Frequently Asked Questions
Q.1. Can I get a credit card with bad credit?
If the client has bad credit, it indicates that high risk is involved for issuers. By putting down a deposit or paying an annual fee as a requirement for credit card issuers in case of bad credit, the customer can compensate for that risk. By doing so they can get credit cards issued.
Q.2. what is an Introductory APR Rate?
APR stands for annual percentage rate- the interest rate the customer pays on the balance they carry. An introductory APR rate is a rate offered by credit card companies to new customers for a specified period. This rate is low or often 0% and it is applied to any type of balance transfers, purchasing and cash advances as detailed by the credit card companies.
Q.3 what is the prime rate?
The prime rate, an interest rate determined by the Federal Reserve, is based on a wide range of economic factors. The prime rate is used by banks as the base factor in determining the rate of interest offered to their clients. The bank provides an interest rate equal to the prime rate only to most trusted customers.
Q.4 I am under 18. Can I get a credit card?
Yes. It is the legal right in the UK to obtain a credit card at the age of 18, but there are various other options available to clients:
First, the customer can get a prepaid debit card that they charge up by sending money to the credit card companies, and after that they can use that card as a regular card. Visa or MasterCard and Visa card is accepted everywhere. If the client thinks from the merchant's point of view, there is no difference between a prepaid card and a credit card. Several prepaid card issuers, on the other hand, provide their cards only to individuals over the age of 18. In this case, legal guardians and can apply for the card under their name but allow you to maintain and keep and the card using the PIN.
Q. 5 Does applying for a credit card affect my credit?
Yes. Whenever the client applies for a credit card, departmental store or any other type of credit-related card, an inquiry procedure is done as for their credit status. This inquiry is noted with the respective credit agency.Even though these inquiry reports will remain on paper for one year approximately, the credit card companies are essentially concerned with the total number of inquiries conducted over the last six months. The credit card companies do become concerned if there are inquiries conducted more than ten times during that period. The company understands it as an indication that the client is in very much need of credit cards. And thereby it considers providing customers credit cards is highly risky.
Q.6 Are there hidden costs associated with credit cards?
No. But, application fees, annual fees or late fees are applied, the credit card company has to reveal the details to the applicant. It is essentially important to always go through the terms & conditions and all fine print thoroughly so that all costs associated with a particular credit card becomes fully understandable.
Q.7 my credit card has been lost or stolen. What do I do?
The clients should first contact the credit card company that has issued cards and inform them that your card has been stolen or lost. Upon which the company closes the credit card account, thus preventing any transactions with the account. If the client requests, the company issues them another credit card with a new account number. If the customer is in foreign country where his credit card has been lost or stolen he must contact the credit card emergency services. They can mail you replacement credit cards, issue cash advances and offer additional help.
Q.8 where can I file a consumer complaint?
To file a complaint, we recommend the client do so through PlanetFeedback.com. Planet Feedback maintains the most comprehensive and innovative service anywhere to submit complaints directly to credit card companies. Planet Feedback requires no registration thus clients can take advantage of additional benefits that include managing responses and tracking letters rating their satisfaction level.
