Choosing The Best Credit Card To Apply For

Always shop around to get the best deal when choosing which credit card to apply for. If you don't do your due diligence you could end up with a card that has too high of an interest rate, that has an unnecessarily high annual membership fee, etc. Here are some things to look for when checking out the different credit card offers you may receive in the mail.

1. Credit Card Terms:

When using a credit card you are in effect borrowing money from the credit card company. The terms and conditions of credit that you agree to when you apply for the credit card will affect your overall cost. Compare terms and fees before you apply.

2. Annual Percentage Rate:

The APR is the yearly rate that is charged for money borrowed on the card. It must be shown on the application and on billing statements. Some plans are "variable rate" programs. They can change with interest rates or other economic indicators. Some cards also have a short term low interest rate fee that rises 3, 6, or 12 months after you have had the card. Does the card you are looking at getting have this and if so what will you be being charged(APR) after the rate goes up.

3. Free Period:

Do you start getting charged interest from the moment you use the card or is there a "grace period," a free period that lets you avoid finance charges by paying your balance in full before the due date. A credit card can be a real nice way of getting "free" money. You do have to watch out though for the cards that don't offer the "grace period." If your card includes a 'grace period', the issuer must mail your bill at least 14 days before the due date so you'll have enough time to pay.

4. Annual Fees:

What annual membership or participation fees do you have to pay. Most cards have these fees.

5. Transaction Fees and Other Charges:

Many other fees can also be added onto the card and knowing these can make the difference in having a card you want and one you could quite easily live without. For example: some issuers charge a fee for a cash advance, if you make a late payment, or exceed your credit limit. Some charge a monthly fee whether or not you use the card.

6. Other considerations:

How high is the credit limit?
How widely is the card accepted?

All these tips can help you get the best deal when shopping for a credit card. Just remember to look at the fine print on anything that you sign. This is the easiest way to come out the winner and getting the card you truly want is what it's all about...Because Money Matters

James Mercer runs the Because Money Matters blog, http://www.becausemoneymatters.blogspot.com. It is updated each day Monday-Friday giving advice on financial matters that are important to everyone. From credit cards, home loans, stocks, commodities, to scams and scammers that are trying to rip you off. Come on in and check out the advice that could make your life much richer.

---

Do You Know Whats On Your Credit Report ?

It is important to know your credit rating for a number of reasons. Believe it or not there may be errors in your credit report, and it... Read More

Good Credit is King, When Qualifying for Mortgage Programs

If you want to purchase a new home or refinance your current mortgage, be sure to check out the wide array of loan programs available. If you... Read More

I?ve Heard About FACTA; What Does It mean?

What FACTA means is that if you, as an individual, lose the information on anyone you have ever hired; or, for any business in the United States... Read More

How Healthy Is Your Credit

There's only one way to discover the "health" of your credit. You need to examine your credit report. Your credit report is your "consumer identity" that potential... Read More

14 Common Credit Mistakes

Establishing credit and wisely managing your credit becomes easier when you know how. You'll feel empowered by taking knowledgeable steps towards good credit, and you'll be on... Read More

ChexSystems: Alternative Options for People Whove Been Checking Accounts

Individual banks elect to become members of ChexSystems, and to use their services.Those individual banks are the ones who decides what is sufficient cause to close your... Read More

A Debt Mentality

While working through my own debt situation, and helping others resolve their life issues regarding debt and credit, it never ceases to amaze me how similar the... Read More

Like It Or Not, You Have A Score To Settle! Part 1

Just when most people finish with school and can stop worrying about test scores, there's a new kind of scoring that enters the picture. It's called credit... Read More

10 Ways To Protect Your Financial Identity Being Used For Someone Else?s Shopping Spree

Someone impersonating you could be spending your hard-earned money.Impossible! Not really, check, loan, and identity fraud are a real problem. In 2002, the federal trade commission estimated... Read More

Credit Card Rates - Negotiating Rates with Your Credit Card Company

Ok, let's face it, everybody hates high credit card rates, and they drain hard earned money out of your wallet. As a valued consumer, it is apparent... Read More

What Is A FICO Score?

A credit score is most commonly known as a FICO score. FICO stands for Fair Isaacs Corporation. It's a company that developed the credit scoring software used... Read More

Credit Card Debt: How To Control It

A lot of people spend more money than they can afford to repay toward their credit card debts. To regain control over your finances and to manage... Read More

How to Improve Your Credit Rating

So you got into debt, had problems but you got yourself back on your feet through hard work and sacrifice and how are you rewarded? A Bad... Read More

Good Credit Is Not A Good Reason To Borrow More Money After Youve Achieved Financial Freedom

The most important thing for you to remember is that the only way you'll ever be able to achieve financial freedom is if you are able to... Read More

What is the Check 21 Act?

Check 21 is the common name for the Check Clearing for the 21st Century Act. It's new legislation that was recently passed by congress and made a... Read More

Commercial Collections: Business Finance Booster Shot

Commercial collections: fixture of the new B2B cultureIf you're in the business-to-business field, or even if you're a consumer products business that works through third-party distribution channels,... Read More

10 Step Credit Repair Guide

The process of clearing credit can be laborious and frustrating, but your efforts will be paid for in better financing. Your rights are protected by laws, but... Read More

Recognizing the Signs that You Might Need Credit Counseling

Most families in America today have a credit card; some have two or more. The type of credit card you own, gold, platinum, ext, is almost a... Read More

Bank Robbery Growing In U.S.

Bank robbery has grown to become a huge problem in the United States but I am not talking about people robbing banks. I am talking about banks... Read More

Credit Cards

Credit cards are a form of unsecured credit. The issuer is extending you a line of credit, usually tacking on all sorts of little surprises in the... Read More

Maximizing Credit Card Rewards

We spend money every single day on many different types of products and services and the banks' newest offer is that of saving when spending if you... Read More

Free Credit Reports Now Available From the FTC

The Federal Trade Commission (FTC) has set up a new website (www.AnnualCreditReport.com) where US residents can obtain free copies of their credit reports from the three major... Read More

Some Truth About Credit

Credit is currently and has been historically an integral component of our economy. Credit contribute a person's net worth, and financial power. No matter who you are... Read More

Beginners Guide to Credit

I remember back when I was 18 and completely oblivious to the concept of credit. It seems like eons ago! If only I had known then what... Read More

Bankruptcy vs. Credit Counseling: What Should I Do?

Credit Counseling and bankruptcy are both ways to relieve the stress of debt. However, they are very different and it is important to understand both before making... Read More

Using Credit Cards Wisely

"I think money was stolen from my card" or "I might have blocked my card in the ATM" - these are frequent problems that bank customer-support officers... Read More