Articles About Finance And Refinancing

How To Avoid Choosing The Wrong Credit Card

Credit card offers are readily available. Perhaps you have been thinking about getting another one, or perhaps your first one simply because of the various advertisements you have seen. Owning a credit card really can make life simpler, but the choices make it a little difficult to choose which one to get. Here are few simple things you need to know to prevent you from getting one that could become a real nightmare.

The first thing you need to do is to decide the type of credit card you want. By looking at your greatest monthly expenditures, you should be able to determine whether you need an air miles card, a gas card, a rewards card for more general types of purchases, or another kind. By selecting a card to match the majority of your purchases, you can get the greatest amount of rewards or rebates enabling you to reduce the actual cost of your purchases.

Note the interest rate on the credit card offer. While it may not apply at the outset, because of the introductory offer, you do need to know what it is, because it will apply when the introductory offer is over. Of course, by making your payments in full each month, and on time, the interest rate can be of no effect on you.

Then, look at the introductory offer for a minute. See how long it is for and what it applies to. Oftentimes, the length of the balance transfer feature is different than that for your regular purchases. In other words, you may only have 6 months to enjoy the 0% APR interest on the transferred amount, but you may have a full year, or more, to enjoy that rate on your other purchases.

If you have existing debt on other credit cards, then you will want to check to see what fees may apply, if any. Some credit cards will charge you up to 4% of the transferred amount, but most cards will not charge you at all. Also, find out how long you can enjoy the 0% APR on this amount. Some cards allow you to have that rate for the life of the transfer - until it is paid for - a great feature for saving money.

Then look to see what kind of rewards you get with the card. Some cards are a little stingy with rewards, and others are much more generous. The truth is that it will depend on your credit rating as to what kind of credit card you can actually get. Most cards will give you from one to three percent rewards (either as cash back, discounts or rebates) for your purchases of groceries, gas, and medicine; other purchases can bring even greater savings

Be sure to also check out any fees that will apply. These will vary from one card to the next. Some cards have an annual fee, and others may include processing fees, application fees, and more. You should know about all of them. Compare the various cards and you should be able to select one after your comparison that will best suit your needs and heop you avoid getting the wrong credit card.

Keeping those credit cards under control, though, is very important. The introductory offer on most credit cards is a special feature and is not looked as a necessity. In other words, if you do not make your payments on time - even missing only one, can instantly cause you to lose that introductory offer and bring on the full interest rate overnight. The best cards can be kept that way by keeping up with payments and paying in full each month - that will give you the best rewards.

Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk and also http://www.cardguide.co.uk

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