There are so many different credit cards to choose from and this is for good reason. The credit card industry is highly-profitable. Companies are always looking for new ways to make money: it's what keeps them going in the big world of oligopolistic competition. It's a dog eat dog world out there; and these companies are trying to survive by minimizing costs and maximizing profits.
When you are choosing your credit card, you can't make the mistake of just taking the first one that comes your way. You have to review and research certain credit cards to get the best deal. Just because you have been given 0% APR or 0% balance transfer or even a cash back credit card doesn't mean that you have to accept it; choosing the right credit card for you can mean a big difference in purchasing power and a big different in your monthly bills.
If you are going to pay off your credit card every month, then you should review a credit card without an annual fee. The finance charges may be higher, but because you will be paying off the balance every month, you won't be charged. Also make sure to check out the credit cards that offer grace periods; these are usually give you between 20-30 days before the credit interest begins.
If you will need cash advances, then you should consider applying for a credit card that will offer you a low APR and a lower transaction fee. Some companies, however, impose a transaction fee, so read the small print
Always remember that you can ask your family and friends for a review of the credit card they have. If they have had problems with them for whatever reason, then it may be prudent to look somewhere else for a credit card. But just remember that everyone's needs and preferences are different; and you don't want a credit card that supplies air miles if you don't travel very often.
Tomorrow, we'll talk about the best step I've found in Staying Debt Free.
For more great advice on controlling your credit card debt, please check out
http://www.creditcard-hot-tips.com |
