How to choose theright credit card in five simple steps
With so many credit cardsavailable these days, it can be hard to know which one to choose.Everything from specialist to rewards cards can be found online – but whatshould you look out for?Here’s how to find the right bit of plastic in five simplesteps:Always do your research
In the past, applying for a new credit card used to meanlong talks with your bank manager and endless amount of paperwork. These days,you can organise your finances over the internet without too much hassle, butyou must carry out your research. Typing the correct keywords into a searchengine will take you to the most relevant web pages, do don’t be afraid to lookthrough the array of information that’s available. It might help you out!
Decide which card you wantAre you looking to get your finances in order throughout2012 and beyond? If so, you must find a credit card that suits your way of life.To do this, consider what you will use it for and work out if you could benefitfrom any of the offers and deals available. If you are a fan of the beautifulgame, for instance, a football credit card could be just what you need, but ifyou are looking to make a balance transfer, a low interest rate is essential.
Compare and contrastOnce you know what you want, take the time to compare credit cards beforemaking a decision. Differences in rates, fees and other terms can affect thecost of your credit, so always compare the annual percentage rate (APR) forpurchases, balance transfers and cash advances. Look to see whether the ratesare fixed or variable (subject to change) and contact the service provider ifyou have any questions or concerns.
Look for promotional ratesMany companies offer introductory promotions, such as 0 percent APR for a set period of time. While it’s good to keep a look out for thiskind of deal, don’t forget to find out what the standard charges are when thepromotional rates ends – as this could affect your decision. If the interestrate jumps significantly after the first three months, for instance, it mightbe worth going back to the drawing board.
Check your credit scoreAccording to a report by the BBC, no one has an automaticright to credit, so it’s wise to check your credit score before making afinal application. If it’s good or excellent, you might not have a problemgetting hold of a credit card, but if it’s far from perfect, there may be somecomplications. Although it’s possible to be rejected by one lender and acceptedby another, it’s still good to assess your financial situation in advance, sothere are no unpleasant surprises.
Applying for a credit card is a simple process these days,so surf the net and see what you can find – bearing the above tips in mind.
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