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In our current society where high regard is placed on prestige, image and personal profile, Platinum Credit Cards are often used as status symbols. This stems from that fact that these cards are only approved for high income consumers with good credit records. Due to these circumstances, a high credit limit is provided, while interest rates may be relatively lower due to the lower credit risk.

Apart from that, Platinum Credit Card holders may be entitled for exclusive retail discounts and free air miles that may not be available for Gold and Standard credit card users. Nevertheless, there are a few considerations that you would need to make before actually applying for a Platinum Credit Card.

High Annual Fees

The platinum card status and higher credit limit do not come without a price, as higher annual fees are applicable for these cards. Indeed, annual fess payable may go as high as a few hundred dollars a year! If this is acceptable, then it may be wise to ensure that you are enjoying reward benefits that are of greater value than a standard credit card.

Increasing Interest Rates

One of the downside of Platinum Credit Cards is that your interest rates can be increased when you only pay the minimum on your outstanding balance or have been making late payments. Interest rates can be increased by as much as 35%, which amounts to a significant value. Apart from that, the minimum payment incurred may also be increased from 2% to 3%, another factor that adds to your cost of using a Platinum Credit Card.

Higher Credit Limits

Platinum Credit Card owners are entitled for higher value in credit limits as compared to Gold and Standard Credit Card owners. In reality, the exact credit limit varies from person to person in accordance to the evaluation done by the credit card company. One of the greatest benefits to having greater credit limits is the convenience of making purchases of greater value with just one card, rather than with a combined credit limit from multiple credit cards.

Not to be confused with Platinum Unsecured Credit Cards

Platinum Unsecured Credit Cards are not really credit cards, but rather shopping cards that can be utilized on specific outlets, or through an online catalogue. The restriction here is that these cards can’t be used in other establishments, such as restaurants, gas stations or airline bookings. The word Platinum is probably associated to the unsecured high credit limits of these cards.

Shop for the right Platinum Credit Card

With the stiff competition within the credit card markets, it is wise to shop around for your credit card before applying for one. Analyze the different cards and you will see that some credit card companies offer benefits that are better than others. In fact, incentives such as no annual fees, low interest rates, attractive reward programs and high credit limits are now even possible for Platinum Credit Cards. You just need to look around and decide based on what fits you best!

For many people, a high credit score is just a dream. Past issues have left them with items on their credit reports that impact their overall credit score in a negative way. Some people are not aware of the possibility of credit score repair. Help is available.

There are so many things that can cause credit problems. Things as simple as late payments and as devastating as divorce, can lead to bad credit scores. Credit score repair specialists are familiar with all of these things. There is no need to be embarrassed. They have heard it all before.

Credit score repair strategy involves removing items from your credit reports that have a negative impact on your credit score. Information may be outdated, inaccurate or misleading. It is possible to dispute this information alone. But, it is time consuming, frustrating and sometimes ineffectual. Law firms that specialize in credit score repair have different techniques at their disposal. They can often accomplish things that you could not do alone. They are aware of the current laws regarding credit issues. They can make sure that everything is done legally. They know how to word disputes to make the credit bureaus pay attention and respond quickly. Credit score repair is their business and they know their business.

A high credit score can mean the difference between a high interest rate and a low interest rate. People with high credit scores get the best credit card deals, the best mortgage rates, lower insurance premiums, etc. Credit score repair for individuals who have had past credit problems can have these things, too.

There are credit score repair companies which employ credit counselors or advisors, but they may not be nearly as effective as a legal team dedicated to resolving a person’s credit score issues. Many people think that this type of thing is very expensive, but it can be quite affordable. Bad credit is very expensive, costing hundreds of extra dollars per year in interest rates alone.

There are law firms that specialize in credit score repair that will refund a portion of your money if they are not able to achieve results. Policies like this make credit score repair lawyers work extra hard. Legal credit score repair has nothing to do with bankruptcy, though credit score repair strategies may be able to remove items related to bankruptcy more quickly. Declaring bankruptcy is not a credit score repair strategy. Recent laws require that those who are considering bankruptcy receive credit counseling. Non-profit Consumer Credit Counseling Services help with budgeting and goal setting, but do not address credit score repair. In the end, only you and your legal team can make credit score repair a reality, but it can be done.

The writers and editors of the Credit Repair Blog are dedicated to providing accurate credit score repair information. Visit us at http://badcredit-repair.blogspot.com

There are so many credit cards out there to choose from that deciding which one to get can feel really daunting. What makes one offer better than the hundreds of others you’ve seen? Here are top 7 FAQs to finding the right credit card:

1. Are You a Student?

If you are, then you’ll be better off with a student card. Your application is likely to get accepted without problems. It would be best to contact the bank where you have your student account before you do anything else.

2. Are You Transferring a balance from another credit card?

If you are, then you need to be looking for a card with a low APR on balance transfers. APR is the acronym for Annual Percentage Rate. APR is the cost of credit, expressed as a yearly interest rate. However, do be careful of credit card offers that promise 0% introductory rates for say 6 to 9 months. There may be a catch somewhere!

3. Do You intend to Make New and Large Purchases?

If so, then pay more attention to the APR for purchases, which is usually entirely different to the one for balance transfers. You should also look at what kind of grace period different cards offer, so you don’t end up paying interest on your purchases straight away.

Also called a “grace period,” a free period lets you avoid finance charges for a specified time before you are required to start paying your balance. Without a free period, the card issuer may impose a finance charge from the date you use your card or from the date each transaction is posted to your account. If your card includes a free period, the issuer mails your bill at least 14 days before the due date so you’ll have enough time to pay.

4. Do You Pay Off Your Balance In Full Every Month?

If you have a lot of money or you only keep a credit card for emergencies, then you might just pay it all off each time you get the bill. If you do, then you’re in a position where you obviously don’t need to worry about the interest rate much at all, since you won’t be paying any interest (make sure there’s a grace period, though).

5. Do You Need to consider Other fees?

Many issuers charge annual membership or participation fees. Some issuers charge a fee if you use the card to get a cash advance, make a late payment, or exceed your credit limit. Some charge a monthly fee whether or not you use the card.

6. Need Good Customer Service Support by the Issuing Bank?

This can be an important factor especially in situations of lost card or a charge that you wish to dispute. You want customer service support that is friendly and helpful. Choose a reputable bank that has excellent call center help.

7. Which Reward Program is suitable?
You may wish to consider the card that offers you the best reward programs or frequent flyer points for your needs.

In conclusion, there will be plenty of offers of credit card deals and “pre-approved” credit card application forms in your mail. However, do take the time to shop around for the right credit card for yourself.

Elaine Lim used to be a research analyst from a bank and now hopes to share her expertise through publishing information on consumer credit. She hopes to help others in their financial planning, debt management and credit repair. For more free tips and resources, please visit www.credit-cards-eguide.com.