Get The Best Credit

Have you been researching the credit card news lately? A lot of things are getting ugly out there for credit card holders and lenders alike. If you have a credit card in the bottom of your pocket, you’ve probably watched your interest rates raise and your credit line plumett. This is true even if you’ve made all of your payments on time and never maxed out your credit line. On the other side of the coin, credit card companies have posted record losses, and some major retailers have even had to give up on their unprofitable credit card endeavors.

What does all of this mean for the average Joe? Two things are certain: Real credit card reform won’t come along until mid-2010, and while you wait, you’d better make your credit card payments on time, every month, or risk going into default.

It probably seems a bit draconian to send a card holder into default if they’re only a few days or even hours late making their payment, but credit card companies have the right to do this – at least for now. And sky-high default interest rates will keep you from making any headway on your card current balance. If you find yourself in default, what can you do?

Take your business to a credit union. They work under a different (some would say more consumer-friendly) set of rules. Here are a few of the differences between a credit union credit card and a regular large financial institution-issued card.

The Availability of Credit

The rules of lending are harsher than ever, thanks to the current recession. Understandably, banks have become more picky about what type of borrower they’ll give credit to. By contrast, many credit unions are willing to issue credit cards to members with low credit scores.

The Interest Rates

Credit cards from federally chartered credit unions mostly have lower base interest rates than cards issued by large financial institutions. They’re also limited to a maximum interest rate usually around 16-18%, even if your account goes into default.

The Reasonable Rules of Default

Unfortunately, some credit card issuers have been known to place credit card holders’ accounts into default status after one missed payment. Even if the lost payment was only one or two hours late. Credit unions seem more willing to work with their members. Many credit unions will overlook a few late payments before taking any action. Always check with your bank or credit union to learn their policy on default.

In today’s economy, we need all the help we can get. It doesn’t help card holders to be slapped with 29% interest when they’re having trouble making a payment in the first place. If your bank has raised your rates one too many times, take your business to a more forgiving credit union.

However if you still want a credit card from a major financial institution, I would recommend Discover credit cards. A good amount of the rules at Discover bank are a lot like credit unions.

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It may come to thought that chargecard accounts have always been with around, however, charge cards are a very new invention with a rather scary financial history.

In 1958, Bank of America started the first all-purpose credit card by simply ‘dropping’ 60,000 of them on Fresno California, (by mailing them out to people who had not asked for them).

The idea was to throw in a new kind of revolving credit line, that when using it anyone could buy whatever they wanted and pay the for it over time. Bank of America hoped to cash in on the post-war consumer frenzy, the race to suburbs, and the desire for new appliances, furniture, and everything else.

The Diner’s Card already existed at the time Bank of America created their first credit cards, but that card was mainly used for food and gas by businessmen, salesmen, and upscale professional persons.

The new, all-purpose card envisioned by Bank of America was thought to be great in theory, but it didn’t really blow up at first. During the 50s and 60s, buying on time had a bit of a bad reputation, so many people weren’t immediately lining up for the all-purpose charge cards.The Depression was fresh in the memories of the older generation, and credit was not something to be used loosely if at all.

Then, in 1966, just as the new credit cards were beginning blow up a bit, an event that has come to be referred to as “The Chicago Debacle” almost buried the entire industry before it got out of training pants. That year, just before the holidays, a group of local banks dropped FIVE MILLION cards on the Chicagoland area, hoping to cash in on holiday charges.

The Chicago drop was so indiscriminate and sloppy that babies, dogs, and dead people got credit card accounts in the mail, and so many were stolen from mailboxes and sold on the black market (the intended recipients got huge bills in January when they didn’t even know they’d been mailed a card) that a Congressional uproar started. Many representatives in Congress called for the credit cards to be outlawed.

The best credit cards Discover credit card

Instead, the twin overseers VISA and Mastercard came into being to get things under control and create some type of order. They dragged retailers into a national network (thus making the cards easier for consumers to use almost anywhere) and they proceeded to fight fraud and create some basic underwriting standards.

The industry began to stabilize, and the credit cards became much more popular.

However, by 1980 most banks were running into problems with state usury laws (the laws that limit the interest that can be charged on unsecured loans). Double digit inflation was taking all the profit out of credit cards, which were capped at 12 percent apr while banks were themselves paying rates of up to 20 percent on their own borrowing.

So Citibank approached the state of South Dakota and offered to move its whole credit card operation to there if it would repeal the South Dekota sury law. South Dekota needed jobs, Citibank needed to charge more interest. It was a match made in heaven. (Or hell.)

Once that lid was blown off, credit card accounts became extremely profitable. The state of Delaware soon became another mecca for the credit card companies, actively courting them for the jobs. Delaware to this day continues to house a strong industry lobby, a fact that is not altogether wonderful considering their former Senator is now the Vice President.

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Hi everyone I own a credit card website and I have found that many people are having a problem finding or getting the best credit card for them. There are many reasons to get credit cards, balance transfers, rewards, building credit, etc. however if you follow this simple guidline I can garuntee that getting one will not be hare for you.

Getting the best credit card for you is a very simple process. The first step is to figure out where you stand as far as credit goes. Find out if you have bad, fair, good, or excellent credit. If you have had multiple late payments or any charge offs on your credit report you most likely have bad credit. If you only have 1 credit card and 1 secured loan but you keep them in good standings then you most likely have fair credit. If you have multiple credit cards and 1 or more secured loans that you keep in good standings but only pay the minimum payments or you have used more than 70% of your available credit you most likely have good credit. If you have multiple credit cards but not more than 5 and 1 or more secured loans that you keep in good standings and you constantly pay a good deal more than the minimum payment then you most likely have excellent credit. The next step would be to research the credit cards that you think would work for you. You can find the best credit card offers at www.JemCreditCards.com. When you are researching you will notice that most sites will recommend certain cards for certain types of credit I strongly advise you follow these guidelines. Once you have chosen the credit cards for you go ahead and apply. If you do however get declined go 1 step down in credit if you applied for excellent credit credit cards and got declined, then your next credit card would be in the good credit section. This is very important because you never want more than 5 declined applications showing on your credit report in any given 45 day period. This could damage your credit.

Also, my favorite when it comes to credit cards is Discover cards. Discover Cards usually come with the best balance transfer offers and rewards. Also, Discover credit cards are not one that is known for high interest rates so there is a good chance that after a 0% promotional period you will have a low interest rate.

Finally when applying for a credit card please remember to read the terms and conditions for that credit card. All too many times I have found that people do not read the terms and conditions and get stuck in something they don’t want down the road.

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