Answers to the Most Common Credit Card FAQs

Using credit cards helps you during any financial emergency situations and it is your best financial friend & also your worst enemy. The credit card company offers different types of cards for various uses. Nowadays credit card usage is increasing popularly. To buy cards check the relevant website for metrobank credit card promo and enjoy the offers. You can also see citibank credit card promo and this promotion may attract to get the right card. But borrowing money within limit, a card with low interest and regular monthly payments are really challenging. There is lot of questions for customers to ask regarding purchase of credit cards, usage mode and many other details. Following shows the most frequently asked questions.

For what types of credit cards will I suit for?

There is lot of credit cards available for different purposes. Based upon your credit history that is usually represented by your credit score will check your eligibility. When you settle the bill amounts perfectly on time before the monthly due date and having less pending debts will likely to have good score points. You are qualified for any types of credit cards. People who have more debts and who fail to pay the amounts correctly are not qualified for high end rewards. And they have to look for basic level designed credit cards with lesser credit scores.

What happens when I don’t settle full amount?

The work of the credit card is to lend loan and it does not generate any interest when you settle the full amount on time before due date on every months. When you fail to pay the fees the interest will generate every month with your account balance. Hence to use credit cards without any problems pay monthly fees full in amount.

My parents died leaving with me lot of debts. Do I have to pay?

In most cases you don’t have to take responsibility or pay debts unless you have signed a contract or a co signer on credit card account. But if died person is your spouse means and when you run life in a community property state means, the generated debts during your marriage are taken up as community property and you are completely responsible for it. Usually if a person dies with lot of debts, the creditor will look for any cosigner and will ask him to pay the remaining debts. Some creditors will leave it, if the debts are small, but no guarantee.

What should I do when I have more debts and bad credit scores?

It really sounds bad but your poor quality credit score have plus. You will receive the credit card statement with a consolidation loan. Now you have to put lot of efforts to escape from debts. My advice is to get a free debt consultation to estimate whether the counseling program will work. Even with poor credit score this will help you to have lower interest rates. And will also help you to develop the skills for management of money. Suppose this program doesn’t work for you, better you can consult with bankruptcy attorney.