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Top 7 Factors to Consider While Reviewing Credit Card
Offers
By Vinodh Pushparaj
Credit cards have migrated from being hip or convenience product into a must
have entity for everybody. Shopping Online you need a credit card. Wanna
book a weekend rental you need a valid card to pick one. In order to
register as a valid seller in many online sites you need a card. Like this
the credit cards have evolved from being just convenience items into
something you got to have or you will be denied many services. There is a
lot of money being made by the credit card industry. Everything you buy has
a credit card fee attached to it. If you pay by cash you still paying those
fees since the merchants don’t offer a discount for cash or check payments.
They are willing to pay the 2-3% charge to the credit card companies than
give it back to you. If you are not using a credit card as your main payment
method and enjoying the convenience it offers you are paying for nothing.
The cards come now-a-days not just loaded with a variety of features but
they also come in many shapes and colors. Have you seen the new discover
cards? Well let’s take a look at the important features you should evaluate
the credit cards against.
1. The credit limit: This is the amount you are allowed to spend using the
card. Be careful while choosing the right amount. This is important in two
angles; the first is how much purchasing power you are willing to guarantee
to pay back. The other is what your spending style is. Many folks don’t know
that reaching close to your credit limit is not good for your credit
history. Are you a responsible person and wanted to keep the limit low but
you use up 90% and constantly pay every month? You may want to increase your
limit so that your credit score is not affected by this usage pattern.
2. APR: This is the interest rate you have to pay for the amount you owe in
the credit card. Obviously look for the best rate you can get. Regularly
contact the customer service to bring down the APR. These companies increase
it regularly; you should contact to keep it at the same rate.
3. Annual fees: This should be zero.
4. Online payment option and activity checking: You should choose the bank
that offers a good and comprehensive online tool to check and evaluate your
use. They should give you features like auto payment options. This is a lot
useful as you will have a way to check the account usage. If you are
planning on a shared card it is a must have to monitor.
5. Late Fee and additional charges: Although being late is bad, you will end
up atleast once a year being late to pay the dues. You may want to make sure
they don’t add it to your credit history even for one late payment. And the
fees! yeah check out the agreement.
6. Rewards and additional benefits: The current trend is offering cash back
on purchases or points for purchasing with preferred vendors. This is free
money as well it is a better way to save on the purchases you are anyway
going to make. The additional benefits include insurance coverage, miles and
more. Evaluate these carefully as they may be worthwhile.
7. Read about the reviews: Although you can evaluate the card by yourself,
you may want to read about what others have to say about the card. It is
these review sites that shed some light on the crappy customer service or
the hidden charges. You should and must employ the many review websites to
choose the best card that fits your need and lifestyle.
Don’t forget those fraud protection capabilities that come with the card.
You don’t want to be stranded because someone misused your card and you are
stuck in nowhere land without any money.
Here is one good website for credit card application and to read about the
reviews. http://www.smartcardshopper.com
Author does freelancing through the no fee free freelance website
freelancefree.com.
Article Source: http://EzineArticles.com/
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