Monday, February 19, 2007

Credit Cards or Store Cards - Which Is Better?


In this article, a presentation is made of the differences between major credit cards and credit cards offered by specific supplies to their customers. The intent of this article is to supply a general overview of major credit cards and shop cards to help consumers in making determinations regarding which lines of credit lines would be the best for them in a given put of circumstances. In most situations, owed to the higher rates of interest charged by most store-specific cards, it is best for the budget-conscious consumer to see forgoing those accounts in favour of a major credit card.

With that said, we are not endorsing any peculiar credit card trade name in this article. Rather, the stuffs presented are for informational and educational intents only.

General Availability

Major credit cards are accepted in a broad assortment of topographic points and venues. Indeed, the major credit card companies do it a point of promoting how broad spreading card acceptance is in this twenty-four hours and age.

On the other hand, store-specific credit cards are good lone at the issuing store.

Where to Apply

It is simple to apply for major credit cards. Nearly any bank or financial establishment can supply a client with an application for one or another of the major credit cards. Additionally, the Internet have go a convenient resource for those work force and women interested in applying for and obtaining a major credit card.

Store-specific credit cards only can be applied for directly at the store or shop. Additionally, if the shop have an Internet presence -- and many major supplies and even smaller stores make so in this twenty-four hours and age -- applications for store-specific credit cards can be made online.

Annual Fee and Related Charges

Many major credit cards make charge an annual fee. Some major credit cards charge an further or auxiliary rank depending on where the card was obtained.

Store-specific credit cards normally are free of annual fees and similar charges to their customers. However, store-specific credit cards carry with them notably higher rates of interest than tin be establish with major credit card accounts.

Common Clauses and Provisions

In the United Kingdom, and in most European Union countries, there are clauses and commissariat that must be included in each and every monthly credit card charge statement -- both from major credit card companies and on shop credit card accounts as
well. These clauses and commissariat are:

A elaborate listing of all credit card transactions

A elaborate listing of the amount owed from the former calendar calendar calendar month plus the extra amount or interest to be paid on that amount owed

The sum amount owed for the current month

The minimum amount that must be paid during the month. In the United Kingdom, this amount is about 3% of the balance or £5 whichever is greater.

An estimation of the interest collectible if you make not pay your account in full.

The day of the month by which the account must be paid if interest charges are to be avoided

A elaborate listing of the monthly interest rate for purchases, the APR (annual percentage rate) and the
interest rate if you have got got used your card for cash


In the concluding analysis, one should only have as much credit as is absolutely necessary. Generally, it is not a wise determination to profligate in a clump of different credit cards. Rather, the best policy usually is to keep one or two major credit
cards. Also see that shop cards generally make not offer the same benefits as credit cards such as as balance transfers, although it is common to get trade name sole reward schemes with shop cards. Finally, one must be cautious about obtaining store-specific credit cards owed to the higher rates of interest that come up with these accounts.

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