If you think that it is time for you to apply for a credit card, there are some things that you need to know about the process and credit cards in general. To enlighten you, this short article will give you some useful advice for credit card applications.

When you look at the financial market, you will see that generally, interest rates are always dramatically rising and falling in the past couple of years. However, when it comes to credit cards, the reductions in interest rates just happen a tiny bit. So, why get a credit card and which credit card is best? Basically, you can get any credit card of your choosing as long as you are wise in utilizing your credit card and what perks it has to give you. 

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People have been known to pay billions of their money every single year in the form of interest all because of the purchases that they have made using their credit cards. Basically, your credit card is the most expensive way for you to be borrowing money around. Nonetheless, it should not be this way at all times. You see, one of the reasons why a lot of people pay a lot of their money on their credit card interests is because they have failed to use them correctly.

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Interest rates should not be that much of a big deal if you just know how to you use your credit card. Furthermore, the same can be said if you are able to find a credit card that fits your own pattern of use well.

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If you are wondering how to get approved for a credit card, you have to first know the two major types of credit cards. First, you have the normal credit card. This is the type of card that is typically used and does not come with an annual fee. However, your interest free period will last a maximum of 55 days after you have purchased something using your credit card. Once this maximum allowable interest free period is exceeded, the interest charges will go very high, typically 19%. This is the kind of credit card that most credit card users are familiar with. It comes with a credit limit preset where each month, you have to repay 5% of the balance that you owe. The balance that remains on your card will be the reason why you are being charged interest. 

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The second type of credit card is the charge card. Though they are the same in terms of looks with credit cards, their functions are different. Basically, the credit card purchases that you have spent for the entire month will be charged to your account; however, after the month ends, you must be able to pay your balance in full. This comes with an annual fee.

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