Which Credit Card To Apply For? – Tips To Help You Choose
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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.
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When you are looking to consolidate bills, there are many options available for you. One such choice is to put all your high rate cards onto one low interest rate credit card. This is a way to get one lower payment as well as pay less in interest.
There are many financial institutions that are willing to provide you with a low interest credit card so that you can consolidate your bills. Before you apply for one, make sure you research the company. A good rule of thumb is to go through your bank or a trusted web site. Look up the company at the Better Business Bureau and see what others think of it. If you consolidate bills onto one card, you want that card to be a good one.
Look for a card that has added features. Many credit cards have great bonuses like cash back or rewards for balance transfers. Many cards offer pretty designs or kick backs to a favorite charity or school. If you are going to owe a large sum of money due to bill consolidation, you want to get back all of the perks that you can.
Be sure that you understand all of the terms and conditions when you are choosing the low interest credit card to consolidate bills with. Most cards have a zero percent introductory period. Know exactly when that period is over and any conditions that need to be met in order to keep it. For example, with most credit cards, if you are late even one day with a payment, your rate will increase. Also, make sure you know whether the card carries an annual fee or a set up fee. These can be quite expensive, so make sure you read all of the fine print.
When you consolidate bills onto a single low interest credit card, make sure you know all of the particulars. If you do your homework before committing to a card, you will have a much more pleasant experience. It might take a little more time, but in the end, it will help you consolidate bills more effectively.
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While considering balance transfer credit cards you must consider and understand that the expiration dates on balances that are transferred. You must also understand the APR and what fees you will pay after the introductory trial has ended. Ask the card lenders if the introductory rates will apply to the first transfer, or if the rates will only apply to balance transfers made throughout the introductory trial. You might also ask if the introductory rates are applied to balance transfers as well as purchases. It is also important that you understand the annual fee structure. Likewise, it is essential to know whether an annual fee will apply to the introductory period. Ask if the cards have any applicable fees on transactions.
Transfer Fees
Asking questions upfront will help you to avoid pricey fees on balance transfers. Most balance transfer fees are around 3 percent; however, some lenders will charge 4 percent. Due to competition, credit card lenders are working effortlessly to bring in new clients. Therefore, teaser ads are put up on the Internet to bring in new clientele. While the slicks claim that if you have good enough credit, you can take advantage of the low interest rates and 0 percent introductory rates, not everyone has the applicable credit that lenders will require.
Cash Back Rewards
A few of the cards, including the Chase Cash Plus Rewards Visa offer 5 percent cash back on any purchases made at grocery stores, drugstores, or gas stations for a limited time. Often the card lenders have stipulations though, i.e. only purchases at selected stores are applicable, which means if you do not shop at the store (s) stipulated in the agreement, you will not receive rewards. This card also offers an additional 1 percent cash back on all other purchases made. There are no annual fees, and there is a 0 percent introductory APR for up to 12 months on balance transfers and purchases.
Some of the balance transfer credit cards offered online include the Citi Platinum Select. Some of these cards offer a 0% APR for up to one year on both purchases and balance transfers. However, the offers will expire; therefore taking advantage of the offers now can save you money. Many of the cards will extend an comparably low ongoing APR once the introductory trial has ended too. A few of the cards will offer advantages that the other card offers may not, like a free onlin, secured account management reports. So be on the lookout for these special features.
Features and Offers
If youre looking for security in balance transfer credit cards, consider the Blue card from American Express. With this card you get a 0 percent introductory APR up to 15 months and low rates thereafter. Still, the offers wont last long, thus taking advantage of the deals when spotted is in your best interest. There are no annual fees and it has a Smart Chip built-in, which provides security while shopping online, or viewing your online reports. Smart Chip is becoming one of the largest schemes for security, which is currently available throughout in the United Kingdom and will soon be available in the US. This card offers a free rewards program, but you must have excellent credit to get approved for the card.
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