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Finding the Best Credit Card Offer: do you Know What you’re Looking for?

Even with the unsteady state of the credit card industry, there are plenty of credit card companies and credit cards from which to choose. For someone looking to get a new credit card, the process of finding the card that’s right for them can be downright confusing.

Given all of the credit card options available, how can you be sure you’re getting best deal and the most competitive rates?

Well, the first thing you can do is use the Internet to research and compare the top credit cards by each credit card company. However, there are several other factors that you may want to look at next time you are considering applying for a new credit card:

• Read the fine print when it comes to cards boasting a zero percent interest rate. More importantly, find out whether this zero percent rate is fixed or variable, and whether it is simply a promotional or “teaser” rate that will last just a few months. Many consumers fall into the zero-percent-interest trap, only to be stuck with a high interest rate once the promotional rate expires.
• Look further than just the interest rate. A credit card company could offer you a fantastic interest rate, and then sock you with outrageous fees. Check to see if the credit card company charges an annual fee for the card; also, check the card’s fees and penalties for cash advances, late payments and over-the-limit fees.
• Make sure the credit card you choose has a grace period. Some credit card companies charge interest from the moment you make a purchase, while others offer consumers a grace period during which they can pay off the card with no interest charges.
• Look beyond rewards and perks. Some consumers are drawn into using a credit card simply because it offers them some type of reward program or perks for using the card. However, what many consumers fail to realize is that the rewards they think they are earning are merely being trumped by high interest rates or other fees and charges. In other words, make sure you are not paying out more simply to earn rewards points.

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• October 22, 2009 -- Speeding up Approvals with Online Credit Card Applications (0)
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• July 12, 2011 -- Do I Really Need a New Credit Card? Important Questions to Ask Yourself (0)
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• April 6, 2011 -- 3 Easy Ways to Make your Credit Cards Work for you (0)
• February 28, 2011 -- When to Choose a Credit Card over a Debit Card (0)

Posted on Friday, Oct 30, 2009 under "Choosing Credit Card"
Post tags: Choosing Credit Card, compare credit cards, competitive rates, credit card companies, credit card interst rate, credit card offer, Credit Card Rewards, new credit card, zero percent rate

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