Which Credit Card To Apply For? – Tips To Help You Choose
Word Count:Article Body:
So many different choices for credit cards: 0% APR credit cards, travel rewards credit cards, 0% balance transfer credit cards, and cash back credit cards. Selecting the right card for the way you use your credit card can mean a big difference in your pocketbook. Use this quick guide to help you spot the differences in your credit card offers:
*Will you carry a balance every month or almost every month? If so, a lower interest rate is better for you. If you transfer a high balance credit card to a lower or 0% APR credit card (often an introductory period), you will save even more.
*Will you be paying the credit card balance off every month? Then you will want to apply for a credit card without an annual fee. Finance charges may be higher, but since you pay the balance off every month, you wont be charged. Look for credit cards that offer grace periods, usually between 25 to 30 days, before credit interest begins.
*Will you be shopping for credit card balance transfer? Be sure to check out the transaction fees and the introductory periods. Occasionally your credit card company will offer you a credit card debt consolidation with convenience checks so that you can transfer one or more credit card balances, but be sure to check out the transfer guidelines.
*Will you need cash advances? Apply for a credit card that offers a lower APR and lower transaction fees. Be sure to read the fine print on their requirements. Some credit card companies impose a transaction fee and a cash advance fee plus the interest rate. Some credit cards charge a higher rate for cash advances than regular purchases.
*Will you be traveling frequently, and charging your trip expenses? If this is your situation, then a cash back credit card reward program may suit you best. Be sure to consider your interest rate first, however. Rewards should come secondary to your spending habits and the cost of the credit card itself. Cash rebate cards offer you a cash back refund at the end of the year that you can use anyway you choose. Other credit card reward programs offer purchase points or redeemable rebates. Airline credit cards offer you miles as credit for every dollar you spend, sometimes offering you double or triple miles.
Whatever credit card offer you apply for, be sure to carefully consider the terms of your credit card, including the interest rate (APR), annual fees, transaction fees and balance transfer fees. Those hidden charges can add up quickly and cost you more than what you bargained for, so choose your credit card wisely.
Tags: 0 Apr Credit Cards, 0 Balance Transfer Credit Cards, Apr Credit Cards, Article Body, Balance Transfer Credit Cards, Card Debt Consolidation, Cash Advance Fee, Cash Back Credit Cards, Convenience Checks, Credit Card Balance, Credit Card Balance Transfer, Credit Card Balances, Credit Card Debt, Credit Card Debt Consolidation, Credit Card Reward Program, Credit Cards 0 Apr, Credit Cards 0 Balance Transfer, Grace Periods, Introductory Period, Travel RewardsDo You Need Debt Consolidation Help? Heres A Checklist To Help You Find Out
It seems that everyone is in debts. Recent statistics show that that the average American family in credit card debt carries a balance of $4000 on several credit cards from month to month. It is thus no surprise to be in debts especially when you are bombarded with solicitations to buy things on a daily basis.
The ease of getting credit at the moment also doesnt help much to curb your impulse buying spree. While it may look as if normal to be in debt nowadays, you might want to find out if you need help to get you out of your debt problems now before you fall deeper into the debt trap.
Ask yourself these questions to access your current financial health and see if you need debt consolidation help.
1. Are you always late in paying your monthly bills?
Everyone runs into unforeseen expenses like medical bills, and car repairs. These unforeseen expenses will throw off your monthly budget. But, if you time and again find it hard to cover your bills for most of the time, you know you have a problem.
2. Have you reached or exceeded the limit on most of your credit cards?
With the ease of getting credit cards nowadays, it is very tempting to use credit in advance and run into credit card debts.
3. Are you only paying the minimum for your credit card balances?
Credit cards are billed monthly to increase your interest amount accrued. Pay the minimum balance monthly and you will take forever to clear them.
4. Are you dipping into your past savings, or worse you have used up your savings already?
You cannot meet any unforeseen expenses anymore. You cannot afford to fall sick and your car must skip its maintenances servicing because you have not got the money.
5. Do you find yourself having the need to use a credit line or cash advance to pay your monthly bills.
Do this on a regular basis and you are certainly going to be trap in a cycle of debts.
If you answer yes to most or all of the above questions, you are most likely in debts and living hand to mouth now. Its not the end of the world yet. It only means that you need to take action to clear your debts and debt consolidation may just be the answer.
Tags: Buying Spree, Car Repairs, Cash Advance, Credit Card Balances, Credit Card Debt, Credit Card Debts, Credit Cards, Daily Basis, Debt Consolidation Help, Debt Problems, Debt Trap, Financial Health, Impulse, Medical Bills, Minimum Balance, Monthly Budget, Solicitations, Statistics, Surprise, Unforeseen Expenses