Being stuck with your plastic – why you should regularly evaluate your credit card

It's the big financial dilemma for many of us: how to pick the best credit card from myriads of deals on the market

. The sheer number of products available can easily deter even the most ardent shopper but fear not, you might not get the juiciest card there is but in all likelihood you will end up with a better deal in your pocket. So keep your eyes peeled and read the tips below.

Before signing any agreement or contract with your new credit card provider it is of the utmost importance that you have a full understanding of how different fees are calculated and whether a particular product is suitable for you. With many customers falling short of basic knowledge, the credit card debt is on the rise again, putting families into financial conundrums.

The first question many cardholders want to ask is what exactly an annual percentage rate, or APR in short, is and how it works. Essentially, it is the amount or rate of interest that you will end up paying for any carryover balances on your card's account calculated on a yearly basis. Moreover, each month's balance and the amount that is carried over from month to month throughout the year are factored into APR which, in turn, is also affected by the use of added features like cash advances and balance transfers. Regardless of how complicated the APR might seem, you should keep in mind that the lower your percentage is the less costly your monthly payments will be.

Having a low APR as your starting point, you should then focus on your card's perks such as: reward points programs. Ask yourself the following questions. Are these offers really cut out to your spending habits or lifestyle? Is it worth paying for something you hardly use or have a need for? Reward schemes are great way to accumulate incentives but are definitely not for everyone and therefore require constant evaluation.

Why not take a new zero balance transfer card? If you already have an outstanding balance on your card and can't afford to pay it off, transferring your dues from a high APR card to a zero interest credit card may be just the solution. By doing so, you will be able to free up some extra time to reduce your balance. Remember, it is a limited time offer and you must act swiftly before it expires.

By all means take your time and shop around for the best deal. There are dozens of comparison websites listing all available products that can be narrowed by your search preferences. They are user-friendly and very powerful. Remember that the credit card world has a highly competitive market and there will always be something around the corner ready to be grabbed. Make sure you don't miss it!

Being stuck with your plastic why you should regularly evaluate your credit card

By: Paul Buchanan

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