If you are about to apply for your first credit card, it is imperative that you will look around for different credit card reviews. There are many issuers available including banks and other financial institutions which can make the decision of obtaining a credit card rather difficult. The most important thing about these reviews is that they should be unbiased as well as honest.
Credit card reviews
To start making comparisons about the best credit card is to visit a credible website that is offering these comparisons. On these websites you will find different offers from banks and financial institutions which are inclusive of MasterCard, Visa, American Express and Discover. Within these major processors other issuers and banks Citibank, Chase, Bank of America and many others.
When you are making credit card reviews, the main points to be kept under consideration are mentioned as follows:
APR (Annual Percentage Rate): Knowing the APR of your credit card is very important. Moreover, make sure that the rate provided is not an introductory rate as most issuers offer a low APR as their introductory offer so that they can attract new cardholders. Try to seek the APR which will be applied on your card after 12 months.
Fees and charges: getting to know about the fees or charges applicable on your credit card is another aspect to look for in credit card reviews. Within this head, there will be provided two APR’s which includes interest charges on purchases and the second APR on cash advances. Generally, the rate charged on cash advances is usually higher as compared to the charges on purchases. In addition to this, there are many other fees applied on credit cards. This includes balance transfer fees in case you opt for this feature, over the limit charges, penalties for making late payments of the credit card bills along with the fees for cash advances.
It is the APR and the various forms of fees which accumulate to become your cost of credit. This is basically the price you are paying for owning a card. If you find the rewards important to you, the getting familiarized with the terms of the card is also important and the same is mentioned within credit card reviews.
The popular reward programs of credit cards are rebates and cash back offers. The following points should be closely considered when applying for a cash rebate credit card:
-The percentage of rebate in terms of maximum and minimum amounts. -Expiration date -Accumulation limit
Furthermore, understanding the method of calculating card balance is also crucial. Through this way, you will be able to understand how the interest will accrue overtime. Also get to know about the grace days allowed as within these days you are required to pay off your bills or else interest charges will start accruing.
If all these information are present, then it is assured that you are reading quality credit card reviews. Ensure that you properly understand all the features of a credit card as in this way you will be in a position to get the best credit card deal available.