Compare credit cards


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Compare credit cards

  1. 1. ==== ====To Compare Credit Card Offers and Find the Card Thats Right For You, please ====For many people searching for a new credit card online, the annual interest rate, or APR seems tobe the only important factor, and many will only check out low interest rate credit cards beforemaking an online credit card application. Credit card issuers also tend to advertise the low interestrate credit card more that any other kind of card. But should low interest credit cards be the onlyones on your list when searching for the best credit card deal to suit your personal requirements?Probably not. APR is not the only thing to look for when choosing your ideal credit card.It may help if we start by understanding exactly what an APR (annual percentage rate) is andwhere its relevance lies. APR is quite simply the interest rate used by the issuer to calculateinterest on the balance of your credit card account. This interest is then added to your monthlystatement to form your new balance. Therefore a low interest credit card account would have lessinterest charges applied to it at the end of each monthly period, hence its popularity.However, there are those who donýt really require low interest rate credit cards. This groupare those who, for the most part will use their credit card in much the same way as a charge card,paying the full balance on the account on the due date each month. Remember that there are nointerest charges added to your credit card account if you make the full balance on your statementby the due date. So it would make no difference what interest rate was applied if you were to use itin this manner. Therefore a low interest rate credit card would not be such an good deal to thisgroup of card holders. These individuals are much more likely to be attracted by other card offerssuch as cash rewards or air miles rewards credit cards.A low interest rate credit card will definitely help to slow down the rate at which your credit carddebt builds up. Thus low interest credit cards are more appealing to a particular group of people,who are confident only in making part payments on their card account balance each month.Another group of credit card applicants in search of low interest rate credit cards would be thosepeople who are wanting to consolidate their total debt from one or more other cards onto a newcredit card. In this instance a low interest rate credit card may be much more desirable, as theywould typically be looking to reduce their monthly commitment, and it would make little sense totransfer the debt to a credit card with a higher interest rate attached to it.So the need for low interest rate credit cards is felt more by a particular group of credit cardholders. However, it is worth remembering that a low interest rate credit card is generally offeredonly to applicants who have maintained a good credit rating. Obviously the card issuers will makeless profit from card holders with a low interest credit card, which means that the risks involved willbe increased. This is the main reason why credit card issuers will usually only offer a low interestcredit card to card holders with a proven track record in credit repayment.
  2. 2. Once you have made the decision that a low interest rate credit card would be more likely to suityour personal requirements, you will then need to take time to compare the other benefits offeredalong with these cards. Low interest rate credit cards are mainly split into two categories. Thereare the low interest credit cards which will often offer APRs of less than 8% on purchases. And, forcash advances the low interest credit card will often offer APRs of 10% or less. Then there arecertain rewards programs attached to some cards which offer cash back rewards on all purchases,gas or even office supplies. Cash rebates are usually automatically credited to the cardholdersstatement each month, and there is no limit to the amount of cash rebate that can be earned.There is one thing you must always do regardless of which low interest credit card you choose toapply for. Read and make sure you understand the small print with regard to the contract you willbe asked to sign once your application has been accepted. Be aware not only of the interest rate(APR) attached to the low interest credit cards you may be considering, but for how long will thislower interest rate continue. Is it likely to rise to a higher rate after a given period of time? Avariable rate card is often offered with a low introductory rate, but this rate can increase at anypoint in time. You must keep in mind that the APR is actually where the credit card company earnstheir profit. If they were to continue offering card holders an extremely low APR indefinately, thechances are they would not stay in business for too long.Remember, it is definitely worthwhile your effort in researching the various credit card optionsavailable, taking advantage of website comparison charts etc. Should you choose a low interestcredit card, do the math and choose well. After all, its not every day you go searching for a creditcard.Trevor TaylorTrevor Taylor writes of his online experiences in the Credit Card and Real Estate arenas. ApplyOnline For A Credit Card - Instant Online Credit Card Application Real Estate Foreclosure ListingReviews Florida Real Estate Investment Properties []Article Source: ====To Compare Credit Card Offers and Find the Card Thats Right For You, please visit:
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