We have all heard of Gangnam Style… Today my friend Gary is going to talk to you about about credit cards CANADIAN STYLE!! To all my Canadian readers – Love you guys! 🙂
When you plan to acquire and use a credit card, the process has traditionally been a matter of speaking with a provider and negotiating a credit card policy that includes the size of your balance and the credit card interest rate. Young people particularly struggle to establish leverage with credit card providers because first time credit card applicants have no credit history. This traditional process often impedes young people from qualifying for a lower, more affordable credit card rate but everything can be revolutionized – especially with the internet.
In Canada if you want to apply for a credit card, the first providers that come to mind are one of the country’s largest banks. Canada’s banks may be world-renowned for their methods of doing business, but their size gives them significant control over how much you pay for a credit card – most banks will enforce an interest rate around 19 percent for first time applicants. If you are a young applicant, you tend to face extra pressure from the banks to accept these higher rates for a credit card than Canadians with credit history are subjected to. However, new online services help you uncover lower, more affordable options.
There are now personal financial websites that help you save time and money in securing a credit card plan. These online services allow you to view credit cards and their corresponding interest rates from providers all across Canada. The best thing about shopping online is that you discover plans made available from some of the lesser known providers in the country, who offer rates and plans that are more affordable for you than what the banks would be willing to provide. With this information at your fingertips, you have a variety of credit cards to select from that fits your unique lifestyle with the lowest possible interest rate to manage on your budget.
Variety and knowledge give you leverage to negotiate a lower credit card plan, which is very important to save you money. Gone are the days where banks and other providers dictate what they believe is a justifiable rate for you to pay because you know there are other options out there. If a provider is unwilling to offer you a rate you are comfortable with, you know you can walk away to do business with another provider – essentially eliminating the take-it-or-leave-it attitude the banks attempt to enforce upon you.
These sites work similarly to Travelocity, which provide users ways to save on travel and vacation plans online – the same idea is used by these new websites to construct more affordable personal finance plans. All Canadians can benefit from these types of services because everyone can use a little help to acquire more affordable credit card rates. However, younger applicants will greatly appreciate having resources to make their entry into the world of credit a little easier – stepping into the real world where money matters can be overwhelming if you are going through the process for the first time.
Online shopping has benefited many people for the last few years, and now it has transitioned into a beneficial service for personal finance. The option to compare credit cards makes the application process much easier on you, with more affordable rates and the ability to construct your own credit card payment plan. It is this type of control that banks and credit providers have had for years, which they have relied on to enforce more expensive rates than is necessary. If you want control of what you pay for a credit card, take the power back by going online – in minutes, you could save thousands of dollars.