4 Tips in choosing the right Credit Card

By: Tony Sebastian  

Copyright 2005 by Tony Sebastian, http://www.cards-credit-center.info

Everyone has different needs when it comes to choosing a credit
card. If you pay off your monthly bill in full on a regular basis, for
instance, you’ll want a different kind of credit card than someone
who keeps a balance every month. Or, if you collect some sort of
points, you may want a card that helps you gather more, faster,
with every purchase. Here we will discuss the different things to
think about when deciding which credit card to apply for.

1. Credit Card Fees
One of the most important and first thought of issues with getting
a credit card is fees. Fees can include not only the annual fee, but
the interest rate charged on any balance you carry, any late fees,
and ‘other’ fees that a credit card company may charge.

If you are able to pay your full balance every month (highly
recommended by the experts), you’ll be better off with a no annual
fee card. However, if you are like most people, and plan on
carrying a monthly balance, instead you’ll want to look for a card
that offers an extended low interest rate. Also, find out how long
the low interest rate is valid for; many of these credit card rates are
merely teasers, and expire after a couple of months.

It’s very important while comparing credit card companies that you
look closely at how interest is charged, not just the rate it’s charged
at. For instance, it’s a big financial difference if interest is charged on
the average daily balance of the last month, than if it’s charged daily
based on the going interest rate. Read the fine print here, since it’ll
pay off in spades, later. And don’t forget the fine print with the ‘other’
fees – these can add up quickly. For instance, does the credit card
company charge when you take a cash advance?

2. Credit Card Acceptance
Where your potential credit card is accepted can make a world of
difference when shopping around. If you travel extensively, then this
is of the utmost importance – maybe even more important than fees,
because if you can’t use your card, what’s the point in having it?
MasterCard and Visa are the most widely known credit cards at the
moment in North America, with American Express a distant third. Any
others you’ll want to do some heavy research on to make sure where
you want to use it, you can.

3. Credit Card Perks
Frequent flyer points and bonuses at local stores are both regular
perks available with many credit cards today. If these options are
important to you, make sure to research their dollar value in reference
to the other bits and pieces as well, and compare them alongside each
other.

4. Credit Limit
Finally, your credit limit is something to look at when deciding on a card.
Usually this step is easy, because it is decided by the credit card
company, and not yourself. Just make sure that you aren’t getting too
high of a limit, because as you well know, it’s difficult to dig your way
out of too much debt.

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