| By :
Liz Roberts
Copyright (c) 2010 Liz Roberts There are lots of companies offering different types of credit cards making it difficult for consumers to choose. With all these choices, how can you find a credit card with the best deals? is there a way to know if it's the right one for you? What are the factors to consider that will greatly affect your decision-making? Below are paragraphs that will discuss the specific features you should check closely if you want to end up with a card that will suit your needs and lifestyle. Basic Credit Card Features Interest Rate. Of course, you would want a card that has the lowest rates. Nevertheless, keep in mind that the rate of interest should not be the only basis of your credit card choice. Let us say a particular card offers a much lower rate, how long will this last? If it's just an introductory offer, how much is the rate after that? Which of your credit card charges does the low interest apply? Keep in mind that for some credit cards, more than one APR applies. For example, the low APR may only apply to your balance transfers but not on purchases or cash advances. This means, you can only enjoy the low rate if you transferred over your balances from other cards. Otherwise, your new purchases and cash advances would be charged with the regular APR. Annual Fees. Some credit cards, particularly those with rewards have annual fees or membership fees that you need to pay on a yearly basis to keep your card active. If this is the case, how much will it cost you? Some cards charges as much as 80$ or more on annual fees. Before signing up for a credit card, think about it, is it worth your credit card if you'll need to pay $80 each year? When it comes to reward credit cards, will the rewards you'll earn be more than the cost of your annual fee? Or will the annual fee offset the incentives you get from your reward credit card? Late penalty fees. Almost all credit cards charge a late penalty fee if you're not submitting your payments on time. A card holder aims to submit payments on or before his/her due date however, there will be instances when you won't make it on your deadline. If so, how much late penalty would be added to your actual balances? Grace period. A credit card with a lengthy grace period gives more protection against additional fees such as the high interest and late penalty charges. There are credit cards that offer very short grace period while others do not even have a grace period. If you're going to get a credit card, this is a very important feature that you should check on. Transaction fees and miscellaneous fees. It is always advised to read your credit card's Terms and Conditions so that you can be aware of all the costs associated with your card. For instance, you may be applying for a zero interest balance transfer card so you can pay off your balances with no interest. However, don't forget to see whether there is a balance transfer fee which means you get charged each time you transfer over your balance to your card.
|
![[Valid RSS feed]](http://www.articlesbacklink.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
