The best method when applying for credit cards is to do some research on the company or bank and what is being offered in either no annual fees or annual fees. An annual fee is when consumers are charged on a yearly basis just to be able to have these types of cards.
Some cards even offer some sort of benefits and rewards depending on a person’s credit score and credit report. That is why it is essential to do research to understand annual fees and benefits businesses and banks offer when consumers apply. The annual fee can also be raised as well periodically with sufficient notice to each cardholder. Just be sure to know what the fees include and if or not the annual fees are a benefit to your usage.To compare cards, a no annual fee, in the long-run, can save consumers a sufficient amount of money with benefits. When consumers or businesses apply to a bank or a specific company for a credit card for personal and/or business purposes, typically, before the applicant is accepted, the applicants’ credit report and credit score will be reviewed. For the purpose, banks and businesses who distribute cards want to assess and determine if one is reliable enough to pay back money spent on the card. There are many types of ways to compare cards when consumers and businesses consider applying, which includes annual percentage rates, such as zero annual percentage rate, and different types of cards that are available to choose from to accommodate individualized needs.
Zero Annual Percentage Rate (0% APR) Credit Cards and what to look for when applying for cards include:
- Be sure to make minimum payments on time to avoid paying higher interests rates.
- Be sure to read what the cards offer in 0% APR, such as Balance transfer APR, Cash advance APR, and Penalty APR (resulting from late payments, bounced payments, or exceeding the card credit limit).
- 30% of a business or anyone’s FICO score usually depends on the money owed and therefore it is recommended to 30% of the credit limit.
- Be sure to know when a promotional APR ends.
- Be sure to know the facts of each card and 0% APR terms involved with each card.
Always remember that with zero annual percentage rate cards, after being accepted by a bank or business, be sure to always pay the monthly payments on time or pay the card off without monthly payments for a good credit score and report.
Compare Cards that Fit Your Financial Need
When comparing cards there are four types of cards to choose from: business (for businesses and organizations), secured (through an individuals or businesses’ deposit or savings account), prepaid (a card that does not offer credit, but offers card brands like Master Card, Visa Card and Discover) and digital (hosted online) cards. However, there are several banks and businesses to choose from depending on the best card, APR, and rewards that suite one’s needs, such as no annual fee. Even though there are several companies and banks that offer secured cards, the top 10 no annual fee secured credit cards include not only Discover Card, but also Open Sky, USAA and Primo Visa Cards.Some of the top 10 Master Card secured cards are First Progress, First Progress Platinum, and Citi Bank. Even if you have bad credit, a secured card, especially when paying monthly statements accordingly will help individuals improve their credit scores. Just do your research to determine which secured card is best for your needs without high fees. Whereas, reward cards is where cardholders earn cash back or travel, gas and food rewards. Just like anything else when running a business, a business card will help organizations, small, medium or large corporations, purchase business needs with ways to earn points for cash rewards, such as Chase Bank.