Get educated on credit!
The Basics Of Credit
Credit is money that you borrow to purchase goods and services and you pay it back at a later time. The different types of credit would be credit cards, personal credit, student loans, secured loans, unsecured loans, revolving loans, and installment loans.
Some of the advantages associated with credit are convenience for one. With a credit card you always have it and you don't have to worry about taking out cash and counting through it. Now a disadvantage is you have to pay attention to how much you spend and worry about your credit score. Peoples credit scores are very important because it determines someone eligibility for financial choices.The Fair Isaac Corporation(FICO) determines credit scores by using a formula to come up with the number. Being aware of this formula can help people keep track of their credit.
Credit Cards: What You Need To Know
Shopping For Credit
Bank Of America
Annual Fee- None
APR- 0% for 18 billing cycles
Advantages- This card is the lowest available rate for Bank Of America cards.
Disadvantages- APR is only 0% for 18 billing cycles.
Intro Fee- $0
Annual Fee- $0
Advantages- Just like Bank of America everything is 0% for the beginning of using it.
Disadvantages- Only 15 billing cycles its free.
I would say Bank of America would be the better choice because its APR is 0% for 18 Months.