Springfield Credit Card Rates

Battlefield Mall is one of Springfield’s favorite shopping destinations. There’s a Macy’s, Dillard’s, JC Penney and Sears, among other famous stores. If you’ve got a low rate credit card you’re going to shop here without worrying too much about the final bill. If you don’t have a credit card, or are looking for one with a fairer rate, Springfield Banking Rates wants to change that as soon as possible.

The best credit card rates are hard to find. They’re lost in the crowd of offers that sound good, but come with all kinds of dense and intimidating fine-print. Springfield Banking Rates could help you find a truly good one.

7 Hidden Credit Card Fees Which Could Hurt You

Credit cards are a necessary part of life. They help us have a ready cash source on hand, pay for expensive purchases, and build our credit. However, credit card companies are in the business to make money, and there are several things a credit card user needs to watch out for. Springfield Banking Rates has compiled a list of seven hidden fees which you need to think about before applying for a credit card.

1. Balance fees. While not all companies carry this charge, some will fine you for not having a balance on your credit card. Essentially, they are charging you money for not buying something with your credit card that month. Called a minimum finance charge, this fee can be trouble if you do not use your card every month or pay the balance off in full.

2. Late payment. All credit card companies charge late payment fees, and although they cause problems with your credit score, they are not the main issue. Something called the Universal Default Clause causes the problem. Basically, if you make one late payment on one card, this clause causes not just that interest rate, but all your credit card interest rates to go up. Instead of punishing you on one card, they punish you through all of them. This is not a fee you can avoid, so just be aware of it when making your payments.

3. Annual fees. Some cards charge a yearly fee to own or use the perks of that particular credit card. Some may waive it for the first year and then begin charging it, so be careful. Rewards credit cards may not earn you enough cash back to be worth an extra $100 expense every year.

4. ATM fees. While ATMs already charge fees for taking money out, your credit card company or bank may also charge you a fee to use your card. These fees can quickly add up. Either find a card without any ATM fees or withdraw larger amounts of money to offset the withdrawal costs.

5. Exchange fees. For the foreign traveler, these fees can cause some issues. First of all, always tell your bank or credit card company before you travel abroad or your account may be blocked in order to prevent theft. However, credit cards also frequently have exchange fees to change your American dollars into British pounds or whatever the case may be. Look for a card without this fee if you plan on doing a lot of foreign travel.

6. Paying the minimum. While this is not necessarily a fee, paying the minimum can lead to you paying more money than you planned. If you only pay the minimum every month, your debt will take a long time to pay off and high credit card rates will make your debt double and even triple over time. Avoid this by choosing a card with low credit card interest rates and paying larger sums each month than the minimum.

7. Changing APRs. Another typical problem is changing APRs. If you look at a credit card offer, it may say 0% APR for a limited time period of a year or so. After that, credit card rates gravitate to the 25% APR area and get higher with late payments or balances higher than your credit limit. Make sure after your 0% APR time period you will not be stuck with a credit card which will take all your money.

Consider all of these factors and fees before choosing a credit card. If you want help finding the lowest credit card rates, let Springfield Banking Rates help you with that goal.

Credit Card Fraud in Springfield, MO

Springfield Banking Rates works with Credit Card companies who spend a great deal of money to help protect against anyone trying to steal your credit card. Credit Card Fraud is unfortunately a wide-spread problem, and the best companies continue to improve their security to protect you. As they continue to work hard with our customers and the credit bureaus to prevent and reduce credit card fraud and save money, the lower credit card rates for consumers will go. Be sure to protect your identity and monitor your credit card activity to prevent identity theft, and catch it early in the event that it happens to you.

Credit Card Types to Choose From

Remember when you saw that awesome Tennessee Vols jersey, but you did not have the cash in the bank to buy it right then and there? Situations like this require you to to buy a credit card and examine credit card interest rates. As one of your first steps to enter the financial world, the credit card you choose can have a big impact.

Springfield Banking Rates has compiled a short list of the most common credit card types, with each one’s particular advantages. Consider which one fits your situation best before committing to a Springfield credit card.

Secured Credit Card: When you apply for this card, the bank will require you to give them a secured deposit which they use whenever you default on your payments. As a result, your credit limit will usually be equal to your deposit. Look carefully to determine what the minimum and maximum deposit amounts are, if there are any eligibility restrictions, and how quickly the creditor can take your deposit after a late payment.

Unsecured Credit Card: These cards are usually issued to people with good credit scores, with a credit limit issued on an individual basis. Essentially this card serves as a way to obtain more cash than you actually have in the bank when you purchase something.

Reward Credit Card: Reward cards offer the extra perk of letting you earn cash back, free travel, and other gifts whenever you use them.

Debit Card: These cards require you to have a balance in the bank which you can add and subtract money from using your card. No interest is charged, but overdraft fees can be high. Some debit cards also double as credit cards.

Student Credit Card: As a young person, this is one of the best cards to get. It offers low introductory interest rates, free rewards programs, and the opportunity to own a credit card without having an extensive credit history. Watch for high APRs and make sure to pay your monthly bill on time.

Once you decide which card is right for you, look to Springfield Banking Rates to provide you with the latest credit card rates and connect you with the newest offers on the market.