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Top 7 Factors to Consider While Reviewing Credit Card
Offers
Credit cards have migrated from being hip or convenience
product into a must have entity for everybody. Shopping Online
you need a credit card. Wanna book a weekend rental you need a
valid card to pick one. In order to register as a valid seller in
many online sites you need a card. Like this the credit cards
have evolved from being just convenience items into something you
got to have or you will be denied many services. There is a lot
of money being made by the credit card industry. Everything you
buy has a credit card fee attached to it. If you pay by cash you
still paying those fees since the merchants don't offer a
discount for cash or check payments. They are willing to pay the
2-3% charge to the credit card companies than give it back to
you. If you are not using a credit card as your main payment
method and enjoying the convenience it offers you are paying for
nothing.
The cards come now-a-days not just loaded with a variety of
features but they also come in many shapes and colors. Have you
seen the new discover cards? Well let's take a look at the
important features you should evaluate the credit cards
against.
1. The credit limit: This is the amount you are allowed to
spend using the card. Be careful while choosing the right amount.
This is important in two angles; the first is how much purchasing
power you are willing to guarantee to pay back. The other is what
your spending style is. Many folks don't know that reaching close
to your credit limit is not good for your credit history. Are you
a responsible person and wanted to keep the limit low but you use
up 90% and constantly pay every month? You may want to increase
your limit so that your credit score is not affected by this
usage pattern.
2. APR: This is the interest rate you have to pay for the
amount you owe in the credit card. Obviously look for the best
rate you can get. Regularly contact the customer service to bring
down the APR. These companies increase it regularly; you should
contact to keep it at the same rate.
3. Annual fees: This should be zero.
4. Online payment option and activity checking: You should
choose the bank that offers a good and comprehensive online tool
to check and evaluate your use. They should give you features
like auto payment options. This is a lot useful as you will have
a way to check the account usage. If you are planning on a shared
card it is a must have to monitor.
5. Late Fee and additional charges: Although being late is
bad, you will end up atleast once a year being late to pay the
dues. You may want to make sure they don't add it to your credit
history even for one late payment. And the fees! yeah check out
the agreement.
6. Rewards and additional benefits: The current trend is
offering cash back on purchases or points for purchasing with
preferred vendors. This is free money as well it is a better way
to save on the purchases you are anyway going to make. The
additional benefits include insurance coverage, miles and more.
Evaluate these carefully as they may be worthwhile.
7. Read about the reviews: Although you can evaluate the card
by yourself, you may want to read about what others have to say
about the card. It is these review sites that shed some light on
the crappy customer service or the hidden charges. You should and
must employ the many review websites to choose the best card that
fits your need and lifestyle.
Don't forget those fraud protection capabilities that come
with the card. You don't want to be stranded because someone
misused your card and you are stuck in nowhere land without any
money.
Here is one good website for credit card application and
to read about the reviews. http://www.smartcardshopper.com
Author does freelancing through the no fee
free freelance website freelancefree.com.
MORE RESOURCES:
Credit - Google News
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