Credit Card >> What is a credit card? See the pros and cons here.

Today, a credit card is a must-have, so if you do not already own a credit card, you should contact your bank in the near future. As a minimum, you should understand what a credit card is and what benefits it offers before you write it off as an option.

What is a credit card?

You are probably already aware that a credit card is a form of payment card, but how does this payment card differ from other payment cards?

A credit card is a payment card where the money is not deducted from your card immediately as you have made a purchase. Instead, you have credit for a few days before the money is deducted. In this connection, it will be very different when the money is deducted, as it depends on your individual agreement with the card issuer. For example, you have up to 45 days of credit with a Mastercard from Santander.

A credit card is a credit card. This means that the money is not deducted immediately and that you may risk spending more money than you have.

On a Mastercard from Santander, your purchases are calculated every month on the 15th of the month. The amounts due shall then be paid on the 1st of the following month. If you borrow the money (if you do not have a positive amount in your account), interest will be calculated from the 1st of the month following the statement. If you spend money just after a statement, then you will have a full month before the next statement. You have 45 days of credit on this purchase. If you spend money just before a statement, then this amount will be included in the statement. You only have 15 days of credit on this purchase.

A credit card is a payment card where the money is not deducted from your card immediately.

Unlike a credit card, you will not receive this credit on a debit card. With a debit card, the money will be deducted from your account immediately. There is, therefore, no credit on the purchase. If you have the option of overdraft on your account, thus credit in the bank does not affect whether it is called a credit card or debit card.

When we mention credit cards, it is also important to mention cash credit. Often credit and credit cards are linked together. With the credit card, you can pay for goods and thus use your credit if there is no money already in the account. However, you may have a credit card without having a bank overdraft facility. You can also have a bank overdraft at the bank, but without getting credit on the purchase. The money will be deducted from your account immediately, and interest will be calculated immediately on your bank account. 

Advantages and disadvantages of credit cards

There are pros and cons of everything – including credit cards. However, do not be scared of the few disadvantages that are present, but it is, of course, important that you know about the disadvantages present.

– Advantage:

  • You get credit (you can in principle use money that you do not have – like a loan)
  • You can use it all over the world (pay with it at restaurants etc.)
  • You can enjoy different discount arrangements (depends on the agreement)
  • Travel insurance may be included (depends on the agreement)
  • The security is high (the new credit cards have built-in microchips)

– Disadvantages:

  • In some cases, you must pay high fees
  • You may find it difficult to keep track of your expenses (as the money will not be deducted immediately)

You have now been introduced because there are both advantages and disadvantages of credit cards. It is up to you to assess the pros and cons of the highest weight in your overall assessment.

It is also important to note that the advantages and disadvantages can vary from credit card to credit card. You can not assume that all credit cards are the same as it is far from the case.

Who can get a credit card?

The vast majority of Danes can be issued with a credit card, since you are just 18 years old and, moreover, creditworthy. In other words, you have the opportunity to get a credit card if you are an author and you are in control of your finances.

If you are registered in the RKI and/or Debt Register, you can not get a credit card as a starting point. You can always try to submit an application, but it is doubtful that your application will be approved if you are registered as a bad payer in one of the aforementioned registers.

If you are under 18, you can contact your bank in order to receive a debit card or international debit card. It is important to note that the child’s parents must give consent if the child is between 13 and 15 years old.

How do I apply for a credit card?

If you make a decision that you need a credit card, please contact your bank. You also have the opportunity to contact one of the many online credit card providers  that may also be helpful- great opporutnities.

There are now a lot of providers who issue credit cards so you will not feel limited by the possibilities. You typically need to enter the following information when you need to apply for a credit card:

  • Personal Information (Name, Social Security, Contact Information, etc.)
  • Economic conditions (employment, monthly income, etc.)

It’s easiest to apply for a credit card online, where you can fill in and submit your application in less than ten minutes. You must be aware that you may be asked to attach documentation in the form of payrolls, etc.

The clever consumer makes sure to read all terms and conditions before confirming and signing his application. In particular, it is a good idea to take into consideration the prices and fees in this process.

You can send your application via your computer, tablet or smartphone – depending on what you have right at hand.

Get a credit card if you have a tight economy

It is by far a good taste if you find it attractive to have a credit card or not. Nevertheless, there are some people who are happier for credit cards than others. The mentioned payment card will be particularly relevant to you who have a tight economy.

The biggest advantage of a credit card is that the money will not be deducted immediately. It will benefit you in many different situations, for example. do not have the money to cover unforeseen expenses.

It may be expensive to raise consumer loans, so it is fortunate that there is an alternative in the form of a credit card. However, remember to read terms and conditions. The most expensive credit cards are significantly more expensive than the cheapest consumer loans, while the most expensive consumer loans are also significantly more expensive than the cheapest credit cards. It is therefore important to find the best credit card for you and the best consumer loan for you, and then make a comparison to find out what is best paid.

Buy now and pay later is an option with the popular credit cards that find a way to more and more purses at home. There may be pros and cons of postponing payments, but it is nevertheless strange that the opportunity is present.

It is a great responsibility to have a credit card, so you should have a clear idea of what it means to use a credit card before you do further. There are many Danes who enjoy credit cards, but unfortunately, not everyone who is in charge of this type of payment card.

Take your credit card on your future international travels

It is not advisable to bring a debit card only if you plan to travel abroad. There is great security associated with a credit card, as you as a consumer have the opportunity to react before the money is raised in your account. In other words, it is much easier to prevent fraud with a credit card compared with a debit card.

Most debit cards have a relatively low amount of money, which can be a problem when there is money for both airline tickets, hotel accommodation, car rental, restaurant visits and more. You will not experience this problem with a credit card that acts as a means of payment in the vast majority of countries.

What should I do if my credit card is abused?

The credit card is one of the time’s most secure payment cards, but unfortunately, it does not mean that the risk of misuse of its credit card is not present. You must, of course, take care of your credit card, but should the accident still be out, you should do the following:

  1. Clear your credit card immediately (blocking via online banking is typically an option)
  2. Contact your bank and become wiser about the extent of abuse
  3. Submit an objection (and wait for a response from the bank)

It is alpha and omega that you respond as quickly as possible as your loss will not necessarily be covered if you do not respond within a reasonable time.

What is bad credit loans on the internet?

Do you know what types of personal loans exist? …

When we need money to finance a project and look for bad credit loans we find that there is a great variety of offers- Once you have shown a recurring payable job history.

In addition to that, we can see that there are different types of loans that we can request.

Each of the different loans is designed for a specific purpose and profile.

If we want to know how to properly choose the credit we need, we must know the details and the peculiarities of each one.

Types of personal loans and their characteristics

Applying for a personal loan can be a difficult process, especially when you do not know what type of loan you should apply for.

There are many different types of personal loans to meet different demands and financial situations.

If you need a personal loan but you are not sure which one is right for you, these are some of the basic concepts you need to know.

First, you must know that there are secured and unsecured loans. Let’s see in more detail what they are:

Loans with guarantee

They are those loans that require you to leave an asset as collateral.

That is to say, as a guarantee that the lender will be able to recover the money that he has lent to you in some way in case you can not pay it.

Therefore, if you hire one of these loans and you stop paying it, the lender will proceed to keep the asset that you have left as collateral.

For example:

Mortgage loan

Mortgages are loans distributed by banks and private lenders to allow consumers to buy homes that they can not afford in advance.

A mortgage is linked to your home, which means that you run the risk of a foreclosure if you fall behind in payments.

Mortgages have one of the lowest interest rates of all loans.

Car loan

Like mortgages, car loans are linked to your property.

They can help you pay for a vehicle, but you run the risk of losing the car if you do not make the payments.

This type of loan can be distributed by a bank, a private lender or by the car dealer directly.

But you must understand that while dealer loans may be more convenient, they often have higher interest rates and, ultimately, cost more in general.

Credit line

A line of credit is a type of loan, but it is different from basic loans such as a mortgage or car loan.

If you are familiar with credit cards, you will understand the basic characteristics of most lines of credit.

These loans have a maximum limit, and borrowers have the option to borrow any amount up to that limit.

Some of these lines of credit require that you leave an asset as a guarantee of payment as a property.

Or you may even be able to use cash as collateral instead of committing your physical assets like a house or your car.

For example, you can use the money you have in savings accounts or certificate of deposits.

Remember, if you do not make the payments, the lender will keep your assets.

Loans for company

Business loans are given to entrepreneurs and aspiring entrepreneurs to help them start or expand a business.

These loans offer a variety of options according to the needs of each business.

A loan for a guaranteed company is backed by an asset (property, machinery or a vehicle, for example), which means that the lender can claim ownership of the asset if the loan is not repaid.

What is a bank guarantee?

In the case of a guarantee, the bank grants the receiver of the guarantee the promise to pay compensation to the extent of the amount of the guarantee if the receiver of the guarantee requires it from the bank.

The purpose of a guarantee is to offer the security of the recipient and a quick monetary compensation if the other party of the contract does not fulfill its obligations.

These are the benefits of a bank guarantee for a recipient:

  • Helps to reduce the risks derived from contracts
  • Allows the recipient to receive monetary compensation quickly and easily
  • Help avoid the risks associated with advance payments

In other words, if your bank serves as an endorsement, he agrees to make your payments in case you can not make them.

For the bank to issue this guarantee, you must first accept to give you credit before issuing the guarantee.


Unsecured loans

On the contrary of secured loans, they do not need an asset to be able to grant you credit.

But these usually have the highest interest rates, due to the risk of default that the lenders submit to.

This loan is given to people who can prove their economic solvency, so it will depend on the credit score and their good credit history.

In addition to their debt/income ratio, these are also known as online loans on the spot and are a great opportunity for users who need money quickly.

Let’s see some unsecured loans:

Personal loans

Personal loans can be used for any personal expenses and have no designated purpose.

This makes them an attractive option for people with outstanding debts, such as credit card debts, who want to reduce their interest rates by transferring balances.

Like other loans, the terms of the personal loan depending on your credit history.

And your financial solvency …

Credit cards

Credit cards are used for many things: they can be used to make purchases when you do not have the cash and pay them later, to leave them as collateral when you go to a hotel and to earn rewards and rewards when making purchases.

Basically, they are a type of loan, which instead of getting cash in your balance.

You will get credit from a lender, such as a bank or credit union, that you can spend with a card.

Then, banks add interest to the amount you have spent, unless you cancel your balance each month.

The issuer of the card will study your profile, your financial solvency, your credit history and if you have low credit score you may be denied credit.

Or that the interest rate is higher.

Mini credit

These credits are granted in just a few minutes and with them, users can get up to € 800 instantly.

They are usually used to resolve specific liquidity shortages, such as when unforeseen events arise (fines, overdrafts, breakdowns, higher than normal bills …).

These credits are contracted through the Internet by filling out a web form and without needing just paperwork.

Depending on the profile of the user will have different offers, such as mini-credits that admit people registered in files of defaulters as the ASNEF or people who do not have payroll.

One of the most attractive offers at the moment is the Vivus mini-loan, which offers up to € 300 free on the first loan.

This means that the user will not have to pay interest or commissions for their first loan: they will only have to pay back the money that has been lent to them.

Student loan

A student loan is a loan granted by a credit institution or public sector organization that is usually long-term.

This type of loan is designed to help students pay for higher education.

The interest rate is usually relatively low and there is no early repayment rate.

P2P Loans

Loans between people (P2P) involves borrowing money without having to go through a traditional lender, such as a bank.

It can be used by people or companies that need a personal or commercial loan.

The money comes from investors who can be people or companies.

People who invest in this type of loan are buying a financial product, usually a managed investment product.

While the borrowers are taking out a loan that is repaid over time, with interest.

To summarize what types of personal loans exist

Consumers commonly take out loans to finance home purchases, education, debt consolidation, and general living expenses.

For the small growing business, loans are available for working capital, equipment, real estate, expansion, and inventory.

In summary, there is a wide variety of options available in the loan market.

So it is important to investigate what type of debt obligation will work for you most financially.

So you can find the best product according to your economic needs …  

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