If you have ever shopped at a Speedway gas station, you know how hard it can be to get a credit card there. The gas station chain started in the 1950s and originally grew out of a small Indiana town. Since then, the company has expanded to over 70 locations across the U.S. And, as the name would suggest, the majority of these locations are located in ‘Speedway’ areas – not the best place to get a good loan. According to a 2016 report from CardHub.com, the average credit card acceptance rate at Speedway gas stations is 23 percent. That’s compared to an accepted rate of 37 percent at other gas stations. So if you are looking for a place to gas up or make a quick purchase, you may have a harder time doing so if you have a bad credit history or no credit history at all.
What About The Mastercard That Is Given Away Free?
Even if you have a perfect credit score, there is no guarantee that you will get approved for every store and service you apply to. Some lenders reserve the right to approve or deny credit based on financial situation or the risk of fraud. It’s therefore best to be prepared for this possibility – especially if you want to make big purchases or live luxuries.
That’s why, even if you meet the criteria for getting a credit card, you may still not be able to get one. You have to understand what risks you are taking on and be prepared to negotiate with the lender if things go wrong. It is also worth noting that many stores will only give you 60 days to pay off the entire balance – even if you have the money upfront. And that’s after you have already spent thousands of dollars in store vouchers and discounts. So, if you can’t pay it off in time, you may lose everything. That’s including the vehicle you were planning to buy.
Why The Higher Interest Rates At The Banks?
When the financial system was first revamped after the great recession, the biggest change was the switch from using letters of credit to clear checks to using automated clearing houses (ACH) – also known as «virtual banks». The goal was to make the process of paying someone back easier and faster. Basically, ACH allows for the automated transfer of funds from your bank account to the bank account of your creditor. When this happens, there is no delay in seeing your money because the check has already been cashed. You won’t see that at a traditional bank where you have to wait until the check clears before you can access your money.
The issue, however, is that the automated clearing house fees can be pretty high. In 2015, those fees were as high as 16 percent for credit cards – and that’s on top of the interest you are already paying on the credit card. Essentially, the more you borrow, the higher your fees will be – even if you keep your spending under control. If you have a credit card that is already charging you high fees, it may be time for a switch.
How Does Subprime Affect Me?
If you are looking to purchase a home, car, or any sort of big-ticket item with a credit card, you may be offered a subprime credit card. These are cards open to individuals with bad credit or no credit history at all. As the name would suggest, these are not the best cards to have in your wallet if you are looking for security or good credit. But as long as you keep your spending under control, you may find that a subprime card is all you need.
What is subprime? According to the Federal Reserve, subprime is «smaller loan applicants who may not have the collateral to offer or may not be able to service the loan if they do offer collateral.» In simpler terms, subprime is anyone you would not want to loan money to if you were a lender – individuals with bad credit or no credit history at all. In 2016, the average interest rate for subprime credit cards was 14.24 percent with a whopping 44.24 percent of subprime credit cards carrying an APR of 30 or more. That’s compared to an average rate of 7.83 percent for prime credit cards and an APR of 24.99 percent for standard credit cards. Not exactly the best deals out there if you are looking for an affordable loan.
Do I Need To Reroute My Cars Insurance?
A lot of people forget that car insurance is mandatory in most cases. You have to carry at least third-party personal liability insurance and the minimum amount of uninsured/underinsured motorist coverage. So, if you want to travel by car, you will need to reroute your auto insurance to cover cars and pedestrians. Most policies also include medical coverage in case you are involved in an accident and need to be treated for injuries. That’s why it’s best to always carry medical coverage when you reroute your insurance. It is, however, worth noting that many insurers have high medical surcharges and deductibles that are added to your premium. If you can afford it, it may be worth paying extra for basic personal coverage instead of adding the medical coverage to your plan.
Do I Need To Get Title Insurance?
If you are buying a house or are planning on putting it on the market in the near future, you will need to get title insurance. This is a type of insurance that protects the buyer against any claims by the seller that the house is not as described or has been misdescribed leading to the title being in jeopardy. Essentially, title insurance gives the buyer peace of mind in knowing that the legal paperwork is in order and that no surprises will come up during the transaction. If you want to make sure everything is above board and that you are not being tricked, it is worth getting title insurance. The cost can vary from a couple hundred dollars to a few thousand dollars depending on the size of the house and where you live. Not exactly cheap – especially if you have done a lot of business with the title insurance company. However, it’s still cheaper than having to go through a costly lawsuit if everything goes wrong after the transaction is complete.
If you are buying a house and need to make sure it is in good condition, you should also look into getting home inspection done by a professional. This will help you find any issues before you close on the sale and avoid unpleasant surprises.
How Can I Reduce My Credit Card Payment?
If you are struggling with your credit card payment, you have a few options. You can either ask your credit card company for a lower rate or put in the time to negotiate with them yourself. If you put in the time and do your homework, you can usually get a rate that is better than you would get otherwise. It’s also worth looking into whether or not you can get a discounted rate if you are a student or on a low income. Most companies will work with you if you ask politely.
What About All The Other Fees And Penalties?
Any company that you deal with will charge you fees for using their services. Most credit card companies will charge you a fee for using their services whether you have a good or bad credit history. The key is not to let your credit card expire – as that is when most of these fees are applied. Checking your account regularly and getting the minimum amount on each payment will help keep those fees low. Additionally, many companies will charge you fees for applying for a credit card as well as for transferring your account. If you search on «credit card fees», you will find a comprehensive list of every single fee and charge associated with a credit card. It can be a bit overwhelming – especially if you are not sure what all of them mean. But knowing this information is essential if you want to keep your costs down while still being able to make purchases.
Should I Cancel My Subprime Card?
It’s always a trade-off: the convenience of having a subprime credit card versus the risk of being ripped off. The key is in knowing when to use which card. If you want to buy something expensive that is out of your budget, it may be easier to pay with cash – unless you are planning to make a large purchase. In that case, you may want to look into applying for a subprime card. Keep in mind that it is not advisable to use a subprime card for every purchase you make. There is a risk of being scammed if you do that. So, use it for emergencies only – like when you are stranded at a gas station or if you are shopping online and want to make sure the transaction goes smoothly. Once you are back home, it is best to close the account because the rewards you are getting are not worth the risk of being ripped off by a scam artist.