Credit cards are tools that are easily abused, merely because we go on spending sprees and throw all caution to the wind. Because it seems like free money that we cannot see, charging things on it seems easy. But the problems roll in once the bills do. So if you are planning to get a credit card, here are some things that you should think about before applying:
• Annual percentage rate, or interest charge, is important when getting a credit card. Make sure the rate is not so high. It ranges from 3 to 21 percent. 3 percent is good and means the bank thinks you have a good credit history. But if your payment history is bad, APR could go up to 21 percent which is much too high to maintain for a credit card.
• Make sure you are disciplined enough to pay your bills on time and that you make enough to maintain a credit card. Otherwise, don’t apply yet.
• Use your credit card for emergencies and not for ordinary purchases. It is not free money so don’t spend it too freely.
• Before applying, check your credit score and make sure it will not attract such high interest rates. The worse your credit score is, the higher the interest will be.
• If you do get a credit card, try not to just make minimum monthly payments. Try to get rid of the whole amount as soon as you can to decrease the interest charge that they will add to it every month that you lengthen your debt payback.
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