Credit Card Quick

Features of the Best Credit Cards

Choosing Credit Card

Everyone, of course, wants the best credit card they can get, but what exactly does that mean?

A good credit card may mean something different to each person, but there are a few things that every consumer should be looking for when searching for a credit card:

• A competitive, annual interest rate – The best way to compare current interest rates is to check the web, as there are a number of great websites that detail the most competitive rates on any given day. Once you find this number, you can better narrow down your search for a competitive credit card. Beware of promotional or teaser rates, though, as this could give you a false sense of security. In reality, the credit card with the fantastic promotional rate may also be the card with the high default interest rate once the promotional rate has come to an end. In short, if you want to find a great credit card, skip the promotional rates and instead look for a card with a competitive, fixed interest rate.
• A fair balance transfer offer – If you need to transfer other higher-rate balances, you will want to find a credit card that not only has a competitive interest rate, but a fair balance transfer offer, as well. Make sure to examine the balance transfer fee, as this could often range from two to five percent of the transferred balance.
• An annual fee – Although it may seem like the best credit cards don’t come with an annual fee, the opposite may actually be true. It is important to not rule out the credit cards that charge an annual fee, as these credit cards may be the best in terms of fees, interest rate and terms and conditions. In other words, look at all factors when considering a credit card, not just the annual rate. If you use the credit card frequently throughout the year, an annual fee may seem quite small when compared to the money you could save with a low, fixed interest rate.

Five Surefire Ways to Negatively Impact your Relationship with Credit Cards

Introduction

Credit cards have gotten a bad rap as of late, mainly as a result of the Credit Card Reform Act recently signed into law by President Obama. It is important to remember, however, as these new credit card changes begin to take place, that you also have a degree of responsibility when it comes to your credit cards and your credit score.

Many consumers, however, fail to consider this until they find themselves in an unhealthy relationship with their creditors and in over their heads in credit card debt.

What did they do wrong?

1. They didn’t shop around for the best card. Keep in mind, even with the current state of the credit card industry that it is quite competitive and that, although it may take some searching, there is likely a card out there for you. From low interest rates to excellent rewards programs, there are a slew of attractive offers from creditors.
2. They never paid more than the minimum. The minimum payment amount set forth by creditors is not written in stone. In other words, your check each month to your creditor should not reflect just the minimum payment. The more you pay on your card each month, however trivial you think that amount may be, will get you out of debt all that much quicker.
3. They never searched for more money in their budget. If you don’t think you can afford more than the minimum payment on your credit card each month then you’re doing yourself a huge injustice. Some of the smallest changes in your budget can make the biggest difference in your credit card balance. Sit down, write out a comprehensive budget, and find ways to save so that you can put that extra money on your credit card each month.
4. They used cash advances and convenience checks way too often. Cash advances and convenience checks are often a problem in disguise. However convenient they may seem, they often come with many fees and charges, all of which can do nothing but plunge you further into debt.
5. They lived beyond their means. Simply recognizing the difference between your wants and needs can do wonders for your budget and your credit card balance. Instead of purchasing things that are simply out of reach for you financially, take a moment to visualize your overall goal of financial independence and say “no thanks” to living beyond your means.