Factors determining the feasibility of a credit card

Factors determining the feasibility of a credit card

A lot of people do not look into the deeper aspects of a credit card while buying it. They just go by the offers and whatever the salesperson provide them. But, it is quite necessary that a customer should understand each and everything in detail to avoid any hassles in future. So, what are the basic things that one should look for?

Well, there are some factors which play a major role in the feasibility of a credit card. You should definitely look into the factors in detail, which will help you to discard the bad options. We always pay attention to the interest rate of the credit cards, but we seldom enquire about the Annual Percentage Rate of the credit card.

After interest rate, annual percentage rate is one of the major aspects of credit card. It is the rate at which a customer is penalized for the amount that he/she carries after the grace period. Therefore, higher annual percentage rate means more you will have to pay as penalty. It has been seen that every credit card company offers different APR for cash advances, purchases, and balance transfers.

Grace period is definitely a major deciding factor in the selection of a credit card. It has been seen that most of the credit card companies offer a grace period of 28 days from the billing date.

After looking into the above mentioned factors, it will become quite easy for you to reach to a decision. You can even opt for feature of credit card comparison offered by numerous websites.

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