Credit Cards Rates - Loan Interest Rates - Personal Loan Interest Rates |
Car Loan Rates as of
1/6/2009
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Loan Type |
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Rates |
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Credit Cards Personal Loan Interest Rate as of
1/6/2009
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Credit Card Type |
Fixed Rate |
Variable Rate |
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Standard Credit card |
14.27% |
18.89% |
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Gold Credit card |
12.65% |
16.90% |
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Platinum Credit card |
10.22% |
14.77% |
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Personal Loan 3 Years |
12.50% |
22.75% |
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A credit card is a credit system of payment using a small plastic card,
they are considered unsecure loans. Credit cards are different from debt
card in a way that it does not debt money from your checking account with
each transaction. A credit card is also different from charge card or
pre-paid credit card. A charge card balance is usually due in full in
the end of month, pre-paid credit cards are just another form of debt
card. The credit cards are considered revolving credit accounts. A user
is issued a card with set credit limit by credit provider a user can make
purchases from merchants and pay the issuer. Like all other credits issuing
bank charge a interest on balance you owe. Many credit card providers
allow access to cash with much more higher interest rate.
Some benifits of credit cards are
Credit cards can save you time by not going to ATM or bank every time
you need money.
All transactions are recorded to track expenses.
If you pay in full usually there is no interest or fee on credit card.
You can draw cash with 3% to 10% fee instantly.
Some credit cards gives you rewards for using the card.
Extra purchase protection, many issuer gives extra warranty free of
charge.
Reduced paper work.
Electronic purchase, you can use them online and over the phone.
Secured Loan
A secured loan is a loan backed by some kind of collateral. When you
takes out a secure loan the lender may or may not require you to pledge
collateral to guarantee repayment of the debt. Collateral can be anything
of value. On secured loans if you do not repay then lender may use your
collateral to satisfy the debt, home mortgages, home line of equity
are common form of secured loans and better than personal loan or credit
card because of low interest rates.
Unsecured Loan
An unsecured loan is a loan that is not backed by any collateral, only
on your personal gurantee, credit history they are also called signature
loans, lender does not require lot of documentation only a promise backed
by strong credit history or any other form to satisfy lending needs.
Credit cards are common form of unsecured loans, Obtaining an unsecured
loan is usually quicker and does not require lot of time to wait, now
a days you can apply for loans online, almost every bank have online
credit card applications.
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