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Research Paper On Credit Management

1015 Words5 Pages

Credit and Credit Management
Credits may not exactly be a need, but it can be very helpful in life. From totallymoney.com (2017), there are eight great top reasons why people should own a credit card. Some of those reasons are cheap money abroad, free insurance (depending on what credit card), building a good credit report, earn “free” money, and free borrowing. Personally, some pros and cons for having a credit card would being able to build my credit, but I’d have to be responsible enough to make payments on time and not spend too much money that I do not “have”. According to the U.S News (2017) explained that a very good standing credit score ranges from 670-740 and a bad credit score is anything under a 640. They (U.S News) continue on …show more content…

The issuer is Bank of America. It has $0 annual fee, APR is 13.99%-23.99%, penalty APR is up to 29.99%, 3% balance transfer fee, and a 3% transaction fee. Benefits for this card include: $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening, No changing categories and no expiration on rewards and Get a 10% customer bonus every time you redeem your cash back into a Bank of America checking or savings account.
(https://www.bankofamerica.com/)
Out of these three options, the best option for good credit would be Barclaycard Arrival Plus World Elite Mastercard. This is the best option out of the three because it is a flate-rate rewards card that gives you the same amount of rewards with every purchase, and unlike Bank of America Cash Rewards Credit Card, it is zero percent introductory APR. With someone with good credit, good understanding with money and payments, this credit card would suit a lot of people with a high credit score.
Bad …show more content…

This card is the best credit card for someone with bad credit because secured credit cards are easier for approval having a lesser risk for the lender. It is also a great choice because they generally have a lower APR than most unsecured cards that are for bad credit. According to U.S News (2017), the average APR for bad credit is about 19% for secured credit cards. That being said, this card actually has a lower APR then most, and will suit people who want benefits and NO annual fees, but still obtaining a secured

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