Credit Card Interest
One of the best financial tips you will ever hear is a simple one, don`t borrow money if you don`t have to! Just think about a credit card this way, if your card carries 20% interest and you can avoid paying that every month, it would be the same as receiving a 20% raise every month. Not everything about credit cards has to be negative though. Some cards offer benefits such as, extended warrantees, dividend programs, air travel miles, purchase protection, and establishing a strong credit rating, but the best strateggy is to pay off your balance at the end of every billing cycle. This can be a benefit in purchasing in cash by giving you small benefits plus allowing you a few extra days to pay your balance in full. Having said that, there are some purchases or situations where you will need to borrow money, and there are always better approaches in how to borrow.
Top 10 issuers of general purpose credit cards:
1. Chase
2. Bank of America
3. Citi
4. American Express
5. Capital One
6. Discover
7. HSBC
8. Wells Fargo
9. USAA
10. US Bank
U.S. market share ranked by transaction processor:
1. Visa -- 46 percent
2. MasterCard -- 36 percent
3. American Express -- 12 percent
4. Discover Card -- 6 percent