, phone, mortgages, or other credit cards).  They can increase your rate even if you have never been late on their card.

By finding a cheap credit card you can save a lot of money and pay your debts off faster.

Most U.S. banks offer a good selection of credit card options.  Before you apply for a bank credit card, you must make sure you meet the legibility requirements set by the bank.

Although the terms and conditions offered by each bank are different, the basic requirements for getting a bank credit card are almost all the same.

To qualify for a bank credit card, you must be a permanent resident of the United States, or a U.S. citizen, and have a valid social security number.  You must be at least 18 years old and have a minimum gross annual income.

Even if you meet all of the above criteria, you still have to have a good credit history to get approved for a bank credit card.  If your credit report shows a history of financial troubles or late payments on previous credit cards, you will most likely be denied a bank credit card.

One easy way to establish a credit history is to apply for a small loan or line of credit from any bank.  Applicants with bad credit, or no credit can get a secured credit card issued by the bank.  This will help to regain or rebuild credit.

Banks offer low interest rate credit cards for students.  The applicant must be a full or part time student of an accredited two or four year college or university.  Student bank credit cards help to build a solid credit history.

Once you have met the legibility requirements, you can apply for a bank credit card.

If you are one of the thousands of people who have a damaged credit score and think you will never get another credit card, think again.  There is still a way you can be approved for a credit card instantly.

You can get a secured credit card without having to go through a credit check.  All you have to do to sign up is make an initial deposit to the card.  Provide your name, address, and social security number and your approval is guaranteed.

With a secured credit card your payments are reported to the credit bureaus.  This means you will be able to rebuild your credit score.  The more you use the card, and pay it off, the better your payment history will become.  It allows you to borrow money in case of an emergency or if you just need a few dollars in your pocket.

Since a secured credit card is secured by the deposit you make, your limit will be equal to that.  If you deposit $500, that is your credit limit.  This way in case you miss a payment the bank will not lose money.

Most secured credit cards carry an application fee and reasonable interest rates.  Every secured credit card has its own fees and interest rates, so you should know all of this information before applying.

Another way to get instant credit approval is by getting a prepaid credit card.  You deposit the amount you want as your balance.  Whatever you spend is automatically withdrawn from your card balance.  You have to reload the funds when your balance gets low.  These are another good way to help rebuild your credit score.

You always want to do some research to make sure you find the best credit card to suit your needs.  Instant credit cards can be found online.