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Credit Cards and How To Choose Them:
It may seem like a simple question but its important to take
into account a few factors when choosing your credit card. If you
are in the enviable position of being able to pay off your card
every month then you are amongst the few. If like most you don't
then we can offer you some guidance.
1.Interest rates: This is the most important factor to
consider when managing your credit card debt. Every day we are
offered 0% introductory rates for 6 to 9 months. These are
usually for balance transfers and are a great way to transfer
high interest loans or credit card balances to a 0% interest
rate. Watch out for statements, which only refer to the monthly
interest rates as well. Something like 'rates of 1.5% per month'
on your statement may not sound like much but this is equivalent
to 19.6% per year!
2. Annual fee: Most cards now do not charge an annual fee.
Make sure you get a card that does not charge these fees.
3. Cash advances or withdrawals: This usually represents very
poor value for money. Credit Card companies will charge in the
region of 2% per month. If you can avoid it do not use this
facility.
4. Reward points or Loyalty Schemes: These kinds of cards are
gaining in popularity. Air miles and cash back rewards are being
used to entice customers. Many people base their credit card
choices on these kinds of benefits. If you read the fine print
you will find that you have to spend are large amount to qualify
for the points. Saying this if you are a frequent traveller
paying for your air ticket with your credit card will help you
build up substantial air miles.
5. Insurance: All credit cards should come with insurance,
which covers you for fraud or theft that results in your card
being used before you can cancel it. With the rise in the number
of people buying on the Internet nowadays this is a vital
requirement. The consumer credit card act outlines what the
credit card company should be liable for. Some credit cards also
offer free travel insurance, again a handy benefit if you are a
frequent traveller.
6. Gold and Platinum cards: These may look good in your wallet
or purse but they usually not the most competitive cards on the
market. Firstly you have to earn a certain salary to qualify,
although surprisingly these salary levels are set pretty low.
There is also an annual fee for the use of the card, which in
today's market is a cost you shouldn't have to pay. Don't be
blinded by the image there are many cards out there that offer
far more.
Grant Marwick is a freelance writer and owner of http://www.only-credit-cards.co.uk
where you will find advice and more articles on Low interest
Credit Cards and advice on 0%
Credit Cards
MORE RESOURCES:
Credit - Google News
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