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Your Guide On Choosing a Credit Card To Suit You
Reach into your wallet or purse, pull out a card, swipe, and
you're done. It is very easy to use a credit card. The problem
lies in choosing a card - and it has nothing to do with the
picture on the front! Choosing a credit card that works best for
you is vital to your credit rating. If you choose incorrectly,
you may find yourself in deep debt trouble. Here is some basic,
yet extremely important, information that will help you make the
right choice.
Your Money Handling Habits
Choosing a credit card that is perfect for one person may be a
dismal failure for you because your habits are different. When it
comes to choosing your credit card, you need to look very closely
and honestly at your habits.
For instance, do you typically carry a balance or do you pay
off the card at the end of each month? If you answered "yes" then
you will need to shop for:
# A low Annual Percentage Rate (APR). The APR the interest
rate you will pay on any outstanding balances each month. The
higher the rate, the more you will pay in interest charges.
# A fixed-low rate. This means that they will guarantee that
your rate will stay low. Oftentimes, a company will offer a low
introductory rate to get you signed up and then increase the
rates drastically in 3, 6, or 9 months. The problem with a
guaranteed rate is that an annual fee often accompanies it. You
will need to decide if the lower interest rate guarantee is worth
the cost of the annual fee.
If you will be paying off your card at the end of each month,
you will not have to worry as much about a low APR since you will
not be using it. And with no need for a guarantee, you may be
able to avoid yearly fees. However, you will want to be sure to
get a card with a grace period.
# Grace Period: Be careful to get a card that allows you to
pay off your bill at the end of the month with no finance
charges. Those that don't offer the standard grace period begin
charging you interest the moment you make a purchase.
# Cash Advance Fees: Be aware that most cards charge interest,
and sometimes at a higher rate, for cash advances and this charge
begins with no grace period even if your card offers a grace
period for purchases.
You also need to decide how reliable you will be when it comes
to paying on time and keeping yourself under the card limit. If
you are often late paying your bills or often do not know how
much credit you have left, you will want to watch out for
transaction fees and other charges. Many card companies charge a
late fee and an over-the-limit fee. These can be substantial.
Your best bet is to pay on time and keep under the limit,
however, finding a card with lower charges is a good idea.
Here is another important question to consider when looking at
your money handling habits: Do you use the card rarely,
occasionally, regularly, or frequently? Those that use their
cards for just about everything instead of using cash or checks
will want to look for credit card protection. This way, if you
lose your card or it is stolen, you will not be responsible for
any purchases made.
Finally, consider the different benefit programs that cards
are offering.
# Do you travel? Then consider a card with frequent travel
miles as a reward. Or perhaps one that offers traveler's
insurance.
# Do you use your card for large purchases like electronics?
You may want to consider credit card insurance that will replace
your equipment for a specified period of time if it breaks down
or gets stolen.
# Are you saving to buy a new car? There are cards that offer
new car rebates.
# Do you have a favorite charity? Many cards now support
specific charities, universities, and organizations by paying the
entity a specific amount with each purchase you make.
What matters most is to find the features that fit your
pattern of spending and paying. Don't get fooled by the gimmicks
or the advertisements. Know your spending habits, look at the
small print, and choose the card that is best for you. With all
the different cards available, you will be able to find the right
fit for you.
Wesley Atkins is the owner of http://www.credit-cards-advisor.com-
which aims to get you fitted with the best credit cards to
suit your situation. With numerous credit
card articles and easy online credit card
applications you will never choose the wrong credit card
again.
MORE RESOURCES:
SEC finds shortcomings in credit ratersReuters - 16 hours agoWASHINGTON (Reuters) - Credit rating agencies did not properly manage their conflicts of interests when assigning ratings to structured products such as ... |
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