Best Credit Card Deals: How To Choose Them

By: EconomyWatch Content Team   Date: 20 January 2010

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If you were considering getting a credit card, whether for personal or business use, you probably hear people say that you want one that is going to be the best for your needs.  However, specific to the best credit card deals, it helps to know exactly what that means.  If you were to choose the wrong card, you would likely be paying high interest, unnecessary fees, and receiving no benefits in return.  The bottom line is that the best credit card deals are those that give you something in return for using them.

A credit card should not simply be viewed as a piece of plastic that can be used in lieu of cash.  You need a card that gives you buying power but also provides benefits of carrying that card around.  You also need to know that the best credit card deals are going to be different for every person.  Your spending habits and charging needs will be unique to someone else so the goal is to choose a card that matches you.

Start looking for the best credit card deals based on the way you handle a card.  As an example, if you generally charge very little and always pay the balance in full for each billing cycle, then you could afford a card with a little higher interest rate.  On the other hand, if you spend hundreds of dollars each month and carry some of the balance over to the next billing cycle, then you definitely want a card with low interest.

Now, if you have other credit cards with balances but those cards have high interest rates and other fees, one of the best credit card deals would be a 0% introductory card.  With this, you could transfer the other balances over and since there is no interest rate on the new card, all of the money paid toward the balance would be for principle and not interest.  In this case, the amount owed can be paid off easier and quicker.

If you want to look for the best credit card deals specific to a 0% introductory offer, several things should be considered.  For one, find out how long the introductory period is for since some are just three months and others twelve months.  You also need to know what the interest rate would increase to after the introductory period is over.  Most reputable issuing companies would keep rates low while some companies will boost interest up to 25% or more!  Obviously, a low introductory period and eventual high interest rate is not going to be beneficial at all.

The best credit card deals would also have a decent grace period, which is a set number of days past the due day in which you would not be charged fees, interest, or have the late payment reported to the credit union.  Some grace periods are short while others could be anywhere from 10 to 15 days.  Even if you never need it, the best credit card deals would provide you with a little leeway.

Finally, if you think you will need a card that allows cash advances in addition to charging power, then you want to make sure you would not be charged for taking out an advance.  In this case, the best credit card deals would waive such fees so you could take out advances when needed without concern of being charged even more money.


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