Credit Cards have become an important part of our financial lives. If you are filling up at the gas station or shopping at the local mall or eating at a fast food restaurant you more than likely are going to be using your credit card. It has made purchases extremely convenient and also a great way to keep track of what you are spending your money on as most credit cards have online access to view transactions in real time.
The important thing about applying for and using your credit cards is understanding what to look for to maximize the benefits you are getting out of your credit card. You may be interested in the low interest rate or annual percentage rate of the credit card or the benefits that come along with your card. Getting Rewards and Cash Back from utilizing your credit card for daily transactions has also become a popular way to benefit. If you have a large balance or multiple balances you might want to get a balance transfer credit card at a low fixed rate for the life of that card. All of these factors should go into the decision on what the best credit card is for you and your situation.
Looking at the grace period on a credit card is very important, as this is the time frame that you will not be charged interest. This can be used as leverage and if the grace period is 30 days you can charge and leave the balance for 30 days before your will start to accrue interest charges. As long as you understand your grace period you will be able to leverage your spending unlike a debit card that the money comes out of your account immediately.
You will also want to thoroughly understand your interest rate and if it applies to purchases or balance transfers. Some credit card offers will apply to both. Always review the introductory offers and get one with as long of a term as possible and understand what the regular interest rate will become once the introductory offer is over. A balance transfer offer can save you hundreds or even thousand of dollars over time. It is very beneficial to get a balance transfer credit card if you are paying a high interest rate. This will allow you to pay off the principle balance quicker to get your account balances to zero.
You will also want to check out if the card has annual fees. Most credit cards will have no annual fee associated with them. If it is a specific travel card or one for business you may have an annual fee to pay on that card and you just need to understand what you are getting for that fee. On the Amex Business Gold card for example, has a $125 annual fee along with premium benefits including road side assistance. Now if you add some of the benefits you get with the card this annual fee may not be a bad deal. The main point is that you know what you are paying for and that in most cases you can get a card with no annual fee.
The main thing to remember is to check out the key credit card options and benefits. You will also always want to make sure you pay your payments on time to maintain your good standing and credit card history. This can impact your credit score and change rates on your other credit cards if they determine you are no a significant risk. This is easily preventable by just making sure you always pay your payment a few days ahead of when it is due and if you carry a balance always try to pay more than the minimum credit card payment. Visit our website often to compare and review the best credit card deals and apply online directly from our site to get the best credit card offers available.
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