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Shopping Around for a Credit Card

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How can you get a credit card? You have to apply for a credit card. To determine your credit rating which represents how good a risk you are ...

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Shopping Around for a Credit CardPage 1Shopping Aroundfor a Credit CardWHAT IS A CREDIT CARD AND HOW DOES IT WORK?A credit card is a convenient way to pay for purchases or to pay a security deposit on services such as reservinga hotel room or renting a car.You can pay for purchases up to the limit that is on your card. You can use a credit card to withdraw cash from anautomated banking machine (ABM). This is called a cash advance. Once a month you receive a bill or statementthat lists all of the purchases and cash advances you have made that month with your card plus any interest thatyou owe. You then have to make a payment by the due date of at least the minimum amount indicated on the bill.Where can you get a credit card?You can obtain a credit card from a bank or another financial institution or at a store or a gas station.How can you get a credit card?You have to apply for a credit card. To determine your credit rating which represents how good a risk you are a lender will look at your current level of debts your income and your past history of paying bills or paying backany money you borrowed. Based on that information the lender will then decide whether or not to approve yourapplication and how much credit to give you on your credit card. This is called your credit limit.How much interest you will have to pay?FOR PURCHASESIf you pay your credit card bill in full each month by the payment due date you wont have to pay any interest.However if you dont pay it in full by the payment due date you will have to pay interest.FOR CASH ADVANCESWhen you take a cash advance with a credit card you have to pay interest from the day you withdraw the cash to theday the credit card company receives your payment.What are the advantages of a credit card?Using a credit card is a convenient way to pay for goods and services whether in person online or by telephone.If you always pay your bill in full each month your purchases are interestfree.A credit card can help you build a go ...

Source: www.fcac-acfc.gc.ca

 

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