Credit Cards - Finding the Best Deals
Shopping for the proper credit card should be similar to shopping for a house.
Don't just read reviews or rankings for the best credit card what is the best credit card for one is not the best credit card for another.
A credit card that offers 5% cash rebate of fuel charges sounds great to a daily driver, but has no benefits for a college student without a car.
It is necessary to decide what it is you want from your credit card The first question you need to ask yourself is how you are going to be using the credit card For example, if you intend to be paying of the credit balance every month, then you might not be concerned with the interest rate that the credit card charges.
If you are also not interested in flying then you don't need the frequent flyer miles.
Decide the criteria that are most important to you.
If you are a consumer that doesn't pay of his balance every month then you might be interested in the lowest interest rate that is available.
In this case the Annual Percentage Rate should be carefully analyzed.
However, most credit cards have different APR rates for different types of transfers.
For examples, purchases may have an interest rate of 14%, while transferring money from one credit card to another might have an interest rate of 18%.
What ever you are intending to use the credit card for make sure that such credit card has a low interest for that that specific use.
APR could not only vary for different transactions but can also differ for other reasons: APR penalties for late payment, introductory APR that is only available for short period of time, fixed or variable APR.
Grace period for which interest rate is not charged after you get your credit balance should also be compared, since there might be times when you won't be able to pay of the balance on time.
Other things that should be looked at are hidden fees.
These include annual fees for having the credit card cash advance fees, balance transfer fees, late payment fees, over the credit limit fees, or set up fees.
Which ever card you choose make sure that it suits your needs.
Don't just read reviews or rankings for the best credit card what is the best credit card for one is not the best credit card for another.
A credit card that offers 5% cash rebate of fuel charges sounds great to a daily driver, but has no benefits for a college student without a car.
It is necessary to decide what it is you want from your credit card The first question you need to ask yourself is how you are going to be using the credit card For example, if you intend to be paying of the credit balance every month, then you might not be concerned with the interest rate that the credit card charges.
If you are also not interested in flying then you don't need the frequent flyer miles.
Decide the criteria that are most important to you.
If you are a consumer that doesn't pay of his balance every month then you might be interested in the lowest interest rate that is available.
In this case the Annual Percentage Rate should be carefully analyzed.
However, most credit cards have different APR rates for different types of transfers.
For examples, purchases may have an interest rate of 14%, while transferring money from one credit card to another might have an interest rate of 18%.
What ever you are intending to use the credit card for make sure that such credit card has a low interest for that that specific use.
APR could not only vary for different transactions but can also differ for other reasons: APR penalties for late payment, introductory APR that is only available for short period of time, fixed or variable APR.
Grace period for which interest rate is not charged after you get your credit balance should also be compared, since there might be times when you won't be able to pay of the balance on time.
Other things that should be looked at are hidden fees.
These include annual fees for having the credit card cash advance fees, balance transfer fees, late payment fees, over the credit limit fees, or set up fees.
Which ever card you choose make sure that it suits your needs.
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