Credit Card Comparison

Compare Credit Cards part 2

One of the biggest reasons it’s important to compare credit cards is that there are different types of credit cards. For instance, there are low interest rate cards, which are a good choice for people who anticipate carrying a balance. Then there are balance transfer cards for those looking to consolidate the balances they’re carrying on multiple high-interest credit cards. If you don’t do some research, you won’t know if you have the right card for your personal financial situation.

Once you know what kind of card you want, it’s time to start looking at the numbers. Carefully compare the APR (annual percentage rate) offered by each card. There are a couple of things to look out for with regard to interest rates. First, note whether the rate advertised is an “introductory rate.” Often the rate advertised on a credit card offer will only last a short period of time, such as six months. Second, pay attention to whether different rates apply to different types of charges. There may be, for example, one interest rate that applies to purchases and a second, higher interest rate that applies to cash advances.

A variety of other factors also affect whether you’re getting the best deal. When comparing credit card offers, be sure to consider annual fees, rewards, cash back offers and late fees as well.

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