Fast Credit Card Application

Pre-approval credit card offers are becoming increasingly popular as card companies attempt to solicit new clients in the face of record profits and all-time highs in credit card debt. Although the term “pre-approved” may seem straightforward, it actually has a much deeper and more convoluted meaning than one would expect. In addition to the “pre-approval” marketing tactic, card issuers also tend to offer additional incentives such as lower interest rates, long introductory periods, low or no account fees, and rewards programs. Unfortunately, every day there are hundreds of prospective cardholders that are given the false hope of pre-approval after being declined for several credit cards in the past. The following paragraphs reveal the truth behind what it means to be pre-approved for a credit card.

What Does the Term “Pre-approved” Mean?

When applied to credit card offers, the term “pre-approved” simply means that the recipient has been selected from a specific demographic or target audience, and may therefore be eligible for official approval. Credit card comp

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Tags: Card, Credit Card

Citi has revamped the reward credit card lineup for its ThankYou Rewards Program. The bank now offers three tiered rewards credit cards that have varying annual fees and point reward systems.

The Citi ThankYou Preferred Card is the lowest tier card, with no annual fee, great rewards in the first year, and a 12-month introductory interest rate.

The Citi ThankYou Premier Card is in the middle. It’s a travel rewards card with a higher annual fee – $125 – that’s waived in the first year, up to 1.2 points on each dollar spent, several opportunities for bonus points, and no foreign transaction fees.

The Citi ThankYou Prestige Card is the most expensive with a $500 annual fee that’s not waived in the first year. This card rewards up to 1.3 points on each dollar spent, 15% savings on air travel booked through Citi, no foreign transaction fees, free airport lounge access, and more.

The Citi Forward and the Citi mtvU credit cards still offer ThankYou rewards, while the Citi Diamond Preferred does not.

Tags: Card Lineup, Credit Card, Credit Card Lineup, Lineup

Sooner or later every credit card charges interest, regardless of the promotional benefits offered during the introductory period. However, if the card balances are repaid in full before the end of the grace period, then it is possible to avoid interest altogether. Nonetheless, the majority of cardholders only repay a percentage of their outstanding balance, and some even choose to pay the minimum amount due, which can actually have a negative effect on their credit score. Unfortunately, every credit card issuer utilizes a different APR calculation method, the most common of which are explained below.

The annual percentage rate (APR) must be divided by the number of billing periods within a year (usually one for every month) to determine the periodic rate, which actually dictates the amount of interest charged each month. Thus, a 12% APR would have a periodic rate of 1%, (12% APR divided by 12 billing periods equals 1% periodic rate). The periodic rate is multiplied by the outstanding card balance to calculate the monthly periodic rate.

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Tags: Card, Credit Card

With credit card debt being at an all-time high, it is not surprising that many cardholders are choosing to cancel some of their cards to avoid debt and simplify the management of multiple credit accounts. Repaying a large amount of debt and repairing the credit score after being a victim of credit card debt can be a process that takes years to complete. Thus, many cardholders choose to simply close their credit accounts, rather than risk accumulating even more debt in the near future. Although this may seem to be the wisest decision, there are several factors that need to be considered before a credit card account is canceled.

Current Interest Rates

While low interest rates may seem useless to an individual who is in debt and cannot afford to make credit card repayments, they are an increasing rarity in today’s credit card market. It seems as if credit card interest rates are continuing to rise year after year, despite various policy reforms designed to protect consumers from unfair fees and rates. R

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Tags: Card, Credit Card

Store credit cards are rarely a good idea. Most times, you’ll be hit with a staggeringly high purchase interest rate. And most store credit cards can’t be used at other locations. That makes these cards rather inefficient. In almost every case, you’d be better off applying for a rewards credit card from a major bank, one that you can use at any location and one that usually comes with a far more generous rewards program.

And if this isn’t enough to convince you to avoid store credit cards, check out this thread on Scam.com. It shows just how easy it is for store cashiers to rip you off when you apply for a store credit card.

Here’s how it works: You go into your favorite department store. The cashier entices you to apply for the store’s credit card to receive an immediate discount on your merchandise. This is part one of the scam: Store employees are encouraged — sometimes required — to persuade customers to take out their credit cards. Employees often receive bonuses for convincing shoppers to sign up for these cards.

Remember this: The cashiers aren’t encouraging you to apply for their employer’s credit card because they think it’d be a wise financial decision on your part. They’re doing it beca

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Tags: Card, Credit Card, Store Credit, Store Credit Card