The Monument Visa Credit Card
This article is dedicated to Monument Credit Card. Visa Incorporated is a global payments technology company. Its principal purpose for existence is to provide and facilitate electronic funds transfers throughout the world. This is done through Visa-branded credit and Debit Cards. Visa itself does not issue these cards, but collaborates with financial institutions all over the world, like banks.
One such financial institution is Raphaels Bank. This name is a registered trademark of R. Raphael & Sons PLC, and they have been in private banking since 1787. They are owned by The Lenlyn Group, which itself is a very prestigious financial group in The United Kingdom. This company has chosen Visa as its partner in providing The Monument Visa Credit Card. Like all credit cards, you must apply to get one, and there are certain pre-requisites to apply and be granted usage for such a card. There are also a number of features associated with this card. We will look at these features, so that you are better informed.
The Monument Credit Card has had an illustrious history.
It was born to another company and later the financial unit that operated it sold it to its present owner. This was quite normal during those financial times, and some actually think it was the cards coming of age. The card is now targeted towards a specific market, and like any credit card, if used wisely, will accomplish its targeted objective. The Monument Credit Card is designed for people who have had a less than positive credit history. It is classified as a Subprime Card, which essentially means that it is offered for very short-term borrowing.
The acceptance criterion to apply for the Monument Credit Card is that you must be minimum eighteen years old. There is no annual fee associated with this card; meaning if you do not use it, it will not cost you any monies in maintenance. There is also no minimum income required to apply for the card. The start-up limit for the Monument Credit Card is 500 pounds. If the account is managed responsibly, this may be increased incrementally.
There is an interest-free period of 56 days, if the balance is paid in full and on time. As with nearly all credit cards, there is a cash advance facility built into it, worth the card limit. There is a charge of 2.5 % (minimum of £2.50), which is payable for each cash advance-transaction and an interest rate of 34.9 % that will apply starting from the transaction date. Once you have received your card, you are required to know a few things.
Beyond the interest free payback period of 56 days, the interest rates that will apply are; typical APR (interest rate that will be used to calculate your owed amount) is 34.9% and purchase rate and balance transfer rate is also 34.9 %. There is a facility of minimum repayment, which is 3 % or £10. The balance transfer fee is 2.5 % and minimum balance transfer fee is £2.5 with a maximum fee of £50.
The Balance Transfer Limit is subject to your status. There are no air miles schemes, shopping reward programs, or point’s schemes available. There are also no cash back schemes available. Transactions made abroad incur a 2.75% fee per transaction also.
For people who want to know how their repayments are stacked and what component gets paid off first, then, repayments are applied to the balance in the order of fees, promotional rates, purchases, and balance transfers, and cash advances. For many people who use their credit cards in a sensible way, this information carries a lot of weight. It is a common knowledge for all credit card holders that getting a cash advance against a credit card is the most expensive proposition. Additionally, since this is a Subprime rated card, and designed to be issued to people who have difficulty getting a prime rated card because of strained credit ratings all interest rates beyond the free interest period are the same. This is to discourage adverse spending habits in cardholders. So all you people in The United Kingdom, if your credit rating is in tatters, the monument Credit Card is designed for you.
Low APR Credit Card
The abbreviation APR means “annual percentage rate”. With reference to this abbreviation, a low APR credit card is a card having a low annual percentage rate. This annual percentage rate is charged on yearly basis, in addition to the clients’ regular balance. All financial companies have their own APR. Moreover, the APR for card holders having different accounts in the same financial company is also different.
Low APR credit cards can be categorized into two types; fixed APR credit cards and variable APR credit cards. A fixed APR credit card has a fixed annual percentage rate. The rate does not change unless there are some specific circumstances. It can also be changed if you request your card company to reduce it for you; but, this will only be done if you are a customer with a good credit history and if you make your payments on time. However, if you are among the customers who do not make their payments on time, your fixed annual percentage rate will increase, as written in the contract you signed with your card company. Certain companies offer fixed low APR cards. The most commonly used fixed rate is 9.9%.
On the other hand, the variable APR cards have a rate that changes with the US Prime rate or the LIBOR. It depends on your selected card company as to what rate they use. The US Prime rate and the LIBOR vary with the stability of the economy. Over the past few years, the trend of the variable APR shows an increase in the rate.
Fixed low APR credit cards have a zero APR in the introductory years. However, there are specific customers for which the rate increases up to 20%. Mostly, these are customers who are high risk takers. The regular rate on such fixed low APR cards is calculated by considering the overall credit history of the client and the time of payment of the dues. There are some special offers that the best clients can take advantage of and enjoy a low rate; whereas, in a variable low APR card, the rate is calculated by charging a specific amount over the present US Prime rate.
For people with not a very positive credit history, the Monument Credit Card by Visa is one of the best options to apply for. It is a low APR credit card and is like a Subprime card, which means that it offers short-term borrowing. A minimum of 18 years of age is required to apply for this card. There is no annual fee charged. You only pay the money when you use the card. The startup limit for this card is not very high. After the introductory interest free period, the interest is charged as per the APR.
People with a bad credit history can always go for this great card by Visa. There are several companies that offer fixed low APR credit cards. All you have to do is to search for the best credit card company. However, go through terms and conditions of the credit card company very carefully before making any decision in order to avoid any bad circumstances in the future.