The Ninja Way to Compare Credit Cards
The credit market may be in tatters and the economy in the state of recession, but consumers will still need credit cards to purchase their everyday needs. There are many tempting credit card offers out there, but not everyone is right for consumers. With all the hidden fees and interest hike stories that the consumers have complained about in the media, now more than ever the consumers need to do the due diligence before applying for a credit card.
Finding a good credit card is more than finding the card with the lowest purchase APR or annual fee. Depending on your needs, the card with the lowest purchase APR may not be right for you. Here are the factors that one needs to take into account before applying for a credit card:
Annual Percentage Rate: APR is one the most popular factors used by consumers to choose among the hundreds of credit card offers on the market. But APR is more than just a number. The consumers should not only pay attention to the purchase APR, but also to balance transfer and cash advance APR. It is easy to assume that a card that claims to come with a 0% APR for purchases offers the same rate for balance transfers and cash advances, but that's usually not the case.
Fees: there is more to credit card fees than just the annual fee. Some credit card companies 1961 Fleer baseball cards 3% per each balance transfer (with a minimum and maximum fee). In addition, there are cash advance fees, convenience check fees, foreign transaction fees, and bank wire payment fees. Failing to understand these fees often leads to surprises on your monthly bills.
Introductory rate: credit card companies understand the nature of the market they are in. That's why the keep changing their offers to top those of their competitors. Many folks sign up for credit card offers to take advantage of these introductory rates. But it is essential to understand how long these rates last and what the real rate would be after the introductory period is over.
Grace Period: many folks assume that they receive a grace period of 30 days on all their cards. Some cards such as Plum come with a grace period of 60 days. Some others come with the grace period of only 20 days. Ignoring your grace period could lead to late payments and a knock on your credit score.
Signing up for a credit card will get you into a relationship with your credit card issuer. By comparing credit card offers and understanding the terms before applying for a card you can Gross Out Gang major surprises on your bill and enjoy a better business relationship with your credit card issuer.
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