Low Interest Credit Card

Low interest credit card for debt consolidation is the best solution if you are under heavy burden of long pending debts. These types of services provide great help to get rid of your debts with complete ease and convenience. While paying off our debts we usually pay higher interest rates due to which debt amount accumulates over time. With help of one time consolidated amount you can pay off your all debts with this loan available at lower interest rates.

Before taking a credit card debt consolidation, one must need to carefully read all the terms and conditions of the lender. If it suits your specifications then only you should choose the credit card. There are many advantages of low interest credit card for debt consolidation. All you need is pay only once, also the amount is given at a low interest rates which will help you to ease the burden of higher interest rates that your are paying.

Credit card debt consolidation has opened more flexible options these days for the people who wish to go for debt consolidation. According to your needs you can fix the payments of such debt consolidation. Also you will avoid all the problems and harassment caused by creditors.

Ultimately, with the help of debt consolidation, you will restore back your peace of mind. But before consolidating your debts you must carefully look at all terms and conditions as some debt consolidation options have some negative or pitfalls, turning blind to them can be hazardous for your financial condition.

Most of us keep some big securities like real estate and other properties before taking a debt consolidation loan, however many low interest debt consolidation credit card loans will not ask to do so. But still, you must ensure that the amount you are taking for debt clearance is that much you can pay easily. Else you might end up loosing your peace of mind and sometimes assets too. So plan your future accordingly!

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Credit card debt consolidation is a great solution to debt problems. Consolidation is when everything that you owe, from all of your different cards, is combined into a single debt. This will reduce your number of payments to one per month.

The consolidation company you choose will handle paying off your debt to the credit card companies. You will then have to pay the consolidation company, plus interest. Luckily, the interest rate with the consolidation company is much lower than with the credit card companies. The money saved on interest will help you pay off the debt more quickly, and it will help your credit score as well. The people at the consolidation company are experts, so their financial advice is very valuable as well. For no extra cost, they can help you figure out a reasonable budget.

You should look into the following factors before deciding what to do about debt consolidation:

Interest Rate

The interest rate savings from a debt consolidation company will save you a lot of money in the long run. The rate that you get will most likely be based on your credit rating. The consolidation company will be taking a greater risk on you repaying them if your score is low, so they have to charge higher interest. If your score is decent though, you will get lower rates.

Tenure of the Loan

The lower the monthly payment to the consolidation company, the longer it will take you to pay off the loan. It is very important to keep this in mind. You don’t want to be paying off your credit card debt for 20 years. You will pay more interest overall as well if it takes longer to pay the loan back.

Amount of Installment

To guarantee that you will pay the loan back, the company will secure the loan against your home. This means that failing to repay the loan will open up the possibility that you can lose your home to the company. This means that you must be sure that you will be able to make the payments. Do not commit to the conditions on any debt consolidation of credit cards or any type of loan if you don’t think you can make the payments. It is very risky to do so.

To summarize, debt consolidation can really help you if you are overwhelmed by high interest rates on credit card debt. It could be the solution that you need. The single monthly payment with low interest rates can make repayment affordable – just be careful to do your research so you don’t default on the loan.

Consumers need to examine credit card debt consolidation as one way to reduce debt and enjoy life more.

If you don’t understand the language, credit card offers and statements could lead you to deep debt — or at least furious frustration. For the big scoop on the fine print, here’s what these frequently used credit card terms mean.

1. Average daily balance — This is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day’s balance and then dividing that total by the number of days in a billing cycle. The average daily balance is then multiplied by a card’s monthly periodic rate, which is calculated by dividing the annual percentage rate by 12. A card with an annual rate of 18 percent would have a monthly periodic rate of 1.5 percent. If that card had a $500 average daily balance it would yield a monthly finance charge of $7.50.

2. APR(Annual percentage rate) — A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans.

3. Balance transfer — The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance- transfer fees to discourage them from going out.

4. Cash-advance fee — A charge by the bank for using credit cards to obtain cash. This fee can be stated in terms of a flat per-transaction fee or a percentage of the amount of the cash advance. For example, the fee may be expressed as follows: “2%/$10″. This means that the cash advance fee will be the greater of 2 percent of the cash advance amount or $10.

The banks may limit the amount that can be charged to a specific dollar amount. Depending on the bank issuing the card, the cash advance fee may be deducted directly from the cash advance at the time the money is received or it may be posted to your bill as of the day you received the advance. The cost of a cash advance is also higher because there generally is no grace period. Interest accrues from the moment the money is withdrawn.

5. Card holder agreement — The written statement that gives the terms and conditions of a credit card account. The cardholder agreement is required by Federal Reserve regulations. It must include the Annual Percentage Rate, the monthly minimum payment formula, annual fee if applicable, and the cardholder’s rights in billing disputes. Changes in the cardholder agreement may be made, with written advance notice, at any time by the issuer. Rules for imposing changes vary from state to state, but the rules that apply are those of the home state of the issuing bank, not the home state of the cardholder.

6. Finance charge — The charge for using a credit card, comprised of interest costs and other fees.

7. Floor — The minimum rate possible on a variable-rate loan or line of credit, after any initial introductory rate period. For example, on a credit card with the Prime rate as its index, no matter how low the Prime rate drops, the rate on the line may never decrease below the stated rate floor.

8. Free Period — Also called a “grace period,” a free period lets you avoid finance charges by paying your balance in full before the due date. Knowing whether a card gives you a free period is especially important if you plan to pay your account in full each month. 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 must mail your bill at least 14 days before the due date so you’ll have enough time to pay.

9. Minimum payment — The minimum amount a cardholder can pay to keep the account from going into default. Some card issuers will set a high minimum if they are uncertain of the cardholder’s ability to pay. Most card issuers require a minimum payment of two percent of the outstanding balance.

10. Over-the-limit fee — A fee charged for exceeding the credit limit on the card.

11. Periodic rate — The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.

12. Pre-approved — A credit card offer with “pre-approved” only means that a potential customer has passed a preliminary credit-information screening. A credit card company can spurn the customers it invited with “pre-approved” junk mail if it doesn’t like the applicant’s credit rating.

13. Secured card — A credit card that a cardholder secures with a savings deposit to ensure payment of the outstanding balance if the cardholder defaults on payments. It is used by people new to credit, or people trying to rebuild their poor credit ratings.

14. Teaser rate — Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards or lenders.

15. Variable interest rate — Percentage that a borrower pays for the use of money, and which moves up or down periodically based on changes in other interest rates.

I hope this terms will help you out a little when choosing your next credit card.

Thomas Lindstrom is author and researcher regarding credit card [http://www.greatestcreditcardsite.com] issues.

Read through this article to discover how not to pay annual percentage rates for decades. Basically, APR is the rate at which interest is calculated on the unpaid balance of your card. Credit card low APR is an appealing choice for frequent shoppers that rely on having a low monthly interest rate when they cannot pay off the entire balance of the credit card in any month. Because the credit card company has lent shoppers money so they can make their buys, the credit card company will charge interest on the balance until the entire balance is paid off. Mostly, credit card low APR charge you an interest rate even lower than the standard APR offered by most traditional credit cards.

Because the interest rate advertised is calculated over the period of a year, it is known as the Annual Percentage Rate. It’s the quickest way of telling which credit card company charges the lowest rate of interest for using their card. However, there are a couple of additional things you need to keep in mind when comparing the APR advertised by different card issuers. Some consumers might discover that when an introductory APR offer expires the rate of interest can revert retroactively to an APR of 23% and beyond.

The credit card companies use the low, or 0 percent teaser rates to bring in new customers that they are hoping will continue to carry monthly balances that extend beyond the introductory period. More importantly, however, the 0 percent offer works for you because it can save you a large amount of money on interest during the introductory term. The lower the APR, the cheaper the card is to carry and the more money you’ll save on it. You’ll get low interest on all buys and balance transfers for up to 15 months.

A basic strategy to ponder; when your intro period on your existing card is about to expire, apply for another card with a 0% APR introductory rate from a different financial institution and transfer the balance to the new card and cancel the old. Considering all the financial institutions there is today it could be decades before you have to pay an annual percentage rate.

If you need to buy something expensive then the 0% APR credit card can look very appealing. However, if you will not be able to pay off your purchase by the end of the introductory special on your 0% APR credit card, you may learn that you will be paying more in the long run with higher interest rates. But you can do like most people, just apply for another 0% APR credit card and transfer the balance from your old 0% APR credit card to the new card and then cancel the old card.

If the interest rate is higher than the APR of another credit card that do not offer 0% APR credit cards and you’re not planning on heightening the 0% APR credit card you’re given. Then maybe, it’s better to go with a credit card with low interest. There are so many types of 0% APR credit cards that offer all sorts of promotions and rewards that it’s hard for a consumer to pinpoint which one would best suit their wants, needs and present financial situation.

If you’re going to buy something expensive but you don’t think you can pay it off before the introductory period of your 0% APR credit card offer expires then just before the intro period is over it would be a good time to look at other 0% APR credit card offers. 0% APR credit cards are an appealing choice for frequent shoppers that rely on having a 0% monthly interest rate when they cannot pay off the entire balance of the credit card in any month.

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Citibank is among the leaders when it comes to issuing credit cards. With years of experience in the industry, this company regularly offers consumers a wide variety of options to choose from. Following are three Citibank selections that you’re likely to come across the next time you hunt for a credit card. Read through the summaries to see if one of them is right for you.

Citi Diamond Preferred Card

A popular choice among consumers, this card offers a low regular interest rate and has no annual fee. Applicants also receive up to 12 months of 0% APR, during which time balance transfers and purchases will not accrue interest. If you have good credit or better, you’ll be approved for this card.

In addition to low fees and interest rates, the Citi Diamond Preferred Card offers some additional services. Cardholders will receive fraud protection services, as well as travel and auto rental insurance coverage. Online account access is also included, making it easy to keep track of statements and set up payments.

Citi Platinum Select Card

If you’re on the lookout for a low interest rate and platinum benefits, this might be the right choice. The Citi Platinum Select Card offers a regular interest rate that can be as low as 8.49%. This low rate is granted according to your credit history and application. In some cases, the APR may be 12.49% or 16.49%, depending on your background. Overall, however, this card offers lower rates compared to others in similar categories.

As far as platinum characteristics, cardholders will receive a variety of services, including protection from fraud and insurance for car rentals. Among other benefits, you’ll be able to receive up to $1,000,000 in travel accident insurance, as well as other benefits. This card comes with an initial 0% APR for up to 12 months. It has no annual fees included.

Citi mtvU Platinum Select Visa Card for College Students

In spite of its rather long, complicated name, this card offers solid benefits for college students. To start with, consumers will earn 5 reward points, called ThankYou Points, for each dollar they spend at certain places, including restaurants and bookstores. Regular purchases will earn 1 ThankYou Point. These can then be applied toward gift cards, MTV events, and airline tickets.

This card also offers a number of unique ways to earn points. For paying on time, you’ll be rewarded with 25 ThankYou Points. You can also earn between 250 and 2,000 points twice a year for maintaining a high GPA.

Besides the rewards program, this card has no annual fee and comes with an initial 0% APR on purchases, balance transfers, and cash advances. For those going to school with good credit, this may be a smart option.

When looking for a credit card, it is important to evaluate the various offers that you’ll find. If you’re interested in a Citibank credit card, consider starting your search by reviewing these three cards. You may find that one of these, or a different Citibank option, works well for your situation.

Click Here to Find Citibank Credit Card Offers.

Stephanie Andrews is a contributing editor of the website http://www.CreditCardCity.com – a credit card directory where you can apply for a new credit card with secure online applications. Visit now to compare all of the best online credit card offers.

It can be tempting to accept a new credit card or an increased credit limit when you are sent special offers in the mail or see an online ad. Some of these offers are even pre-approved so you think you see a way to avoid the humiliation, and the check on your credit report, of a rejected credit card application. While accepting new credit card offers left right and centre can lead you into financial ruin, there is nothing stopping you carefully considering each offer and choosing one which really can help you out of a tight spot, and even reward you along the way.

The Five Factors to Consider When Choosing a Card

There are five factors which each card offer will have in common, what you will need to do is consider which of those is most important to you, and how each will suit your spending habits and aid your repayments schedule. The five most important credit card considerations should be:

Choose a credit limit you can afford. As far as credit limits are concerned, the sky can often be the limit, but don’t be tempted to opt for the highest amount available. It may be tempting to accept a high credit limit but stick to what you need, and more importantly what you know you can afford. If you want to use your credit card only in an emergency then accept just a couple of thousand dollars as your limit, similarly if you are looking for a balance transfer card, accept a limit which covers your existing credit card balance, with no extra room to tempt you to spend. Also remember that you will have to pay off your credit card balance so create a budget to clarify just how much you can afford to pay to a credit card repayment.

Choose the lowest interest rate. The interest charges are what will make your card harder to pay off as they are charged on top of your purchases and often make up a large portion of your monthly repayments. Therefore, look for a low interest rate credit card, and if you are looking for a balance transfer there are even 0% interest cards available. If you make a balance transfer to another card the key trap to avoid is to spend new purchases on your new card. The reason is that any repayment you make will first go to repaying the balance that you transferred as opposed to the new purchases that you made. A way to avoid this is to keep the previous card open and make purchases on this and repaying them at the end of the month. This way you can short term finance your purchases but also benefit from the interest free period.

Choose a long interest free period. Even if you choose the lowest interest rate card, the best savings will be made if you can avoid paying interest all together, you can manage this by paying your balance back to zero within the interest free days each month. Not all credit card offers include a grace period of interest free days, while other offers may include as few as 25 interest free days and as many as 55 free days. It is also useful to review when the interest free days starts and ends, some cards will charge you interest from the date of purchase whereas others will only charge you at the end of the bill cycle month.

Fees and charges can add up. Consider the annual fees and transaction costs associated with maintaining and using any offer made to you. Annual fees can be as much as $400 and these are added to your balance and must be paid off, to avoid interest. Other credit cards will charge you additional fees for making electronic payments or accepting cheque or cash payments.

Will the rewards program be rewarding for you? Getting flights and gift vouchers when you spend a certain amount on your credit card may sound like an enticing offer, but before you accept, look into how much you actually have to spend to get a reward you really want. Do you have spend at certain places or at certain times of the year and will you use your card enough to gain any rewards anyway -if you only use it for emergencies, or for a balance transfer you’re unlikely to make enough purchases. Instead, you may benefit more from a cash back rewards card which offers you a percentage back on your purchases and discounts in selected stores. Just remember, credit cards offering rewards programs often have a higher annual fee, so will the rewards be worth the fees?

A credit card can help you cover tight weeks in your wages and accrue special rewards in the process, as long as you make sure to compare the features of each offer according to your specific needs. It is absolutely optimal to apply for a card if you know you are just about to be fired as this will help you when negotiating your next role as you have more time to make your decision and not be forced to make a decision. Sometimes a card might not be the best option and so you should always consider your own personal circumstances before applying for one.

Dylan writes for Credit Card Comparison in Australia a website dedicated to comparing the best credit cards. Compare balance transfer and low interest rate card offers.

Transferring your credit card balance to a new card which offers better deals and superior rewards sounds like a good transaction, doesn’t it? Yes, but only until you realize that card companies will not issue such an offer if there wasn’t some way of financially benefiting for it.

Transferring credit card balances from a high-rated card to one that has a lower interest rate can truly save you a substantial amount of money, only if you take heed of the significant things to consider when transferring your balance. What are these significant things?

Transfer fees

Rarely will you find a balance transfer offer that doesn’t come with a balance transfer fee. It may come as a flat rate like $50 but more often it is a percentage of the total amount transferred. Three percent doesn’t look like much, but transferring thousands of dollars yield hundreds of dollars in transfer fees.

You have to also be aware of the maximum cap the balance transfer fee can go. You have to always do some math. If paying the transfer fee is more costly than maintaining the card, then don’t transfer.

Other interest rates. Some cards may offer low or zero interest on balance transfers, but a new credit card means you can continue making purchases through a card. These purchases don’t form part of the low or zero interest deals. In fact, you can expect that the interest rate on purchases can be as high as the rate of the card you are already using.

Payment application

When you make purchases with the new credit card, you may be surprised to find that your payments were not applied the way you thought they should be. That’s because purchases are applied with compounded interests of 16, 19, 22% or even more. Your payments were applied first to the zero interest balance, so that they make money out the new purchases.

Interests after the expiration of the introductory rate

You should know how much the interest rate would increase when the low or zero interest rate expires. That’s because whatever balance remains after wards would surely be slapped with a higher interest rate. When this happens, you negate the benefits of transferring your balance.

Develop a payment plan to pay off your remaining debts before the rate increases. Also, be sure to make payments on time so you can avoid paying unnecessary penalties and charges.

Jason Joaquin is an accountant and freelance business consultant. Currently, he is employed as Internal Audit Manager in a group of companies in southern Philippines.

All across the United States, consumers who are smart with their finances are taking advantage of zero percent credit card offers, and for good reason. By signing up for a 0% intro APR credit card deal, consumers with credit card debt and a good credit score can literally pay no interest on their lingering credit card debt for 12 months or more.

Here are some important things to remember when taking advantage of zero percent intro APR offers:

Many card companies will offer you an interest free period as a way of introducing you to their credit card. It is very important that you know and understand what the interest rate will be once that free period is over. If you are forced to pay a significantly higher interest rate after the free period you will likely wind up with a much worse deal than you had intended. If at all possible try to pay off your total card balance before the interest free period comes to an end. Try to find a balance transfer deal that gives you at least 6 months 0% introductory APR so that you don’t wind up making balance transfers too often.
Be sure that you read through all the fine print very carefully. A lot of the 0% balance transfer card offers include a catch: if you use the new card to make a purchase while you are in the interest free period, the APR or Annual Percentage Rate can often be quite high, even as high as 25%! Additionally, payments that you make on your new credit card with a low or zero percent intro APR will be applied to the transferred balance first, which often means you’ll get hammered with high interest charges for purchases and cash advances. A balance transfer can be a really good way to help you save money over the long term, but if you need to make new purchases you will be much better served by using cash, a pre-paid credit card, or your bank debit card.
Try to avoid using the convenience checks. Many cards will include convenience checks along with your regular credit card statements. A convenience checks is usually equivalent to a cash advance, and cash advances almost always carry the highest interest rate. Sometimes a card will give you a good interest rate if you use their convenience checks for making balance transfers. Just be sure that you read the fine print thoroughly so that you fully understand the terms before using their convenience checks. There is good news about convenience checks. Some card companies will provide you with blank checks that are covered under their 0% intro APR balance transfer offer. These blank checks can be very useful as you can use them for whatever you want. A lot of consumers use these blank checks as a method of obtaining an interest free loan, but they can also be used to open a high-yield savings account or to purchase a certificate of deposit. Keep in mind that once the 0% introductory APR period is over interest charges will begin to accrue so it is recommended that you pay off the balance before, or as soon as, the interest-free period ends. If you are not absolutely certain as to whether the checks you receive are included in the 0% introductory APR offer then take a few minutes and call the credit card company to ask. Whenever you call your card company, be sure to jot down the name of the person you speak to in case the representative makes a mistake.
Don’t get carried away with your credit card applications. Regardless of whether or not you are approved or rejected, if you file too many card applications within a short time period your credit rating could suffer a downgrade.
Many card companies own multiple credit card brands. Before submitting an application for a balance transfer, be sure that you are dealing with a credit card company that is different from the one you want to transfer a balance from. If you try to transfer a balance from one account to another, and one bank controls both credit card brands, then your application will almost certainly be rejected. Remember that inquiries into your credit report may have a negative effect on your credit rating; this is especially true if the inquiry results in an application being rejected. If you already have two different credit cards that have been issued by the same bank or credit card company, you can usually consolidate the balances into one card account. If you have questions about this call your credit card company to discuss consolidating your cards.
It is very important that the account to which you’ll be transferring your balance has a high enough credit limit so as to avoid getting into trouble with fees. Some cards charge a fee for transferring balances, and if your new account’s credit limit isn’t high enough, you may get hit with an over-the-limit fee after e.g. the balance transfer transaction fee is added in. When shopping for a zero APR offer, try to find one that doesn’t charge a fee for transferring balances. If you go with an offer that does charge a balance transfer fee, then do your best to find out what your new account’s credit limit will be.
Always pay all of your bills on time. This may sound obvious, but it is very important. Credit card banks will offer the best terms to applicants with the best credit rating scores. Having a high credit score will also minimize the chances of having your application for a credit card rejected.

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To a debtor the best credit card balance transfer deal is a great advantage. This means being able to save some money from the interest rates that regular credit cards have. This is great deal for customers who pay their complete due in a month. Best credit card balance transfer deals can also be beneficial to those who lend money or to creditors. This gives good competition in the market and allows them to have more customers since they offer very tempting deals for credits. Balance transfer deals offer less interest rates than normal credit cards do but the best deal is that which offers 0% interest rate.

How does it work?

The deals of the balance transfer may mostly offer low interest rates during the first few months but the best deals are those that offer 0% interest rate that last for longer than a year. The process is simple. You just need to choose the best and sign up for it. In just a matter of 30 days you can enjoy the benefits of paying for your credits at the lowest interest rate. In processing the transfer there may be an administrative fee of about 4% of the balance that is to be transferred and will just be added to your outstanding debt.

How to sign up for the best credit card balance transfer deal?

To be able to get a great balance transfer deal, you need to maintain a good credit score. These deals are usually offered only to people who have good records in paying their credits. These companies will look into your credit standing so for those that consistently missed payments they will less like be offered the best credit card balance transfer deal. For people who have records of credit violations, they will need to make up with their low credit score to be able to sign up for the best deal.

What are other things that I need to make sure to be able to avail the best credit card balance transfer?

Always check your credit rating. Before a credit company would give you the best deal, they will be checking the history of your payments in your previous loans and credits. They will also look into records of your credit standing. See to it that the record would show correct information and if there are errors, check if they have already been corrected. Avoid excessive applications as well because the company will think that you are up to something that is not good for their business.

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Credit cards, if chosen wisely, can be a good way to improve your credit rating and they are good to have in case of an emergency. The wisest policy is to never charge so much that you can’t pay off the monthly balance and to opt into cards with a reasonable limit that you know you could borrow and still be in good shape. Here are some things to look for in a credit card:

Fees:

Annual fees aren’t appealing at first glance, but they are only a factor in the deal. Usually cards that have such fees also have great benefits that pay off if the card is used enough. If you see a card with an annual fee, check to see what the rewards programs involve and if, with your expected amount of use, they will be more beneficial to you than the card without the fee. There are many cards without annual fees and rewards programs as well, so shop around.

Rewards:

Credit cards have all sorts of rewards programs to lure you in with promises of gift cards and cash back, but they also come with higher interest rates more often than not and only pay out around 0.5% what you spend with them. Cash reward cards are better for the card user that pays off the balance every month because of this. Gauge what type of rewards would really pay off by what sort of program it has. If you tend to charge up large balances each month, a tiered rewards program would benefit you more because the higher reward percentages only kick in for the big spenders.

Interest Rates:

You can’t expect a low interest rate if your credit is dismal but shop around as much as possible. Interest rates are both a security net and a source of income for a card issuer. If your credit isn’t good, a card issuer will charge enough so that in the event of a default, they do not lose any money because you have basically paid your balance in full over months of just paying off the interest. Consider this and how much having a card will actually cost you in the end. If you don’t pay off your balance every month, you are subject to this. Some cards even allow one year without interest, but read the fine print because your rate could jump up to over 10% after that initial year.

Credit Limits:

Credit limits are mainly determined by looking at your credit rating and your reported yearly income. Your limit may rise if you report a higher salary, make consistently on time payments, or if your credit rating improves. Little credit experience also is a factor so after a few years, you may be eligible for a higher limit. Credit limits are serious commitments though. Determine whether you are capable of having such a large line of credit available to you without buckling and overspending. There is nothing wrong with choosing a card with a lower limit if you know you are incapable of handling that much responsibility or paying off that large a balance within a year or so.

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