In 2007, having a credit card is no longer a luxury or even a convenience – it’s a necessity. You can’t rent a car, check into a motel, or order online without a credit card. If you want a cell phone, you’ll probably have to purchase prepaid minutes – at a premium – unless you have some plastic with your name on it. And without a credit card, you either have to carry around a lot of cash, make frequent trips to the bank, or hope that the stores you patronize will accept your personal checks.

Credit Cards Can Be Lifesavers in the Case of an Emergency

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The Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC) enforces the FCRA with respect to consumer reporting companies. Recent amendments to the FCRA expand consumer rights and place additional requirements on consumer reporting companies. Businesses that provide information about consumers to consumer reporting companies and businesses that use credit reports also have new responsibilities under the law.

Here are some questions consumers have asked the FTC about consumer reports and consumer reporting companies, and the answers.

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“Which bank’s credit card do you have?”, “what is its credit limit”, “what type of card is it”…such questions are on everybody’s lips today. The world seems to have been squeezed and wrapped into a credit card. Nowadays everybody speaks and grasps the language of credit cards. The credit card syndrome seems to have gripped all of us.
But are credit cards only beneficial? Let us analyze the pros and cons of this pocket plastic and see what outweighs the other.

The Benefits of a Credit Card:

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APR stands for Annual Percentage Rate. APR attempts to create a single figure of interest allowing the consumer to compare like with like when selecting the best product for their lifestyle.

Without APR it would be literally impossible to make this kind of quick comparison because the credit card companies use different calculations to compute their interest and other charges. Without APR it would be possible for a card bearing an ‘advertised’ interest rate of 12% (not APR) to be more expensive than one charging 16%.

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As soon as you decide to get the card you face some questions – what card finally to select? They arise because between both types we have more differences rather than commonness.

In fact on the surface cards are very similar. Cards are made of plastic, have some magnet or chip protection, shining bank logos and share the very size.

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