Picking the Perfect Credit CardBy: Bernice Eker Using a credit card has practically become a way of life. All of those commercials that show the world coming to a stand still when you try to pay with cash are practically true. It seems like cash money is becoming obsolete. Most of us have a credit card or two, or a debit card at the very least. Where once upon a time we got mailboxes filled with coupons, now most of us are inundated with new credit card offers on a bi monthly basis. We get messages proclaiming instant approval, low interest rates, and tons of money - but you can rack up some serious debt if you fall into that trap without knowing all you need to know.For instance, how can you tell a bad credit card from a good one? That can be extremely hard, especially when you get an offer which basically promises you the world at extremely low APR. Many of us never take the time to find out what kind of annual rates we are going to have to pay, or what a single late payment will do to our interest rates. Heck, many of us do not even realize that the stellar minimum payment about which we are so ecstatic hardly even applies to the principle amount we have due. A lot of us also make the mistake of believing that the top 5 or top 10 credit cards are automatically good ones. Sometimes that is true - but sometimes it is not. You cannot automatically assume that just because you get an offer for a Visa or MasterCard, all your prayers are answered. It will not necessarily be the best choice for you. Still, these are time honored credit cards, so they may indeed be the best place to start. The real point is that just because you get a credit card offer does not mean you should automatically take it. There are way too many bad credit cards out there for you to simply accept all or even some of the offers you get. You have to remember that some of these offers are little more than scams designed to leech as much money out of you as possible. Nobody needs that. You do not want to be sucked into such a scam, because your wallet and your bank account will ultimately pay the price. So, let us just say that you begin by thinking about the top 10 credit cards out there. Let us also say that you have gotten offers for each one of them. At this point, you need to go through each offer methodically. Read all of the fine print before you do anything else. Pay close attention to things like cash back offers and things of that nature. These offers are great, but only if they will actually benefit you. If a credit card offers flier miles but you do not fly a lot, then what is the point? You also need to pay extremely close attention to all the fees attached to a particular credit card. You need to know the interest rates, the APR, the yearly fees, and so on. Calculate from the onset whether or not choosing a particular credit card will be a financially sound decision for you. Bernice Eker is an expert on credit cards and wants to help people by sharing her expertise. For more information on credit cards visit: http://creditcardreporter.net/ Article Source: http://www.articlespan.com/article/208121/picking-the-perfect-credit-card |
