Getting a secured credit card usually mean two things, either an people is looking for a way to establish his initial credit history or he is looking for a way to re-build an already bad credit history after major life events such as job loss, divorce, grave illnesses, etc. For whatever reason it may be, credit card secured is one of the best ways, as well as sometimes the only option, to build better credit history. If people are planning to get their own secured card pre-approved credit card philippines is the best option in front of them . It is only sensible to start asking questions before people sign on one.
Hence, some points in respect of 5 Vital Questions to Ask Before Applying for a Credit Card are discussed below :
- What type of charges that will apply: In fact, knowing all the charges as well as fees that will come with secured cards is vital because it will lessen the grief once the bills start pouring in. This is where it pays to compare several secured credit cards before signing on. Know that all secured cards come with various annual fee rates. Moreover, compare the rates and select which one offers the most reasonable rates. Additionally, always read the fine print because this is where all the charges that will apply are listed down.
- How much amount is required for the deposit: No secured credit cards are created equal as well as the same goes for deposit needed. There are some credit card secured that require certain amount while there are others that goes beyond that amount. The fact remains that the money people will deposit will be either the amount of the credit limit or a percentage of it.
- How long will it be before I am qualified for an unsecured card: This will depend entirely on the criteria set by the card issuer. One such criterion is the ability of the cardholder to make timely repayments. If the cardholder is able to prove that he can manage his fiancés well, he may be approved for an unsecured card after a year.
- Do all banks offer this type of card: The short answer is no, there are some banks that do not offer credit card secured. Instead, most banks prefer to offer unsecured cards with low credit limit as well as higher interest rates and fees. rcbc bankard credit card application always offers unsecured credit cards with low limit .
- What should people watch out for before they sign on one: The reality is that certain institutions take advantage and extort money from customers even though they are already cash strapped. They lure desperate people on signing one for their card through attractive offers. One common scheme is to offer the card and require added charges for services such as insurance policy, while others as money for guaranteed cards or loans. To avoid coming across such dubious practices, it is best to do extensive background checks on all card companies that people are considering.
The above note illustrates the details in respect of topic. To avoid coming across such dubious practices, it is best to do extensive background checks on all card companies that people are considering.