Credit Card Help

By: EconomyWatch   Date: 6 October 2010

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All credit card owners should be aware of the ways one can get credit card help, if the need should ever arise. There are certain basic areas in which one might choose to seek help, these include:

Credit Card Help: Eligibility

The credit and payment history of every consumer is maintained by the credit reporting agencies. Whether you are eligible for a credit card or not is decided on the following factors:

  • The number of credit cards you possess
  • Number of loans that you have taken and the payment you still owe on them
  • The amount you own across all your credit cards
  • Whether you have ever defaulted on any loan
  • Late payments
  • Missed payments
  • If you have ever filed for bankruptcy
  • Whether you are a house owner
  • If you have ever been sued for unpaid debts

Credit Card Help: APR

The rate of interest charged annually rather than monthly on a credit card is referred to as the annual percentage rate (APR). There are two types of APR:

  • Nominal APR: This is a yearly simple interest rate.
  • Effective APR: This is the sum of the annual fee and the compound interest rate charged across the year.

Credit Card Help: How to Apply

One can apply for a credit card on the phone or over the internet or by going directly to the issuer’s offices:

  • Gather all the information regarding plans, terms and rates before you decide on the credit card company.
  • Carefully check information regarding interest rates (fixed and fluctuating), the APR, credit limits, grace period, interest-free days, cash advance schemes, balance transfers and penalties.
  • Check the requirements, such as address proof, date of birth and driving license.
  • Fill up the original online or paper application form. Ensure that you read the applicable terms and conditions.

Credit Card Help: Common Problems

One of the common problems that credit card holders face is losing the card. One should immediately inform the issuing authority and provide all the relevant details. Write down all important conversations, including the name of person you speak to, since this will be helpful later on. To avoid any adverse consequences, it is advisable to get your credit card photocopied on both sides. One can also consider buying credit card registration services, for which one would need to pay an annual fee. You can report the loss of all cards in one call to the service providing firm, which can also apply for the replacement cards on your behalf. Equifax and Trans Union are two such agencies that operate in the US.

Another common issue faced by credit card holders is keeping up with payments. In case of delayed payments, you can either explain your situation to the issuer and pay a lump sum when the next bill comes in or borrow money from your friends or relatives. You could also consult a credit counselor to get your budget restructured.

The Internet is another medium that offers solutions for various credit card problems free of cost.


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