Useful Information About Credit Cards

June 30, 2012 by  Filed under: Credit 

The information provided here revolves around the interest’s rates, bad credit, Aspire credit Card advantages and the disadvantages.

Interest Rates

Different people may apply for the same Aspire card and get different rates of interest. But how does this happen? That’s the question many people may ask. The interest rate you get on your card is determined by many factors. One of which may be your credit score. Your lower your credit scores, the higher the interest rate you might be given. This is because the financial institution is taking a risk giving you a loan when your credit score is not at its best. You may want to raise your credit score with a few points because people with higher credit score are given lower interests.

Where you live might also determine the rate of interest that you get. Different parts of the country sometimes experience fluctuations in interest rates. So when you live where the rates are higher then you will be given a higher interest rate when you apply for the Aspire credit card. Always read the fine print and ask questions where isn’t clear before you sign up for the card.

Bad Credit

Every time you go to a financial institution to look for a loan whether short term or long term, car loan, home mortgage loan etc, it is most likely that your financial institution will first look for your credit history. This greatly determines whether you get the loan or not or at what interest. But with an Aspire card your credit history does not matter much and you will be given the card within a very short term. Though you must be cautious about this; the interest rates. If you have a less than perfect credit rating you will most likely be paying a higher interest rate than someone with a good credit score.

Advantages and Disadvantages of the Cards

The main advantage of an Aspire card is that you are not required to pay any deposit upfront before being given the card. Most companies giving credit cards have this as a requirement. They are unsecured cards accepted at any location with a visa sign. Another advantage with the cards is that when used well they can help you a lot in improving your credit score. With a poor credit score, a consumer will not be eligible for a typical bank issued credit card, so this is an opportunity to redeem your self.

The main disadvantage with an Aspire credit card will be the charges accrued from the card. Any company issuing a credit card has to make money out if it and an Aspire card is one of them. These cards come with a high interest rate with application fee once approved putting you in a debt of $150 fee, $29.00 fee to open your account as well as a yearly maintenance fee of $78.00. That said always read the fine print before signing up.

Article Source:
http://EzineArticles.com/?expert=Teka_Mullwani

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