The number of credit card offers is enormous and it is very difficult for a consumer to find the appropriate credit card. But if you follow some principles you can choose the right offer. First of all you have to be aware which features of a credit card you value most and thus get your priorities right.
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Keep in mind
- Check your local bank's offer and ask for a special customer offer. Start comparing this offer with other available credit card terms and conditions.
- You can find different credit card offers on bank's or credit companies' websites. Ask about the approval time since most credit cards can be approved within seconds and you don't have to wait for long.
- Take a thorough look at the cardholder agreement where you will find a lot of information necessary to get the best deal. Look for hidden information and the strings attached.
- Compare the membership or annual fees the credit card company charges you.
- For new customers these drop mostly out for a limited period of time. But don't get tricked and compare the regular membership fees afterwards. The best way is to compile a spreadsheet with all the fees and charges.
Tricks to Reduce Your Credit Card Interest Rates With Your companies
Step by step:
- Examine the restrictions to credit. Sometimes there is a requirement to deposit a certain percentage of the credit line on an account.
- The most important step is it to compare the annual percentage rate (APR) which the credit card company charges you for outstanding balances.
- Usually there is a grace period which varies from offer to offer and allows you to pay back the outstanding balance without interest charges.
- Check if there is it the possibility for automatic payments to be deducted from your bank account.
- Thus you can avoid unnecessary interest charges. Keep in mind that the annual percentage rate is frequently very low at the beginning to lure new customers.
- You can find special calculators on the internet to compare and simulate different interest rates. Therefore compare the regular APR of various offers.
- Don't get tempted by the numerous rewards and benefits packages (like extended product warranties, free loss coverage, points for cash etc.) which are very hard to compare but mostly don't offer any value added to the customer.
- Finally take a look at charges for exceeding the credit limit, for cash advances and convenience cheque's and for transactions in foreign currencies.
- Make sure that no travel restrictions are part of the credit card terms.