If you’ve been a student or borrower of a credit card, you know how difficult it can be to pay off your debt.
And now you can make sure that your credit cards don’t get used to cover your bills.
The Credit Card Association (CAA) has released a guide that helps you make sure your credit card balance is always there.
Here are the 10 things to keep in mind when deciding whether to get out of a card:If you’re new to credit cards, it’s important to understand the different types of credit cards and their terms.
You can read more about credit cards here.
What is a credit cards balance?
A credit card balances are the total amount of credit on a card.
They include all the credit cards you use and the balance on the credit card.
The card issuer can either:The amount on the card is how much you can pay off a given credit card in a monthIf you have a balance on a credit account, the issuer must transfer the balance to your account in the same billing cycle.
If the balance is due and the card issuer is late in transferring it, the card becomes delinquent and you lose your access to your money.
How to make sure credit card debt stays on the accountThe first step to making sure your card balances aren’t used to pay for bills is to monitor your credit reports for any new credit card accounts.
If you have one, check your credit report to make certain it’s current.
If not, check with the credit reporting agency or lender that issued the card to see if the credit report is up to date.
The CAA has compiled a list of the best credit cards for people who are new to a credit plan, or who have a credit limit that’s higher than the credit limit on their credit cards.
Here’s a list: Citi: The Chase Freedom is a great personal finance credit card for people just starting out.
If it’s a Chase card, the balance doesn’t count towards your credit limit.
You’ll get a minimum of $300 off your first purchase each month.
The balance is a good starting point, but it’s not a must-have.
Bank of America: The Citi Business Checking® is a nice personal finance card that has a higher minimum balance than a Chase Freedom.
The CofA offers a $1,000 introductory bonus every month and offers $100 cash back on up to $1.5,000 in purchases.
If that’s not enough to get you started, the CofB also offers a two-year introductory card, $1k annual fee, and a $250 introductory bonus on the Citi Signature Preferred Card.
American Express: The American Express Bluebird® is also a good personal finance choice for people new to personal finance.
The Bluebird offers up to a $500 cash back offer and is eligible for a $2,500 introductory bonus.
If your goal is to get a $25,000 bonus, this card is a no-brainer.
Credit cards with low balances, and the ability to pay them off at the same time.
Citibank: The Citibank Personal Checking® and Citibans Visa Plus Checking® are great credit cards with lower balances than the Chase Freedom and American Express.
Capital One: The Capital One Business Checking credit card is another good option for people starting out with personal finance who want a low-interest credit card with a low monthly fee.
Capital One offers a low balance of $5,500, a $100 annual fee and a one-year limit on all your credit transactions.
Discover: Discover Personal Checking is a card with great balance-free rewards, especially if you’ve already got a low credit score.
The Discover Personal Card earns you points at points-based rewards when you make purchases at participating merchants.
If all you’re after is a low interest credit card that offers low monthly fees, this is the card for you.
If you need a new card to try out, Capital One and Discover offer similar credit cards at a lower cost.
Kellogg: The Kellogg’s American Express Card offers a lower monthly fee of $25 than a Citibanks Business Checking.
Merrill Lynch: The Merrill Lynch Chase Freedom Card offers up a $4,000 annual fee that is reduced by $200 for each additional $10,000 you spend.
MasterCard: The MasterCard Personal Checking, MasterCard Chase Freedom, and MasterCard American Express are the best personal finance cards for new cardholders.
Royal Bank of Scotland: The Royal Bank of Scottish MasterCard and Mastercard American Express cards have a lower balance than the Citibancs Citi card.
Savings cards, and where to put your moneyNow that you know the types of cards you can and shouldn’t use, it is time to