Find the best credit card deal online - AL Alabama

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The best bet for consumers is to pay credit card bills on time every month. These tips will show you how.

Here’s how some different methods of calculating finance charges affect the cost of credit: Average Daily Balance (including new purchases) Average Daily Balance (excluding new purchases) Monthly rate 1 1/2% 1 1/2% APR 18% 18% Previous Balance $400 $400 New Purchases $50 on 18th day $50 on 18th day Payments $300 on 15th day $300 on 15th day (new balance = $100) (new balance = $100) Average Daily Balance $270 * $250 ** Finance Charge $4.05 (1 1/2% x $270) $3.75 (1 1/2% x $250) * To figure average daily balance (including new purchases): ($400 x 15 days) + ($100 x 3 days) + ($150 x 12 days) 30 days = $270 ** To figure average daily balance (excluding new purchases): ($400 x 15 days) + ($100 x 15 days) 30 days = $250

Credit cards can come in handy in a pinch, but can end up squeezing you dry. Finding the best rates and reading the fine print will save you from falling into a black hole of debt. Here are our most frequently asked questions about credit cards with answers from the team of experts.

Looking for a better credit card? Check rates in your area.

Secured Credit Card. A consumer uses savings or cash deposit to guarantee the credit card or loan; the limit of credit is based on the amount of deposit available.

But before you do, understand fully what each little online offer means. An online credit card bill payment may actually take longer, or cost more, than a snail mail payment for example.

Amount Due. The minimum monthly payment you must make.

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Balance Computation Method for the Finance Charge. If you don’t have a free period, or if you expect to pay for purchases over time, it’s important to know what method the issuer uses to calculate your finance charge. This can make a big difference in how much of a finance charge you’ll pay — even if the APR and your buying patterns remain relatively constant. See page 10 for examples of how the methods can affect your costs.

If you have a good credit rating and want to save money then low interest credit cards are your best bet. If you find that your spending habits have you carrying a balance every month, the sooner you have your low interest credit card, the sooner you will start saving.

Interest starts mounting the second you make the transaction and you will be required to pay off lower-interest balances first. Merger madness -- In the last couple of years, more than 20 million Americans held credit cards that were taken over by new issuers. Customers have to be on guard for changes in terms, usually less favorable to them, if their card company is bought. Each company prices accounts differently. Most issuers take six months to a year to evaluate their new customer base after a merger, but watch out: With federal regulations requiring only 15 days notice on term changes, you may get the rug pulled out from under you in a hurry.

Less than half of all U.S. states bother to cap credit card interest rates, and few credit card issuers are based in these states anyway.

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You may use either your married name or your maiden name or both when applying for credit.

Balance. The amount of money you owe the card issuer, and includes purchases, fees, interest and transaction charges.

Prompt Credit for Payment. An issuer must credit your account the day payment is received. The exceptions are if the payment is not made according to the creditor’s requirements, or the delay in crediting your account won’t result in a charge.

Balance all the numbers Experts commonly suggest that a low, fixed-rate credit card is better than a low, variable-rate credit card. Card companies can raise their fixed-rate cards when interest rates go higher, but change is not automatic and they need to give you fifteen days notice. With a variable-rate card your rate can move regularly and without any prior notification.

If you are a person who tends to carry a large balance every month, the best credit cards are the cards that offer a low interest rate. The savings from the low interest rate will be the best feature of that particular card for you.

Finance Charges: The term sounds confusing, but this is actually the most obvious of the charges on a credit card account. It is the interest charge on your account balance based on the fixed annual rate.

Obligations of Creditors: The Equal Credit Opportunity Act means the following:

Continue to make timely payments on all your bills. To build a credit history, you need credit in your own name. After reviewing your credit report, you should apply for one credit card.

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What happens when I charge my credit card over the credit limit offered?

Additional benefits Travel and emergency assistance $5,000 minimum credit line Automatic travel accident insurance up to $500,0003 Automatic auto rental insurance3 Extended warranty protection3 Worldwide acceptance and cash access at more than 24 million locations Convenience checks at no extra charge to access your account where credit cards are not accepted Additional cards at no extra charge