Memphis Credit Card- Using Caution and Care

By: EconomyWatch Content Team   Date: 26 January 2010

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The credit card market in Memphis is extremely competitive. Memphis is the largest city in the state of Tennessee and boasts an estimated population of 670,100. It is the 19th largest state in the country and the third largest in the Southeastern United States. Memphis is often referred to as the Mid-South. The proud residents of this city are known as Memphians. With all the things to see and do in this southern city, having a Memphis credit card is a must!

While you probably know all about what good things to look for in a credit card in terms of benefits and features, are you aware of what you should be cautious of? There are plenty of good companies out there who practice fairness and want to provide superior service to their card holders. Unfortunately there are also opportunistic companies that prey on consumers that are unsuspecting and have struggled with financial problems in the past. In order to find a good Memphis credit card company and not an unscrupulous one read on.

The worst credit cards around are those that:

·    charge high initial fees
·    do not report your credit payments to the credit bureau
·    come with a high minimum APR

Some credit cards charge you plenty of fees even if you have nothing charged on your card. For example, there may be account set-up fees, fees for a credit limit increase, program fees, participation fees and fees to request additional cards for family members. Stay away from these cards! In fact there are some credit cards where the fees take up approximately 50 percent of your credit limit. This is not what you want. Move on to a more frugal Memphis credit card!

If you are trying to establish a credit history or repair a damaged one then you want your transactions to be reported to the credit bureau. If your history of paying your credit card bill on time is not reported then this will not help to build or rebuild the positive nature of your credit. Pass over a card like this and find one where your history of purchases and payments is reported.

You do not want a credit card that has a high minimum annual percentage rate (APR). For those unfamiliar with the APR it is the interest rate that is tacked onto a balance that is carried from one month into the next. If you come across a Memphis credit card that has an APR that is a double digit then it is too much, even if you plan to pay your balance off in full at the end of every month. Move on. 


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