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Answered on August 05, 2010 Updated on August 05, 2010
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Credit limit, also known as a credit line, is the maximum amount of credit extended to you by your credit card company. Basically it is how much you can charge to your card. Usually the higher your credit score is, the higher the credit limit is that is set for your account. Your credit limit influences your credit history progress, as about 30% of data used for credit score calculation is based on your credit line – its size and how much of it you use. This ratio between available credit and borrowed amount is called credit utilization, and if your balance is close to credit limit, it is viewed as risky by lenders. Usually higher credit limits are available for people with good or excellent credit history and also have low interest rates, 0% intro APRs, and a whole range of benefits for best customers. View our best offers on Best Credit Cards page of our site.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
If you fly Finnair often (at least two or three times a year) a Finnair Plus Mastercard may worth it because the card has travel benefits like lounge access and inflight savings. However, if you do not fly with Southwest often, we recommend you consider travel credit cards and without an annual fee.
In general, a card with an annual percentage rate, or APR, above ten percent will not be considered a low-interest credit card. If you're looking for a card that offers a good APR, you'll want to stay away from store credit cards and focus your search on cards that are issued by larger networks, such as American Express, MasterCard, and Visa. Regular consumer credit cards that you can get from big banks like Citi, and Bank of America will give you a good deal on your APR, especially if you have good credit. Many cards look at your credit report before offering you their premier credit card or...
When it comes to the credit cards that are offered by banks and credit unions, you will notice that the cards are in fact, very similar. Both kinds of cards are commonly affiliated with major payment networks, which mean you can use them at a wide range of places. In addition to this, both kinds of cards commonly come with fair APRs. When it comes down to banks and credit unions, what they actually do is very different from one another. Banks are financial institutions where people can have their money held and have access to a wide variety of other financial services. Credit unions are...
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