What Is The Purchase Rate On A Credit Card

Mohamed Konate


Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.

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What Is The Purchase Rate On A Credit Card
Published by Mohamed Konate | Mar 01, 2024
What Is The Purchase Rate On A Credit Card
Reading Time: 5 Min A purchase rate is the interest rate that applies to any new purchases you make using your credit card. This rate only applies if you carry a balance on your credit card. Not all purchase rates are the same and vary based on your circumstances and credit card provider.  In this article, we explain purchase… Continue reading What Is The Purchase Rate On A Credit Card
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How Long Should I Use A Secured Credit Card Before Applying For An Unsecured Credit Card?
Published by Mohamed Konate | Feb 26, 2024
How Long Should I Use A Secured Credit Card Before Applying For An Unsecured Credit Card?
Reading Time: 3 Min If you want to upgrade your secured credit card to an unsecured card, you might wonder how long you need to use your secured credit card before this is allowed. The good news is there are no minimum or maximum limits for how long you can use a secured credit card. Instead, when you upgrade… Continue reading How Long Should I Use A Secured Credit Card Before Applying For An Unsecured Credit Card?
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Can You Use A Canadian Credit Card In The USA?
Published by Mohamed Konate | Feb 26, 2024
Can You Use A Canadian Credit Card In The USA?
Reading Time: 6 Min It is possible to use a Canadian credit card in the US, but there are some key differences and limitations when it comes to using your Canadian credit card outside of Canada. Factors such as currency conversion rates and foreign transaction fees can all limit your credit card usage in the US.  In this article,… Continue reading Can You Use A Canadian Credit Card In The USA?
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What Is The Utilization Rate On A Credit Card?
Published by Mohamed Konate | Feb 26, 2024
What Is The Utilization Rate On A Credit Card?
Reading Time: 5 Min Your credit utilization rate is the percentage of available credit on your credit card that you are currently using. For example, if your credit limit is $10,000 and your current credit card balance is $2,000, then your credit utilization is 20%.  The equation to calculate credit utilization is therefore: (Current credit balance/credit limit) * 100… Continue reading What Is The Utilization Rate On A Credit Card?
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Can I Upgrade From A Secured Credit Card To An Unsecured Credit Card?
Published by Mohamed Konate | Feb 26, 2024
Can I Upgrade From A Secured Credit Card To An Unsecured Credit Card?
Reading Time: 7 Min If you’ve been using a secured credit card to help you build your credit, but feel like it’s time to upgrade to an unsecured credit card – you’re in luck! It’s possible to switch to an unsecured credit card from a secured card if you’ve met certain credit requirements.  If you feel like you’re ready… Continue reading Can I Upgrade From A Secured Credit Card To An Unsecured Credit Card?
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How Does A Secured Credit Card Differ From An Unsecured Credit Card?
Published by Mohamed Konate | Feb 26, 2024
How Does A Secured Credit Card Differ From An Unsecured Credit Card?
Reading Time: 5 Min Secured credit cards differ from unsecured credit cards because they require a cash deposit to act as collateral. This cash deposit represents your credit limit, meaning you can only spend up to the amount you deposited. On the other hand, traditional credit cards are unsecured. These allow you to use your credit without needing to… Continue reading How Does A Secured Credit Card Differ From An Unsecured Credit Card?
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