It is quite common to have an unlimited number of emails describing the different credit card offers and you may be getting serious about one of these emails. But most of you do not understand the fact that different credit cards can vary through a great margin and it is very important to study all of these terms as well as conditions carefully. In case you are looking out for the offers available in the market, make sure to consider some basic factors in all the available offers. In this article we are going to discuss some important factors to be considered while choosing a credit card.
The most important factor while selecting a credit card is the Annual Percentage Rate (APR) which can make or break your financial status. Generally the APR is calculated monthly and hence it is important to find out the overall money you have to pay for every purchase. It is equivalent to what the purchases would cost you every month in case you are unable to pay them in full. There are some important factors to be considered like the time limit for the introductory APR, any minimum purchase requirement to activate the rate, and the subjection of rate to approval etc. You would be amazed to find out the overall difference after comparing the rates of different providers.
The next important thing to consider in credit cards is the annual fee they charge. Earlier there were cards with absolutely no fee but the trend has changed, according to the new regulation all the cards will be charging an annual fee from now on. Somehow this trend is going to make the fee-free offers much famous but then these offers will be available to the best borrowers only. You can also seek advice of Your Personal Financial Mentor when you are planning to apply for a credit card because he can guide you professionally keeping in mind your financial goals. Make sure to find out the time and method of the fee being imposed.
Credit card rewards should also to be considered while selecting a credit card. Any credit card that is difficult to use has a lower value comparatively. You can easily find different card services offering easy rewards with any new credit card. There are some simple conveniences to be looked after while making a payment which include 24/7 customer support, payment mode provided, account alerts, number of ATMs, and high quality international assistance. Always keep in mind that finding the right credit card is a long process and hence make sure to read all the required guidelines with proper care so that you may not end up in getting a wrong credit card for yourself.
Categories: Credit Cards