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6 tips to afford life now and retiring young.

A Money Rebel defined.

Young (adjective yung) – being in an early period of life or growth.

Money (adjective muhn-ee) – legal tender.

Rebel (noun reb-uhl) ‘ a person that exhibits independence in thought and action.

The need to be a young money rebel.

The latest reports show that the average person today is in poor financial shape. They may not be going bankrupt or having their home foreclosed on just yet; however during these uncertain economic times with rising oil prices and the problems in the credit market many people are barely getting by.

Unfortunately many people are living paycheck to paycheck, are experiencing the stress associated with debt and are often struggling to get out of grim financial circumstances. Most of these same people share a similar goal ‘ to experience financial freedom – but fall into the traps plaguing so many people as shown in the examples below.

-62% of graduates expect to have a student loan debt averaging $27,236 ($101 billion nationally) and requiring 7.9 years to pay off. (Student Monitor)

-The American public has been spending more money than it has earned after taxes since April 2005. (U.S. Commerce Department)

-Some 40 percent of Americans are counting on the lottery, sweepstakes, getting married, or an inheritance to fund their retirement. (Were Not In Kansas Anymore)

-Household debt in 2007 is at record high levels relative to disposable income. (Federal Reserve)

-Polls show that students (ages 15-21) feel unprepared to face the complex world of the 21st Century (American Dream Education Campaign)

Young money rebels avoid those traps.

Young money rebels, on the other hand, are able to avoid debt traps, have money saved and are able to experience the feeling of financial security at a young age. They have money to live life to the fullest now while building long-term wealth so they can retire young.

Young money rebels are independent thinkers and avoid the financial traps so many people are currently in. They have a working budget, keep their spending in check, are knowledgeable about personal finance, and follow a consist investment plan.

A young money rebel understands that by investing at an early age they have a huge advantage. Young money rebels have compounding interest working in their favor. With compounding interest the earlier you start investing, the greater potential growth of your money. That is why investing just $100 a month starting at age 18, and earning the S&P 500 average return, will make you a millionaire well before retirement age.

Young money rebels retire young.

Anyone looking to achieve financial freedom should become a young money rebel. This will give you more free time, the ability to live the lifestyle of your dreams and avoid the stress associated with living like most people do ‘ with financial worries and stress.

Today it is more important than ever you do achieve financial freedom. The large reduction in pension plans and the uncertainty of social security means that young adults today will need to be prepared to self fund their own retirement. Those programs that are there for your parents like social security and pensions won’t be there when your ready to retire.

How to become a young money rebel.

There are simple steps you can take to fully enjoying life by securing your financial future at a young age. Follow the six steps below to become a young money rebel.

1) Educate yourself. Most schools do not teach practical money skills so it is up to you. Fortunatly, today there are many resources available for anyone looking to improve their financial situation. Set aside 30 minute a night to learning everything you can about personal finances and you will be able to afford what you want now while securing your financial future.

2) Financial goals. What motivates you? Is it a big home steps away from the beach, a year off to travel the world or is it just having enough free time to spend with loved ones? It is your choice how you want to live life; so consider this option. You may not know exactly what you want but you probably will have a general idea. So write down financial goals that will encourage you to achieve your dreams.

3) Team. Building a team of trusted advisors will be an important part in achieving success as a young money rebel. Your team should include a trusted tax advisor, financial mentor, and personal growth coaches.

4) Financial plan. Develop a step-by-step financial plan so you can achieve your life goals. Write down how much you are going to save each month, where you will invest your money and your desired results.

5) Saving. A savings plan is the backbone to your financial success; so start immediately. Talk to your bank about automating your savings plan so every time you deposit money a portion of that is automatically transferred to your savings account.

6) Investing consistency. A consistent investing plan will lead to long-term wealth and financial freedom. Just like your savings plan you can automate your investments so they are made automatically for every month. Set it up once then it automatically works for you. Just make sure to check your statement on a regular basis.

By learning simple, practical money skills you will have taken the first step to becoming a young money rebel and enjoying life free from the financial worries that plague so many people.

Banking Finance is the key to investment and hence to the process of growth. Providing saved resources to others with more productive uses for them, raises the income of investors and borrower alike. Without an efficient financial system lending can be both costly and equally risky. Job seekers can carry out highly targeted job searches, set up search agents and post resumes, and we publish job market news, analysis and advice to help them make well-informed career decisions. There are various companies providing such services. Student loans provide a variety of deferment options and extended repayment terms. A student loan rate should be carefully reviewed and any contracts signed should be carefully entered into before a borrower is locked into an extended debt that must be repaid. Payday loan is a short term basis loan that requires the borrower to provide the lender with specific bank account and employment information for qualification of the financing. There are varieties of financial books about managing your money. These books will be a proper guideline to analyze the finance. It will be an assistance to analyze the financial market, where to invest your money and many more. Bestfinancnews.com describes his name distinctive way in providing latest and up to the mark information relating to the Finance best news. The Financial aid office and Student Loans Company, Financo Financial calculate Home Loan Rate Comparison, Car Loan Calculator with flat or reducing methods. Finance-Banking has made system so trouble-free that you can take Decision of loan online. The Finance News Network had facilitated Finance to be –One position. The best finance info team is of assistance experts of Finance-Research member provide you with latest trends of Student Loans, Business Loan Texas, Payday Loans, and Payday Loans Online. Job seekers can clutch out highly embattled job hunt set up search representative and place resume in Best Finance Job fairs. There are different categories of finance programs accessible depending upon the business concern. Best Finance Books will be an appropriate guideline to scrutinize the finance. It will be a backing to analyze the financial bazaar, where to empower your money and many more. Best Finance Personal is the relevance of the ethics of finance to the economic decisions of an individual or family unit. Components of personal finance comprise examination and investments accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management. Bestfinancnews.com is treasure of the information on finance.

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The top legislature of China started to debate on an amendment in draft law on October 27, 2006. This law would permit the investigation of non-financial enterprises and individuals by the banking supervisory units. The draft emendation to the ordinance on the regulation and supervision of banking sector was relegated to the 24th session of Standing Committee of the tenth National People’s Congress for its first reading.

This law has been designed to further intensify the supervision on the banking sector in China. The existing law that came into effect in 2004 lets CBRC (China Banking Regulatory Commission) and its arms to supervise, investigate and collect information from financial bodies only.

But Liu Mingkang, Chairman, CBRC, believes that existing law fails to allow the banking supervisors to efficiently clamp down on illegitimate practices in the Chinese banking sector.

He informed that bank insiders conspired several cases with outside enterprises and individuals that are not under the investigatory power of banking supervisory authorities. The subsidiaries of CBRC reported about 76 complaints of obstructions in investigations in 2005.

As per the views of Research Analyst at RNCOS, who has recently researched a report on “China Banking Sector Analysis (2006-2009)”, giving more authority and power to the banking supervisors will help in eliminating risks that the emerging financial sector of China will face when the sector will be opened to foreign players.

The research report also addresses some interesting issues that are critical for today’s business environment, like:

§ Insight into market trends
§ Growth sectors and factors driving change
§ Opportunities, strategies and challenges for the banking industry
§ Competitive environment and market and brand leaders
§ Services driving the Banking Sector in China

The report provides extensive research and rational analysis on the growing banking industry, their product quality and services in China. This report helps clients to analyze the leading-edge opportunities critical to the success of the banking Industry in China.

For more information visit: http://www.rncos.com/Report/IM043.htm
Current Industry News: http://www.rncos.com/blog

The reality of instant credit card approval is somewhat different from what most people truly think. However, this does not mean that it is not the right decision for many people out there looking for a new credit card.

You see the ads all the time in newspapers, magazines, TV and on the Internet. “Instant Credit Card Approval – Apply Today!” Now you think to yourself, I could do with a new credit card, especially some instant approval credit cards. I’ll apply now and have my application sitting on their desk tomorrow, and have a new card by the end of the week. You might even use the Internet and get your instant approval credit card online. All you need to do is fill in an online form and you’ll get your card by mail in a day or two. It’s that simple! Isn’t it?

Well the reality of actually receiving instant approval credit cards this way may be a little different. When companies advertise instant credit card approval, their definition of instant and your definition may be somewhat different. Now, to you or me applying for instant approval credit cards means you get your card back instantly – right away. Now for most of the credit card company’s the meaning of instant approval should read -we will start processing your application immediately.

The credit company will check your credit using the information available from credit bureaus. They normally search for information regarding your past credit history and your current status. It’s normal for a bank or credit card lender to get three or more of these reports and analyze them to make sure they make the right decision whether to give you credit or not. Unless you have an exceptionally good credit rating, sometimes as high as the top 4% in the country, then there’s no way you will get instant credit card approval. This type of search and analysis will take up to three days maybe longer. Yes-even if you have applied for an instant approval credit card online. They will still perform the same searches. It’s going to be at least four to five days but usually longer (a week or two) before your card will reach you.

If you have poor credit rating it’s probably not worth your while applying for an instant approval credit card online. When you get to the website of the majority of lenders, you’ll find it says these instant credit card approval offers are normally only available to people who have a good credit rating. It’s important you look closely at the terms and conditions stated by the card issuer or bank. Although most of them will state clearly that to be considered for these kind of instant approval credit cards you must have a good credit rating, it’s still worth applying. The companies aren’t going to break the rules, but they may bend them slightly if your credit rating is near to their qualifying standard. Don’t forget card companies and banks need customers, the person that’s dealing with your application may well take a chance and approve your application.

You may be lucky and receive notification quickly that you have been approved for an instant approval credit card online. The card will be mailed to you, you receive it and you can then go and buy whatever you want. That is quite a common misconception for people who apply for instant approval credit cards. They think they have instant access to the credit that’s been approved. A lot of banks and credit card companies will have a process where you have to validate the card, normally by phone.

As you can see, although instant credit card approval isn’t quite as instant as you might expect, it’s still a lot quicker than the old way of sending an application by snail mail, and waiting weeks for approval, so why not take look at the options available and apply today? An instant approval credit card online might just be what you have been waiting for.

Nothing’s easier than online banking. Just log in, view your bills, pay them, check on other accounts, and so on. I mean, aside from my grandparents, who doesn’t use the internet to bank these days? While it’s more secure than ever before, and in my opinion, much safer than the old-fashioned paper-bill method, you still have to keep an eye out for scammers and internet fraud types who are trying to get their hands on your money.

Types of Internet Banking Fraud

Phishing Scams
Chances are, you know all about these. Phishing scams or “spoofing scams” are not only pretty common, they’re probably the most insulting way thieves get their hands on your personal information. Why? Because you hand it right over to them. In phishing scams, crooks send a mass email to every address they can find, and they look like they come from your bank. They then ask you to update your profile (personal account number, passwords, social security numbers, mom’s maiden name, birthday, etc.) Before you know it, all of it is in the hands of an internet fraud scammer.

You probably think this wouldn’t happen to you. But it’s not always that easy to spot an internet banking fraud scam. In some cases, good phishing scams can be really hard to discern from the real thing. There may be a graphic or logo from your bank on the email, or the website they link you to is so real looking, even you could be fooled. By the time they’re through, they have all the information needed to break into your account, open credit cards in your name, etc.

So how can you help protect yourself from phishing scams? My bank, Bank of America, offers the award-winning1 SiteKey TM tool, which shows you an image (chosen by you in advance), then asks you to enter another password before you get access to your account. That way, it’s easy to tell if you’re on a bogus site.

What if your bank doesn’t offer this kind of protection? Well, no legitimate bank would send an email asking you to update your personal information. So if you get one, you know it’s one of those phishing scams. Forward it to your bank or the Federal Trade Commission (FTC), mark it as “spam” in your mailbox, or just delete it.

Spyware and Viruses
Spyware and viruses are nasty little programs that are loaded on your computer without your knowledge (usually by clicking on shady-looking pop-up ads). Sometimes they destroy information on your computer. Other times, they bombard you with so many ads, that you want to toss your computer out the window. But then there’s the spyware just sits there quietly, disguised as a real application, collecting all your private information.

While it’s not exactly like those phishing scams, this kind of internet fraud puts the same secret information into the hands of thieves.

So called “Trojan horses” are also a good way for internet fraud specialists to get their hands on your account. Often times, these are disguised as or embedded within harmless looking software (computer clock setting programs, weather alert software, etc.) But these creatures are just trying to get access to your private information. They can also come in the form of a stand-alone program like a game or a screensaver.

So, what should you do? If you don’t have it already, get good anti-virus protection, anti-spywear, and a firewall for your home computer.

How’s Your Bank Helping with Internet Fraud?

Your bank should provide you with protection, too. After all, a good online banking fraud detection and prevention system is good for business. I’m not sure what kind of internet fraud protection your bank offers, but I’ve checked out Bank of America, and I know their Online Banking has:

• Firewalls to help block unauthorized access by individuals or networks
• Encryption technology, like Secure Socket Layer (SSL), to help transmitted info stay between me and Bank of America
• Secure email via Online Banking
• Award-winning SiteKey TM service to help keep the wrong people out of your accounts

Other Ways to Battle Internet Fraud

The best thing about banking online is how quickly you can access your accounts. Here are some ways you can use it to help cut down on internet banking fraud:

• Go online often and check your account activity. This will help you detect internet fraud and identity theft almost instantly.
• Set up email alerts – some banks give you the option to get alerts if your account drops below a certain amount. Then you’ll know if someone’s been messing with your account
• If you can, switch to online statements and electronic bills (e-bills) instead of mailed paper statements. This could help cut the risk of mail fraud.

Despite all the fancy internet fraud measures out there, the best fraud detection and prevention system is you. Bottom line is – you control the information you give out – and you’re the person who protects it. Keep all your personal or account information in a safe place, and don’t give it to anyone you don’t trust completely. When it comes to internet banking fraud and phishing scams, it’s good to be a skeptic.

Instant approval credit cards online are cards which you can apply online and receive notification via email of the acceptance or denial of the credit card, within just few seconds after filling out an online credit card application. To get an instant approval credit card, you must have at least good to excellent credit, or in other words, a clean credit history. In certain circumstances, more time would be needed to determine the approval of your credit card.

The instant approval credit card applications can be done online very easily and quickly. The features vary from one provider to another and you can usually get the application response within minutes. Instant approval credit cards are generally designed for those with very good credit, so before applying for the card online, make sure you start with an honest assessment about your credit worthiness first.

Know your earning capacity and your credit worthiness to start should adequately arm with the proper amount of information necessary in order to compare instant approval credit cards. Obviously, look for the best approval credit card to match your specific needs, whatever they might be. Some instant approval credit cards charge annual fees and some don’t, so be sure to compare and check. While it is generally recommended to try to avoid paying any type of annual fee, in certain instances, paying an annual fee might make sense, depending on your particular circumstances. Look for the instant approval credit card with lowest overall financial charges. Some common benefits of instant approval credit cards online are airline miles, shopping, rebates and rewards, retail, business and cash back facilities. With instant approval credit cards being one of the hottest credit card products currently available in the marketplace, each credit card company has its respective web site that consumers can use to research and learn about the various functions and features of each card product available.

With so many people accustomed to getting things quickly, in order to keep up with consumer expectations and growing competition, card issuers are obliged to speed up the application process. Instant approval credit cards are filling the growing demand for quicker access to credit resources. The instant approval credit card process allows cardholder candidates to apply for credit cards online, without the customary extensive paperwork involved. Now, with secure transactions the online applications have become even more secure than the traditional paper applications which could be stolen from a person’s mailbox, resulting in identity theft. These instant approval credit cards can also be applied for over the phone. Either way, you should know in a few seconds about the approval or the denial.

Once the instant approval credit card has been approved, the applicant will, unfortunately, have to wait to receive the card before being able to tap into the credit line. It’s important to note that some instant approval credit cards have higher interest rates. Therefore, you’ll need to determine whether these expenses are worth the cost of securing an instant approval. With increasing competition between the credit card companies, instant approval credit cards are becoming an increasingly common option even for those with a less than perfect credit history. Some of the instant approval credit cards also include rebates, rewards and cash back programs.

Instant approval credit cards are much appreciated because they are different from the traditionally slow credit card application process; you are either approved or rejected as soon as you submit the application instead of having to wait for days, or even weeks to get a credit card. But remember, instant approval is different from an instant decision. The bank makes an instant decision, without counting in that certain period of time given to the credit company to decide if an application is approved. The banks effectively provide an instant pre-approval regarding your card application, allowing them additional time for the detailed research on your credit history before granting the actual approval. The credit history check typically will take a few weeks to complete.

Potential card applicants must realize that instant approval credit cards are a method used by banks and credit card companies to process applications instantly in order to speed up the decision process based on data they get from an applicant’s online credit report.

Lastly, always make sure to go through banks and credit card companies that offer the highest level of internet data encryption when applying for instant approval credit cards online.

The competition among credit card companies is intensifying by the day and in order to beat the competition, card issuers are coming up with new offers and incentives to entice customers each and every day. Reward credit cards have gradually evolved in this race for survival among credit card issuers and banks. Why would reward credit cards, which were once issued only to the loyal customers of a credit card company, be promoted and distributed in such large numbers? Well, market conditions have pressured credit card issuers into providing newer more compelling credit card offers, allowing the common man on the street to gain immensely from the newest and best reward credit cards currently available. This article will describe the various types of reward credit cards, features, benefits, tips for use, and things to watch out for maximum advantage.

In essence, reward credit cardholders are entitled to receive rewards based on the points he or she gains through their card purchases over time. The most common types of reward credit cards seen in the marketplace are air miles credit cards and cash back credit cards.

Air miles credit cards provide air miles for each dollar spent using the card and allow the user to redeem the accumulated miles for hotel accommodations, air travel or car rentals. Such offers are especially beneficial for those who are frequent fliers. Cash back credit cards typically give back a set percentage of total purchases as a cash rebate based on the total bill, either monthly or annually.

Who Should Be Using a Reward Credit Card?

Although the credit card companies are undoubtedly aiming to profit from every type of credit card they roll out in the market, one can expect some economic advantages behind the reward credit cards for consumers as well. Reward benefits for cardholders are usually offset by higher interest rates and additional fees and surcharges that exceed what a normal credit card might incur. Reward credit cards are best suited for individuals that can confidently pay off their card balance each and every month so as not to incur finance charges by carrying a balance. The points that you earn from your purchases can be built up progressively but are better suited to individuals or businesses that use their cards often and are probably not best for those who use credit cards very sparsely primarily because by the time the cardholder builds up enough points for a viable reward redemption, many times, the expiration date on those points will have already expired.

Tips for Use

So if you do plan on acquiring a reward credit card, to get the most out of the card, you should try to use it extensively, including virtually every bill you pay, including electricity and gas bills, phone service expenses, weekly grocery shopping, and internet and cable TV, etc. If you are financially sound enough to make the repayments in time, there are even some reward credit cards that will allow you to charge your mortgage or rent payment on your card.

Also, it is a good idea to apply for an add-on card for your spouse and distribute the spending on both. This way the customer could gain more bonus points for the same expenditure and hence better rewards.

To sum it up, the trick is quite simple, use your reward credit card as often as possible (well within your repayment ability, of course), always pay off the card balance at the end of each month, and reap the reward benefits.

Finally, before concluding, a word of advice; prior to applying for a reward credit card, do a bit of research to see which companies are offering the best reward credit cards and which among them is the most advantageous for your personal situation. The Internet provides a wealth of information on various card types and offers so be sure to utilize the information available online. A little bit of homework will make all the difference in your reward credit cards selection.

Bad Credit Rating – This is a term associated with a person or a company that have failed to honour fiscal obligations in the past. It is most likely they have either completed payments late, have been bankrupt of perhaps exceeded their pre-agreed card limit.

Bank Identification Number – This is a number which identifies the financial institution or credit card provider. This can often be the first 6 digits on an account number.

Bank Card – The payment card provided by a bank.

Billing Cycle – This is the period between payments will accrue. This is often one month however this is through convention rather than law or any other external factor.

BIN – See Bank Identification Number for summary

Business Credit Card – This is a credit card, where the entity liable for payments is a business rather than a person.

Card – This refers to the plastic card issued to a customer of a credit card company, when the term is used in the context of credit cards.

Card Issuer – A card issuer is a credit card company or financial institution that provides credit cards to credit card holders.

Card Reader – A card reader is a machine that is able to read information stored with the magnetic strip of a credit card.

Card Holder – A person or entity that owns a credit card or that has had a credit card issued to it/them.

Card Not Present – This refers to a transaction where the card holder is not present.

Cash Advance – A loan from a credit card provider that is given in cash, via an automatic teller machine or a bank withdrawal

Cash Back – Cash back is money that is returned to the credit card holder on a monthly, quarterly or yearly basis. Should you complete all your purchases with a credit card, and repay the amount in full at the end of each month, then this will result in a total surplus from your credit card spending. This money usually reflects a percentage of your total credit card spending.

Chargeback – A chargeback may occur when a dispute is brought up by the card holder or when it does not comply with legislation that the merchant has agreed to follow. This is money that is returned to the purchaser.

Chargeback Period – This refers to the time in which a charge back can incur. This will generally be a period of time, in days, after the transaction took place.

Co-Branded Card – This is a card in which the service provider/retailer and a bank/financial institution are stakeholders in. This will usually result in special allowances and restrictions in terms of where money can be spent and given, and will potentially result in specific awards from using the services/buying the products of the company.

Commercial Cards – The name given to a credit card that is used exclusively for business purposes in which a company may be liable for payment and complying with the contract. This is the preference of organization who wish to keep their employees personal and business expenditure distinct for accounting and compensation purposes.

CNP – See Card Not Present for summary

Student credit cards are looked at by most students as an easy way to spend more money. But using every student credit card that is thrown at you does not make much financial sense. Used properly a student credit card can prepare you for the future and enhance your money management and planning skills.

The Benefits Of Smart Use Of Student Credit Cards

Through proper use of your student credit card, you build good credit history. This is something that will stand by you in the future. A good credit report helps you in future employment, your first car purchase, home purchase, as well as insurance. An intangible benefit of student credit cards is that it helps organize your finances. By being able to see a report of your spending you might realize that your nightly pizza for the year could have bought you your first car. But hey a student credit card is not about giving up pizza! It is about learning more about where your cash is flowing, which is a very good financial preparation for the future.

Each Card Is Different

When you apply for a college student credit card, be aware that the first one you see is not the same as the rest. Student credit cards differ in many respects. Remember like many other things in life when you get your first student credit card, do not forget about the fine print involved.

Building Good Credit History

Remember that while building a good credit history, you must have an active account. At the same time making your payments on time is important to your credit history. Never go on shopping binges that are going to weigh down your credit card. Instead keep a good account of how and where your money is going.

One way to keep the student credit card account active is to use it to pay your monthly bills. These could be telephone bills, utility bills or any other. Set a monthly expenditure target for yourself and use your college student credit card to monitor that target. You can then reward yourself by making that essential purchase that you always wanted to.

Make Informed Decisions

Most important is that you make an informed decision about the college student credit card you apply for. Each card has a different APR, annual charge and miscellaneous charges. But each card will also provide unique benefits. The APR is the rate at which interest is charged on overdue money. Your aim as a cardholder should be to always minimize finance charges as best as possible. However, in the event that interest is charged, you should have a card that charges you the least. Some student credit cards have a 0% APR initially and no annual fees.

Generally rewards programs are toned down on college student credit cards. However some cards do offer exciting rewards, rebates and insurance plans that make student life a lot easier. But regardless of potential reward benefits, be sure to choose a student credit card that is tailored to your specific needs, whatever they might be

Gaining Financial Wisdom

Beginning financial planning early reaps rewards later in life. However it must be done with care. It is easy to get carried away by the pace of student life and overspend. Use your college student credit cards conservatively and use it primarily to pay off monthly bills and expenses that you know you can pay off, but you can also build a good credit history that will pay back later in life. If you should choose to get a student credit card, think of it as an enjoyable learning experience outside the classroom. If you can do this, you will derive the maximum benefit from student credit cards.

Credit Cards are now one of the most popular forms of short term debt. The reason for this popularity is that credit cards offer flexibility and convenience that no other forms of finance can provide.

When it comes to determining which credit card is best for you, you need to match the credit card features and benefits to your individual spending habits. Things you need to take into consideration is:

• How quickly do you pay your credit card balance off?

• Is you credit card balance paid off monthly?

• Do you travel much?

• Is your credit card balance generally ongoing, therefore no longer short term debt.

• Are membership rewards important for you?

How do I Choose the right card?

The first thing to remember it that nothing in life is free. Therefore the more benefits the credit card offers, generally the higher the interest rate, and the higher the annual fee. You should always remember that the banks are in this to make money, so when they look at packaging a credit card offer, profitability is always high on their agenda.

Low Interest Rate Credit Cards

Low interest rate credit card market is currently being hotly contested. All the traditional banks have low interest rate offers however other issuers are making inroads into this space with very competitive offers.

These cards typically offer no rewards program for their credit cards. An interest free period on these credit cards is pretty much standard at between 40- 55 days, and generally have a late payment fee. Low interest rate cards are good for those people who:

• Generally have an outstanding balance on their credit card.

• Don’t seem to be able to pay off purchases within the interest free period.

• Are not interested in receiving membership benefits

• Might be looking for flexibility in regards to medium term credit.

Many low interest rate cards are also offering 0% on balance transfer rates (generally for 6 months) . So if you currently have a high balance on and existing cards which you are trying to pay off, switching onto a card with a lower ongoing interest rate and low balance transfer rates is worth consideration.

Standard Credit Cards

Your standard credit cards generally offer a higher interest rate, membership rewards, interest free days on purchases (generally around 55 days), and a low balance transfer rate for an introductory period. In many cases these cards are what we have been holding for years and they are now coming under pressure with all the new low interest rate cards on the market.

These cards still have a place in the market and might be best for:

• People who are disciplined and pay the card balance off monthly

• Use the cards for convenience for everyday purchases.

Buying everything on your card and then paying it off within the interest free period allows you to obtain reward points and not pay interest charges.

Gold Credit Cards

Gold and Platinum credit cards generally have higher interest rates and yearly fees than other cards, however they also have higher rewards associated with the cards as well as other member benefits. When comparing these types of cards it is important to match the associated benefits of the cards to your own specific needs.

Income requirements for these cards can be higher than the standard credit cards, and then available credit limits are also generally higher.

These cards might be best for:

• People who are disciplined and pay the card balance off monthly

• Use the cards for convenience for everyday purchases. Buying everything on your card and then paying it off within the interest free period allows you to obtain reward points and not pay interest charges

• Travel frequently – can redeem rewards point for flights

So, when selecting a credit card take all these things into consideration. Decide which card fits your lifestyle choices.

Before applying for any credit card, be sure to discuss your specific financial needs with your financial advisor.