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How to choose the Best Credit cards
by B Malkin
Category : Finance |
Credit cards have become a part of life for most people and almost impossible to avoid them, especially for business men. People use their credit card while purchasing various commodities ranging from petrol, medicines, and utilities to groceries, appliances and electronic goods. By using specific credit cards they would get an attractive discount on all their current or future purchases. There are many credit card providers and some offer a number of different credit cards, so choosing credit card may seem like a difficult process. If it is the first time you are seeking to enter into the world of plastic money, here are some of the basic things you should look out for.
Compare the interest chargeable for all the credit cards for which you are eligible. It's always advisable for first timers to go for the one charging lower rates. Read the fine print, there may be a charge for services such as balance transfers or cheque transactions, exceeding the credit limit, late-payment fees, annual fees, and whether there is a grace period before the finance charges kick in. Find that the bank is offering good value for money.
Make sure that you know the minimum payment that you will have to make each month and that you can afford to pay at least this amount. It's not a good idea to simply pay the minimum. Be sure to read the terms and conditions to reap all the benefits.
Check whether the card is widely accepted to enable you to pay for your needs. Decide what limit is appropriate for a person of your income. Also the fewer credit cards you have, the better placed you are to track your spending.
Compare the services and other features such as the cash back incentives, or warranties, rebates and the like. Cash back and reward point systems available on credit cards offer customer friendly ways of saving money. Some credit card companies offer instant cash back by offering rebate on the bill that the customer gets while others may issue a cheque or vouchers. Make a list of credit cards that offer excellent cash back facilities however, at the same time ensure that the card company doesn't offer a very high interest rate in case you are unable to pay back the money on time.
Always widely use your card and spend on items that you really need. It is always better to get paid for something you always tend to buy from the supermarket than from nothing at all.
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