17:32 11 April 2013
Daily there is the constant onslaught of amazing credit card offers. Here are a few things you can do to ensure you get the best deals on credit cards. Some of these tips may only apply to people who already have credit cards or other debt that is accruing interest, but most are for everyone.
1. Shop around—getting the best deals on credit cards is similar to getting the best deals on anything. You have to do some research and comparisons.
2. Interest rate—this is the most critical factor. The lower the interest rate, the less of your money is siphoned off for the credit card company’s use. Basically, this equates to more money staying in your pocket where it belongs.
3. Balance transfer option—if you have other loans or credit card debt at high interest rates, your first order of business will hopefully be transferring as much money as possible to the lowest rate available. Not only does this lower your monthly payment, and the amount of money that is paid in interest, but it also means you’ll have the debt paid off faster.
4. Annual fees—these can sneak up on a person and may be difficult to remember for each year. If the annual fee is fairly large, it’s a good idea to disregard it. You’re more likely to receive more fees if the Annual fee puts you over your credit limit, which means this is definitely not one of the best deals on credit cards.
5. Other fees—traditionally late fees and over-the-limit fees are charged regardless of the credit card company. The only difference may be in the amount that is charged, or in how the company treats interest. Does your monthly finance charge have the ability to put you over your limit and incur a fee? Hopefully not, but if it does try to leave a cushion between the amount you owe, and the credit limit.
These are the main points to compare when trying to find the best deals on credit cards. You’ll know when you find the one that is the best deal for you.
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