How to recognise the Best Credit Card Deal from the midst of a multitude of Credit Card Deals ?
The Best Credit Card Deal is the one which is not only affordable but also comes with a lot of benefits at no extra cost to the customer. The fierce competition in the financial market to lure more customers has led to an increase in the incentives and rewards offered with the subscription of credit cards, and it has simultaneously reduced the fees and charges imposed over the usage of credit cards considerably.
The Deal offered by credit card companies should be at first studied thoroughly by every customer, prior to making the final decision of subscribing to any specific credit card. Then the credit card deal should be compared with that of similar credit card (cards belonging to the same credit segment) issued by other companies. Prospective consumers are in a position to realize the Best Credit Card Deal only after comparing quite a number of credit cards.
Different Structures of fees and charges :
Most credit card issuers do not impose an Annual Fee on the credit cards circulated by them. However, these companies make up by burdening the consumers with higher interest rates over the credit balances drawn up.
Some issuers were in the habit of imposing Cash Advance Fee at very high rates that get accumulated over time, however demanding competition has resulted in a reduction in the rates in the recent times.
The very low Introductory Purchase APR (or Annual Percentage Rate) that is levied when a consumer initially subscribes to the services of a credit card may be deceiving as after the completion of the introductory period the APR imposed upon purchases made through the credit card, may rise way above the Standard Purchase APR levied by most issuers. Therefore, be assured of the Best Credit Card Deal by way of the real APR before deciding.
The Balance Transfer APR should also be checked prior to making the decision, in order to get the Best Credit Card Deal.
The advantages of Online Access :
In addition to added advantages such as rewards and cash back offers, the consumers should also focus on the facilities offered on the subscription of credit cards, including :
Online Access to the credit card account
Electronic billing facilities
Reasonable grace period for the repayments into the credit card account.