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Choosing The Best Credit Card To Apply For
Always shop around to get the best deal when choosing which
credit card to apply for. If you don't do your due diligence you
could end up with a card that has too high of an interest rate,
that has an unnecessarily high annual membership fee, etc. Here
are some things to look for when checking out the different
credit card offers you may receive in the mail.
1. Credit Card Terms:
When using a credit card you are in effect borrowing money
from the credit card company. The terms and conditions of credit
that you agree to when you apply for the credit card will affect
your overall cost. Compare terms and fees before you apply.
2. Annual Percentage Rate:
The APR is the yearly rate that is charged for money borrowed
on the card. It must be shown on the application and on billing
statements. Some plans are "variable rate" programs. They can
change with interest rates or other economic indicators. Some
cards also have a short term low interest rate fee that rises 3,
6, or 12 months after you have had the card. Does the card you
are looking at getting have this and if so what will you be being
charged(APR) after the rate goes up.
3. Free Period:
Do you start getting charged interest from the moment you use
the card or is there a "grace period," a free period that lets
you avoid finance charges by paying your balance in full before
the due date. A credit card can be a real nice way of getting
"free" money. You do have to watch out though for the cards that
don't offer the "grace period." If your card includes a 'grace
period', the issuer must mail your bill at least 14 days before
the due date so you'll have enough time to pay.
4. Annual Fees:
What annual membership or participation fees do you have to
pay. Most cards have these fees.
5. Transaction Fees and Other Charges:
Many other fees can also be added onto the card and knowing
these can make the difference in having a card you want and one
you could quite easily live without. For example: some issuers
charge a fee for a cash advance, if you make a late payment, or
exceed your credit limit. Some charge a monthly fee whether or
not you use the card.
6. Other considerations:
How high is the credit limit?
How widely is the card accepted?
All these tips can help you get the best deal when shopping
for a credit card. Just remember to look at the fine print on
anything that you sign. This is the easiest way to come out the
winner and getting the card you truly want is what it's all
about...Because Money Matters
James Mercer runs the Because Money Matters blog, http://www.becausemoneymatters.blogspot.com.
It is updated each day Monday-Friday giving advice on financial
matters that are important to everyone. From credit cards, home
loans, stocks, commodities, to scams and scammers that are trying
to rip you off. Come on in and check out the advice that could
make your life much richer.
MORE RESOURCES:
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