English Subtitles for 5 Things to Consider When Applying for a Credit Card

Subtitles / Closed Captions - English

hi YouTube it's raining here and so happy to be back with you guys today i

have some quickness to share before I jump into the video i got my fifth credit card in mail so I'm really excited that I was approved for that card because of two really big reasons I utilization is pretty much always going to be under ten percent now because my total credit available increase to about forty thousand dollars because of that it makes it really easy

for me to maintain a really good credit score over time without having to do much I'm really excited about that and I just wanted to share this video in honor of my fifth card five things to consider when you're applying for a new credit card first up does the credit car charger an annual fee if you're new to credit cards

or just starting to build credit then I especially encouraged you to stay away from credit cards that charge an annual fee there's hundreds if not thousands of different credit cards available to you that won't charge you an annual fee why should you pay for a service when you can get it for free next up is probably the most common point of comparison between credit cards and that

is what is the APR or the interest rate the average interest rate in the u.s. right now january twenty sixteen is 15 . twelve percent so for those of you out there who have good to excellent credit should be really excited because you qualified to get a pretty good interest rate somewhere between twelve and fifteen percent i would say but if you have fair or poor credit you probably going to be more in the twenty twenty to twenty-five percent

interest rate range you also want to think about what are the penalty for use or county rates that this credit card hats if you make a late payment for example you're going to be charged a late payment fee and your interest rate is going to be bumped up to a penalty this week so you have to know what is the penalty interest rate

I need to know what the late fee you really have to understand what those fees are so that you're clear about what kind of contract you're entering into how long is the grace period traditionally a grace period is about 25 days and that's how much time you have from the day that you get your bill to the day that is due where you can make payments on your credit card interest-free but a lot of

different credit cards have cut down the grace period to around 20 days which decreases the amount of time that you have to make interest-free payments and increases the chances of you making a late payment which only means you're going to get smacked with a late payment fee what is the credit card that's going to get me long as grace period try to find one that's around 25 to 26 days if more amazing finally you want to

know what type of billing cycle does this credit card use most credit card issuers use single cycle during which is the best thing for you as a consumer but some credit card issuers try to be slick and use to cycle Billy and that is what you want to avoid credit card issuers have to determine how much they're going to charge you interest each month so they find your average daily balance what they do is they add up the amount that you owe each day in the cycle and

then divide that by how many days are in that cycle that if they could to use two cycles to do that and you carry over a balance for once I going to the next then your average daily balance for both cycles is going to be higher which means at the end of the day that you're going to get charged more interest you really want to avoid any kind of credit cards that use to cycle building good luck to everybody out there who's trying to apply to get a new

credit card I hope that you guys the ones that you really want and in the event that you are out there having a hard time researching and there's so many options you don't really know what to choose from I definitely suggest that you like into your credit karma account and check what

the recommendations are for you on there because they consider your specific credit profile when giving you suggestions and that is all that's all i have for you guys today so if you have any questions or if you have any comments on definitely feel free to put them down below or you can email me privately at miss be helpful I gmail.com until next time peace

Video Description

Welcome to my MissBeHelpful channel!

There's so many different credit cards out there to choose from! How do you know which ones are the best?

Here's a list of 5 things you should ask yourself to help you find the best card for you!

Check out this link for credit cards that have NO ANNUAL FEE: https://www.creditkarma.com/shop/creditcards/noannualfee

Check out this article out if you are going to open your very first credit card: http://moneyfor20s.about.com/od/creditcards/tp/Guide-to-Choosing-First-Credit-Card.htm

Click here if you're interested to learn more about APR and past performance of interest rates in the US: http://www.creditcards.com/credit-card-news/interest-rate-report-011316-down-2121.php

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’Til next time… PEACE!