Credit Cards

Credit card debt and personal bankruptcies are now at an all time high. With no legal limit on the amount of interest or fees that can be charged, credit cards have become the most profitable sector of the American banking industry: more than $30 billion in profits last year alone. Credit card debt settlement is also an option worth considering. Credit card fraud is also an adjunct to identity theft. According to the Federal Trade Commission, while identity theft had been holding steady for the last few years, it saw a 21 percent increase in 2008.

Credit card lending is enormously profitable. But the credit card industry is saturated. Credit card lending in the UK is said to have increased by $300 million over the course of the month, according to the central bank. The Bank of England also stated that there were similar increases for the month of April for unsecured lending as a whole, and this included personal loans and Credit cards charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual's credit rating.

Credit card applications are submitted directly to banks or financial institutes via Secure Sockets Layer (SSL) technology. Credit cards have come a long way since the term 'credit card' was originally used in an 1887 sci-fi novel. Today people of all credit levels around the world use plastic on a daily basis.

MasterCard’s Pay Pass technology also works on the same principle. MasterCard is owned by over 20,000 member organizations. They serve customers in over 210 countries, and process over 15 million transactions a day in over 180 currencies.

Comparing interest rates, annual fees, introductory offers and special benefits is easy. Compare credit card offers and submit credit card applications. Read professionally written credit card reviews that detail the benefits and terms of each card.

Banks don’t issue credit cards out of the goodness of their hearts. They do it to earn a profit, and fees help them do that.

Secured credit cards are cards with prepaid funds deposited by you. They are used mostly by those establishing and reestablishing credit. Secured debt is home mortgages, car loans, boat loans etc. In terms of eliminating debt you always want to eliminate credit card debt first.

Perhaps you're a loyal credit cardholder: is there some room to negotiate with your credit card company? It doesn't hurt to ask if they can work out a better rate for you. Perhaps you are one of the millions of people who see these words everyday. They come directly to you courtesy of the postal service via your mailbox.

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Gurmit loves travelling; he has been over 70 countries. He speaks fluent Cantonese, Polish, Hindi, Punjabi and English. Gurmit is an author, writer, insurance and mortgage expert. He frequently writes on various topics of interest to his readers. Gurmit Singh is a licensed mortgage expert with Dominion Lending Centres Mortgage Villa.

Gurmit Singh, mba
Mortgage Expert
M08009905
Dominion Lending Centres Mortgage Villa (11574)
Email:gurmit@gurmitsingh.ca
Website: http://www.gurmitsingh.ca