Credit Card Comparison

Credit Cards Comparison part 2

- Interest rates apply when you need to start paying the banks back for the purchases you make. If you struggle to meet monthly credit card payments, then go for a card with low interest rates to avoid getting penalized. You can even just compare credit cards with low interest rates on financial comparison websites like Mozo.com.au

- Interest-free days are generally found in most, if not all, credit cards. This is how much time you get before the banks start charging you interest for your purchases. So for example, “44 interest-free days” means you have up to 44 days to pay off your monthly credit card spending before the bank starts charging interest. As most people get paid monthly, this gives people some breathing space to get their monthly finances in order. Make sure you compare credit cards to see what suits your financial situation.

- Annual fees vary from card to card. If you want a credit card with a higher credit limit and lots of rewards, annual fees will naturally be higher here. But if you prefer to avoid fees and simply want a card that helps pay the bills, then go for one with low annual fees. Again, it pays to compare credit cards according to their annual fees on websites like mozo.com.au

- Rewards program are typically great for those on a higher income, or people who are frequent users of credit cards. Interest rates and annual fees will be much higher, but you get perks like frequent flyer points, loyalty points to redeem for things like electronics and even free insurance. If this is a handy option for you, it’s a smart choice to compare credit cards to see what reward program they have.

- Credit limit is definitely something you need think about. Just because you’re on a higher income doesn’t mean you need to get a card with a high credit limit. If you know you can’t handle the responsibility, go for a lower credit limit. It could just mean you stay out of debt!

This article was brought to you by Mozo – Credit card comparison