Credit cards had been a popular form of purchasing items on a “chargeable” or borrowed term.
The advantages of having a credit card are:
1. Security, since one does not have to carry a large amount of cash to purchase certain items.
2. Convenience. In case one has to purchase an item that is immediately needed (and is out of cash), these can be purchased using a credit card
3. Cash advances. Purchases that require cash payments may still be accommodated by the credit card through the cash advance feature. This works like a regular ATM transaction (with of course a corresponding interest rate)
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So you’ve gone through the long and terrible process of giving your details, only to find that you got turned down. This can feel a little insulting, like a rejection, especially if you feel like you could easily handle the card in question. So what can you do if it happens?
Try, Try Again.
Don’t get upset if you’re turned down at one company – they might have some strange requirement that you happen not to meet. Always try three before you start to despair.
Whatever you do, though, don’t spend a whole day applying for every credit card you can find, just to see if anyone will take you. Each check is counted, and lots of checks on your record make you look desperate, making it even less likely you’ll get a good card – this is known as ‘shotgunning’ your credit.
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You might not know it, but every time you take out any kind of loan or credit or pay something back, it gets counted on your credit rating. Who keeps a record on you will vary according to where you live, but the big three credit reference agencies are Experian, Equifax and Trans Union. They will provide your credit rating to any company that is thinking of lending you money.
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There are so many credit cards out there to choose from that deciding which one to get can feel really daunting. What makes one offer better than the hundreds of others you’ve seen? Take this little quiz to find out what you should look for in a card.
First, Are You a Student?
If you are, then you’ll be best off with a student card – you’ll probably have trouble getting accepted for anything else. It would be best to contact the bank where you have your student account before you do anything else.
Do You Have a Balance to Transfer?
If you do, then you need to be looking for a card with a low APR on balance transfers – preferably one that stays low for more than a few months, unless you intend to switch often.
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