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Article Directory :: Finance & Investment Articles
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Copyright © 2012
Liz Roberts 
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Shopping for credit cards can be a confusing task especially with all the choices that surround you. How can you find a credit card that offers the best deal? How would you know if it's the right one for you? What particular factors should affect your choice? In this article, we'll discuss the specific features that you should check on in order to find the best deal when it comes to these "plastic" card.
Basic Credit Card Features Interest Rate. Naturally, you'll want to look for a card with the lowest interest rate. Nevertheless, keep in mind that the rate of interest should not be the only basis of your credit card choice. For instance, if a certain card offers an incredibly low rate, how long does it last? If it's just an introductory offer, how much is the rate after that?
Which of your credit card charges does the low interest apply? Take note that for some credit cards, more than one APR applies. For example, the low APR may only apply to your balance transfers but not on purchases or cash advances. This means, you can only enjoy the low rate if you transferred over your balances from other cards. Otherwise, your new purchases and cash advances would be charged with the regular APR.
Annual Fees. Some credit cards, particularly those with rewards have annual fees or membership fees that you need to pay on a yearly basis to keep your card active. If this is the case, how much will it cost you? There are cards that charge as much $80 or more on annual fees. Before signing up for a credit card, think about it, is it worth your credit card if you'll need to pay $80 each year? If it's a reward credit card, will the rewards you earn be more than the cost of your annual fee? Or will the annual fee offset the incentives you get from your reward credit card?
Late penalty fees. Almost all credit cards charge a late penalty fee if you're not submitting your payments on time. Although your goal as card holder should be to submit your monthly payments on or before your due date, there may be instances when you won't make it on your deadline. If so, how much late penalty would be added to your actual balances?
Grace period. A credit card with a lengthy grace period gives more protection against additional fees such as the high interest and late penalty charges. There are credit cards that offer very short grace period while others do not even have a grace period. If you're going to get a credit card, this is a very important feature that you should check on.
Transaction fees and miscellaneous fees. It is always advised to read your credit card's Terms and Conditions so that you can be aware of all the costs associated with your card. For instance, you may be applying for a zero interest balance transfer card so you can pay off your balances with no interest. However, don't forget to see whether there is a balance transfer fee which means you get charged each time you transfer over your balance to your card.
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