Credit Cards To Avoid

Not every credit card is a good one - just because it promises
a few good things. The truth is, that you really do not know
just how good a credit card might be until you read the fine
print that gives you all of the details. Merely comparing a few
of the more open and upfront (on the advertisement) features
might give you a starting place, but you should go a little
deeper than that in order to get a credit card that is worth
having.

Choose a type of credit card that you think will benefit you
the most. Make your choice from either air miles cards or
drivers cards if you travel a lot, or get a rebate card for
general shopping purposes. You can also choose specialty cards
from booksellers if you purchase a lot of books, or
entertainment credit cards if you frequent this type of place.
You will do well to take a little time to see what kind of
different credit cards are available. Make your choice related
to the things that you normally charge the most amount of money
each month.

A good place to start is by looking at the interest rate.
Interest rates can range from 9.99% up to a little over 18%.
The lowest rates of interest are for those who have good or
excellent credit. Anyone else can expect to get a card with a
little higher rate. Ideally, you want to get a card with as low
a rate of interest as you can. While you may not pay any
interest in the first year, remember that it will be charged
during the second year. It can also be started suddenly if you
make a single late payment on some credit cards.

Then you will want to look and find out if the credit card
allows you to make balance transfers - and when. This little
great feature can really save you some money if you can get it
with 0% APR interest and no fees attached. Be sure to find out
when you can make the transfers, though, since some cards
require you to list any transfers when you apply, and no more
can be made after that. See also just how long you can enjoy
not having to pay any interest on this amount. It could be
anywhere from three months to the life of the transferred
amount.

The introductory offer should be looked at next. This includes
the balance transfers but also tells you just how long you have
to make new purchases and pay 0% APR interest on those charges.
The length of time on your introductory offer and the time on
your balance transfers may be different.

Lastly, look at the amount of rewards and compare them. Some
credit cards will give you a large number of points or miles
when you make the first purchase. This is great and can really
be a big help since other cards may not offer this kind of
deal. Be sure to see, though, whether or not various fees or
limitations in some way eat up this great value attached as
conditions. Also, many, but not all, credit cards will give you
a percentage of your average purchases, such as what you charge
on gas, food, and medicines.

By paying off your credit card in full each month, you can
enjoy a greater level of savings by not having to add on any
late fees or interest. Watch out for credit cards that require
minimum balances.

About The Author: Joe Kenny writes for the UK personal finance
sites http://www.ukpersonalloanstore.co.uk and also
http://www.cardguide.co.uk

John V
John C. Vincent/CEO/The Opt.In Magic System
http://LawOfAttractionSite.blogspot.com
http://Opt-in-Magic.blogspot.com
http://AdSenseAdvantage.blogspot.com

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