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Comparing Credit Cards - What to ConsiderNot all credit cards are created equally!
Therefore, you need to compare credit cards before you decide on which one to apply use. Which credit card you select should not be based on their advertisement campaign or on recommendations from friends. In addition, you
don't want to get overwhelmed by all the offers and advertisements being run by any particular credit card company. Many of the offers are only selling tactics designed to lure you in, but once you read the find print, you realize that this particular card does not meet your requirements. Therefore, your first step is to decide what you need in a credit card. The following is a list of items that you should considering and comparing credit cards: Annual Percentage Rate: Which is the true annual rate of interest charged for a loan. When comparing credit cards you have look at the APR and be aware that there are both short term and long term APR. Short term APR is often a marketing used to attract new customers. Therefore, you should look for a low long term APR. Annual Fees: These fees are charged to your credit card whether you use your credit card once in a year or 1000 times. Some credit card companies do not have any annual fees, a few will charge you a flat rate which could be between $25 to $125 or more, while other companies charge you a percentage of your total balance. Therefore, its important that you know and understand the annual fees associated with the credit card. Credit Limit: Is the maximum amount of credit you have with a particular credit card. Usually if one goes over this limit, the credit card company will charge you an overage fee, that can be as much as $100.00 or more. If you are a heavy spender, then you will also need to know and understand about the overage fees. Rewards Program: Credit card companies use rewards programs as a way to attract new customers. With these programs your earn points for using your credit card. After you have earned a certain amount of points, you can apply them for goods, services, or even for frequent flyer miles. Interest Free Period: This is a limited amount of time, usually from six months to eighteen months, with some companies offering extended periods. During this interest free period, anything that you purchase is
interest free. Cash Withdrawal Fee: These are the fees for withdraw cash on your credit card. Some credit card companies do not charge withdrawal fees, while other may charge from $2.00 or more. If you use your credit card in this manner then you may want to look for a credit card that does not charge for this service. Forex conversion rate/fees: This is important for people who frequently travel overseas. Some credit card companies
don't charge a fee for this service, but they could have conversion rates, which compensates for them not charging a fee. When choosing the right credit card, you have to decide which of these items are important to you and then choose the credit card that offers this benefit as well as the lowest rate available for you.
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