One man’s good credit card is another man’s bad one!It depends on many factors especially the card holder’s financial situation. Major deciding factors to help you find the right card.
Reward Program: A good card offers attractive reward system. Most people are fascinated by the lure of the rewards, and find it amusing enough to use it. The charge cards allow some reward points, redeemed for airlines miles, groceries and more. A good combination of benefits and rewards is fun looking for in a credit card.
Interest Rate: The most sought after feature of a card. The low interest rate saves a lot of money if skillfully handled. The 0% introductory rate is a great attraction making people go for those cards, failing to read the fine print puts them in greater trouble as the 0% rate goes considerably higher after a certain period. Beaware about freebies. Annual Fee: Interest rate and annual fees are one and same, where the annual fees are higher, the rate of interest lower and vice versa. Brands: Big names in credit cards Visa, MasterCard have a worldwide acceptance. The smaller ones offer better rewards and services, It all depends on your priorities.
The tough part is the payback time. One needs to pay on time. Preferably the entire balance must be paid every time. It is a good policy to set limits, no more than you can afford to pay off in full. A safe credit limit has to be maintained, best keep it below 50%. Loan installments must be cleared in time. A study of credit cards is important prior to taking any decision. The card companies offer great schemes to woo the prospective customers with countless rewards and benefits, familiarize with the card business terminology, pay heed to it carefully as one thing means another with the card companies, try and work the actual calculation.
If cash back is a favourite with one company, 0% rate on balance transfer is with the other, again the initial period will vary from three, six or twelve months. Some companies have annual fees, others have none. When deciding on cards consider it from all angles, remain focused on your needs and requirements, there is no need bend your requirements to fit those of the cards. Once you have enough study of the card business, it is time to narrow your focus on a few, do some comparison and go for that card. You can go online and apply, or respond to an invitation, inquire at the bank. Look for rewards and conveniences.
Ask yourself- what more would you want to have? What do I want my card do? How am I going to pay? Do I have provisions to make monthly payments? And most important one is – How badly do I need a credit card? With answers in hand you are ready for credit card!
Good with one, Better with none.
*See the online application for details about terms and conditions Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. When you click on the offer you desire you will have an opportunity to review the credit card terms and conditions on the credit card issuer's web site.