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Credit Card Articles > Evaluating Credit Card Offers
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Evaluating Credit Card Offers |
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There is a lot to consider when evaluating credit card offers as there are literally hundreds of card offers on the market. They tempt you with credit cards in all different colours, shapes, and all with varying features and benefits. When you decide to apply for a credit card, how do you decide which offer is best for you? The following points should be considered when choosing your credit card.
Interest Rates:
Compare the interest rates of all the card offers you are considering. Many credit cards show you an introductory rate of 0% which at face value seems like a pretty good deal. But be sure to read the terms and conditions to find out what the reversionary APR would be. With some cards this could be as much as 29%. After your introductory period, you could be faced with a large increase in your monthly payment which you may not be ready for.
Introductory Periods:
The introductory period varies from offer to offer; the average time is about twelve months. When evaluating credit card offers you could find cards with longer periods, but based on your circumstances you would need to decide which introductory period is best for you. Bear in mind introductory periods would allow you to enjoy interest free credit card use, so the longer the better.
Bonuses:
Some credit cards carry extra benefits such as cash back when you use your card. This is a way to earn cash on your purchases and can add up based on how frequently you use your credit card.
There are rewards, miles and points cards available as well. You get the chance to earn and redeem air miles, rewards or points towards specific programmes. As an example, you can choose to apply for a card that allows you to earn free flights if you fly a lot. For sports fans, there are credit cards that offer you NASCAR race points or NFL points.
Gifts To Charities:
If you are all about giving back, then there are even credit cards that donate a percentage of what you spend to named charities. It gives you that good feeling to know that while you are spending on yourself, someone else benefits as well.
Extra Fees:
When evaluating credit card offers be sure to look at the rate charged for cash advances, late payments or exceeding your credit card limit. These fees can add up quickly and would vary amongst credit cards.
Annual Fees and Repayment Grace Periods:
Annual fees can add unnecessary debt to your credit card, so you should choose a card without one. The repayment grace period tells you how many days you have before interest is applied to the account. In order to get this benefit, some card providers require you pay your New Balance Total from the previous statement by certain dates. Be sure to read the fine print.
Based on your circumstances and what you want in a credit card, when you’re evaluating credit card offers, you’ll have your own tick boxes that must be matched. Whichever card you choose, make sure you read the terms and conditions to avoid any surprises in the future. Happy card shopping.
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| Author: Jenniel Taylor-Samuel |
Posted: 2007-02-18 |
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