By
eHow Personal Finance Editor
Difficulty: Moderately Easy
Step1
Know that several kinds of credit cards are available. There are travel and entertainment cards such as Diners Club card, bank credit cards such as Citibank and Standard Chartered and retail stores card such as Macy’s and Mobil. Compare their features before choosing one.
Step2
Think about how you will use your credit card. If you are sometimes tight on bank balance and may not be able to pay your credit card bills in full every month but instead paying only minimum amount, you will want to choose a card with a low interest rate. If you expect to use your card to get cash advances, choose a card with a lower interest rate as well as lower fees on cash advances.
Step3
Verify the APR (Annual Percentage Rate) and the periodic rate for purchases, cash advance and balance transfers. See whether or not the APR is worth choosing by comparing it with the monthly rate schemes.
Step4
Ask if there are interest free or grace periods and whether they're grouped with the cash advance plans.
Step5
Figure out whether a monthly payment or periodic payment plan suits you. If your purchases tend to be heavy, the periodic plan might be better.
Step6
Find out whether the rate or interest (APR) is fixed or variable. If it is variable, make sure to check out the range of variation and go for the fixed if your purchases tend to be moderate.
Step7
See whether the card you want to opt for is nationally and regionally acceptable or will facilitate purchases only in some specific store or state.
Step8
Confirm whether they have attractive packages with certain levels of credit such as travel and accident insurances, guarantees or warranties, cash discounts or scratch cards combined with credit card purchases.
Comments
howboy said
on 2/1/2007 In terms of acceptence, visa and mastercards are accepted everywhere, perhaps a user should forcus more on the perks that come with the credit card. that is, if they have no trouble being accepted.
Rockstar said
on 4/18/2007 Nice Article...
guydertech said
on 1/16/2008 I found lots of useful and helpful information at credXperts.com (http://credxperts.com).
Hope this helps!
DarnllTMIA said
on 12/4/2007 I'm working on boosting my credit score as well as get at least 1 major credit card since i have not had one in about 10 years.
DarnllTMIA said
on 12/4/2007 I'm working on boosting my credit score as well as get at least 1 major credit card since i have not had one in about 10 years.