Comparing Credit Cards
A How-To Guide to Comparing Credit Cards
It’s evident that not all credit cards are created equal, but how do you decide which credit card is the best credit card for you? What is the best way to compare credit card offers when shopping for the best credit card? We’ve got the answers you’ve been looking for.
APR
The first thing you want to look at when comparing credit cards is the APR. Is the APR an introductory APR or is it a fixed rate APR? If it’s an introductory APR and you’re comparing it to a fixed rate APR, you’re not comparing apples to apples. Make sure that you only compare the same types of APRs.
If you pay off your balance in full each month, the APR may not be as important to you as some of the other factors since you really won’t be paying any interest. However, if you tend to carry a balance on your credit card, the APR should be first and foremost in your mind when comparing credit cards.
Annual Fees
When comparing credit cards, take a look at the annual fees. Some credit cards don’t charge any annual fees while others may charge an annual fee in excess of $70 a year. That’s a lot of money to be throwing away if you could get a card with a much lower annual fee.
Rewards Programs
Many credit cards offer rewards programs. Just make sure if you’re looking at a rewards credit card, you’re only comparing it to other rewards credit cards as the annual fee and APR of a rewards card is going to be higher than that of a card that doesn’t offer rewards.
Member Benefits
Many credit cards offer member benefits. For example, if you travel a lot, you might want a credit card that offers its members travel insurance and baggage protection. Compare the member benefits of one card to another and see which one is best for you.
Requirements
See what type of credit is needed for approval for the credit cards you are comparing. If your credit is less than perfect, don’t waste your time applying for the card that requires a perfect credit history. Apply for the one that you’re most likely to get.
Fraud Protection
When comparing credit cards, see what type of fraud protection is offered. If one company offers complete protection and the other one doesn’t, opt for the credit card issuer that offers the complete fraud protection.For a list of credit cards to compare and apply for, visit this credit card directory website.