Tips For Finding The Best Credit Cards

In a time when consumer spending is on the decline

, credit card issuers are making generous offers to lure in business. Before jumping at the first offer to hit your mailbox, pay heed to these tips on finding the best credit cards. It may save you some serious money and frustration. And it may even yield some attractive benefits.

Credit cards make life easier and more convenient, but ultimately credit cards are designed to line the pockets of the issuing banks. These financial institutions are "banking" on the fact that most consumers carry a hefty balance each month that accumulates interest. Many cardholders also make payments late, thus incurring large fees each month. Nothing could make a card issuer happier. Soon the consumer is effectively trapped by the bank, a slave to debt.

If, however, you find yourself in the small percentage of responsible credit card usage, there are ways to make credit card ownership work in your favor. The first rule when shopping for a good credit card is: Never pay an annual fee.

Annual fees are excessive and outlandish on the part of the issuing bank. Besides paying the interest rate on the card, the consumer must pay a fee just to have the privilege of carrying the card? Why would anyone want to sign up for such folly? There are too many credit cards out there offering zero annual fees.

The second rule when shopping for a good credit card is: Look for a low APR. Low introductory rates are fine if you are transferring balances from other cards. Be sure, though, to look at the time constraints of the introductory rate. Also be realistic about whether you can pay off the card in that amount of time. Many teaser rates are hidden traps that can leave you wishing you had kept your original card you transferred from. Some introductory rates apply only to purchases; not balance transfers. Make sure to read the fine print before signing up. Many cards offering low introductory interest rates carry the highest APRs after the teaser rate expires. Finding a low rate card without an attached gimmick is often a wiser choice.

The third rule when shopping for a good credit card is: Lock in on a fixed rate of interest. Variable rates can seem attractive if rates are already high. The thought pattern is that rates will certainly drop. Don't be fooled by this shell game. Rates usually adjust upwards; not downwards. Find a card with a fixed APR. If rates drop in a year, you can always transfer to a card with a lower rate. Some card issuers will even adjust a fixed rate downward if the cardholder has maintained an account in good standing over the length of the contract. Don't expect this service to present itself to you. You'll have to call the bank and request a rate adjustment, presenting the case for why you feel you deserve such a gracious gesture.

Finally, the fourth rule when shopping for a good credit card is: Look for a card that offers consumer rewards. Reward cards vary by type. Some offer rebates on gas purchases. Others offer airline miles or retail gift cards. Points are awarded when purchases are made with the credit card. Reward cards are not high on the priority list for finding the best credit card, but if you plan to use the card frequently, it's to your advantage to reap some extra benefits in the process.

by: Aaron Johnson

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