What Do The Best Credit Card Offers Have In Common?
How To Distinguish The Best Credit Card Offers From The Inferior Ones
There’s such an amazing number of credit card offers available on the market right now that it actually confuses the average consumer and he/she might end up making a bad decision simply by not knowing what to look out for. We will not recommend any specific cards here – rather we will give you a few guidelines to pick the best credit card offers from the bunch.
The most important thing in this regard is not to go overboard. Each time you submit a credit card application, it is recorded by the credit bureaus. If you should thus submit 3 applications every day, you will soon be picked up by the bureaus and be giving a high risk rating. Rather submit only one application, give them all the information they need, and wait for the approval.
A very important factor to consider when applying for a card is what is called the APR, or Annual Percentage Rate. This, in layman’s terms, is the interest that you would be paying on the amount you owe on a yearly basis.
The very least you should be considering is a 6 month period without interest. A note of warning: many credit card companies advertise an APR of 0%, but then add a clause like ‘for periods up to 12months’. This is not good enough. Depending on your credit rating, they might give you much less. Look for one with a fixed interest free period.
Another important factor to take into account is whether you will be earning cash back points on your purchases. Some card issuers give as much as 5% cash back points – which you can redeem for products or services later on. Some will give you cash back on gas purchases, others on groceries or when you fly.
Another important point to consider is the annual fee. You will be paying this regardless of whether you use the card or not. All other things being equal, shop for the one that offers the lowest yearly fee. Beware of phrases like ‘from Read more about this topic here annual fee’ – that means nothing. If you are not highly credit worthy, you might actually end up paying a high yearly fee. The best credit card offers will clearly state ‘no annual fees’ without the dreaded ‘from’ word!
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