The result is that he often chooses the wrong card
The result is that he often chooses the wrong card
So, never pick up a credit card without considering some crucial factors. Here is a small guide that can help you decide which type of credit card you must pocket.
The result is that he often chooses the wrong card and then regrets his decision when he's already neck deep in problems with his credit card account.
Guidelines for choosing the right credit card
Ask yourself, "Why do I need a new credit card?" Is it because your current credit card carries a higher rate of interest, or is it because you want to use it exclusively for your business, or is there any other reason? Zero in on the reason why you need a new credit card.
Once you have the reason and found the right card, you must check out what kinds of credit cards are available in the market. Here is a brief dossier:
(i) Regular cards/Business cards are cards that give you a spending limit based on your income tax papers. The business card is just like a regular card, except that it comes with some schemes that dangle carrots before you.
(ii) Charge cards are cards that are linked to your bank account and they charge your account the minute you swipe the card. You cannot carry forward a balance with a charge card.
(iii) Reward cards are credit cards that earn you points every time you swipe them and such points are redeemable for some goodies (air tickets, supermarket goodies, etc.) at selected establishments.
(iv) Then there are cards for people who have a bad credit history. These cards carry a low spending limit and a higher rate of interest. (v) Prepaid cards are another type of credit card that are mostly used by teens and some kids too. The parent makes a deposit and the card is valid until the deposit is used up.
(vi) Secured credit cards require that the cardholder deposit a certain percentage of the credit limit upfront into their bank accounts.
Once you have decided what kind of a credit card is right for you, do a comparison between different brands of cards. Compare their rates of interest (APR = Annual Percentage Rate) and also check whether they carry an annual fee.
What grace period or no-payment period they offer you, how do they calculate the interest, whether the rate of interest is an introductory rate, whether rates of interest will vary on cash withdrawals, billing cycles, penalties on balance transfers, and so on.
Voila, there you are! If you follow these basic guidelines, you will be successful in pocketing the right credit card that suits your needs. And that is the easy part,the difficult part lies in maintaining a credit card and keeping your credit history clean.
But, that's another story!
Best Credit Card Companies Does it seem as though the best credit card offers are as elusive as the famous lost ark? You're not alone. Many consumers don't have the first idea where to go to find the great credit card offers that others have been able to find. Is it a luck of the draw situation? Absolutely not. It's just a matter of knowing where to look and what to look for.
If the world's best credit cards are the destination, then there are just three short steps between you and your goal. These three stops will have you on your way to the best credit card offers in no time.
First Stop -- The Mirror
What does looking in the mirror have to do with finding the best credit card offers? Quite a lot, actually.
Just as all credit cards aren't created equal, neither are all applicants. What's your credit like? What are your monthly spending habits? Do you carry a balance on your credit card or do you pay it off each month? The answers to each of these questions will determine the best credit cards for your specific situation.
Want a credit card with a low interest rate and great rewards? So does everyone else. Unless you have stellar credit, it's not going to happen.
Like the idea of cash back bonuses? Who doesn't? Unless you pay your credit cards in full each month, however, the higher interest rate associated with cash-back credit cards isn't going to be for you.
As you can see, your personal situation does indeed affect which credit card offers are actually the best for you. This means the first step towards finding the best credit cards involves a bit of self-evaluation.
Second Stop -- The Internet
Now that you've visited the mirror and you understand exactly what type of credit cards are best for you, it's time to visit the Web to locate the best credit card offers.
Gone are the days when you had to rely on junk mail for finding the best credit card offers and welcome to the Age of the Internet. Now the best credit card offers are just a mouse click away and making apples to apples comparisons is just a matter of knowing where to go.
Of course, you can't always trust the websites of the actual credit card companies. They're just promoting their own cards with carefully-worded marketing material. What you need to do is hit a website that has a rundown of all of the best credit card offers on the Web.
By using the Internet to research the best credit card offers, you'll be able to match your needs to the credit card offer that meets them.
Third Stop -- Your Mailbox
Once you find the best credit card offers and you apply for the credit cards that have exactly what you need, the last stop on your journey is your mailbox -- where your new credit cards will be arriving. While many credit cards arrive just a few short days after your approval, remember that some credit cards can take up to a few weeks to arrive.
When your credit cards do arrive, remember to compare the terms and conditions in the literature with the terms and conditions outlined in the offer you applied for. The best credit card offers in the world won't do you any good if the offer you applied for isn't the card you actually get.
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