Credit Cards and How To Choose Them:
It may seem like a simple question but its important to take into account a few factors when choosing your credit card. If you are in the enviable position of being able to pay off your card every month then you are amongst the few. If like most you don't then we can offer you some guidance.
1.Interest rates: This is the most important factor to consider when managing your credit card debt. Every day we are offered 0% introductory rates for 6 to 9 months. These are usually for balance transfers and are a great way to transfer high interest loans or credit card balances to a 0% interest rate. Watch out for statements, which only refer to the monthly interest rates as well. Something like 'rates of 1.5% per month' on your statement may not sound like much but this is equivalent to 19.6% per year!
2. Annual fee: Most cards now do not charge an annual fee. Make sure you get a card that does not charge these fees.
3. Cash advances or withdrawals: This usually represents very poor value for money. Credit Card companies will charge in the region of 2% per month. If you can avoid it do not use this facility.
4. Reward points or Loyalty Schemes: These kinds of cards are gaining in popularity. Air miles and cash back rewards are being used to entice customers. Many people base their credit card choices on these kinds of benefits. If you read the fine print you will find that you have to spend are large amount to qualify for the points. Saying this if you are a frequent traveller paying for your air ticket with your credit card will help you build up substantial air miles.
5. Insurance: All credit cards should come with insurance, which covers you for fraud or theft that results in your card being used before you can cancel it. With the rise in the number of people buying on the Internet nowadays this is a vital requirement. The consumer credit card act outlines what the credit card company should be liable for. Some credit cards also offer free travel insurance, again a handy benefit if you are a frequent traveller.
6. Gold and Platinum cards: These may look good in your wallet or purse but they usually not the most competitive cards on the market. Firstly you have to earn a certain salary to qualify, although surprisingly these salary levels are set pretty low. There is also an annual fee for the use of the card, which in today's market is a cost you shouldn't have to pay. Don't be blinded by the image there are many cards out there that offer far more.
Grant Marwick is a freelance writer and owner of http://www.only-credit-cards.co.uk where you will find advice and more articles on Low interest Credit Cards and advice on 0% Credit Cards
MORE RESOURCES:
 Boston Globe | Former Credit Suisse broker arrested in US Swissinfo, Switzerland - A former Credit Suisse broker has been arrested for fraud and conspiracy over deceptive sales of subprime-related auction-rate debt in the United States. ... Former Credit Suisse broker charged with subprime-linked fraud in ... UPDATE 1-FBI arrests ex-Credit Suisse broker Bulgarian Wall Street broker indicted |
S&P cuts O'Charley's credit ratings CNNMoney.com - S&P on Thursday cut the company's corporate credit rating to "B+" from "BB-" and its senior secured credit facility rating to "BB" from "BB+. ... Cut north-west or bust Upstate NY water authority rated AA |
 CEP News | S&P upgrades Raytheon credit ratings 1 notch CNNMoney.com - S&P upgraded the company's long-term corporate credit rating to "A-" from "BBB+." The outlook is "Stable." The Waltham, Mass. ... S&P puts Fifth Third on credit watch Credit rating soars in District 300 Starbucks downgraded to 'BBB' on weakening credit metrics - S&P |
When the Bank Closes Your Credit Account Washington Post, United States - By Joan Goldwasser Q I received a notice from Capital One that it is closing my credit card account because of inactivity. If the company closes the account ... Capital One Spurned Mortgages For Credit Cards - CFO |
The Upcoming Technology of RFID For Contactless Access Control ... MarketWatch - This technology is now being rolled out in the UK and around the World for so called 'BioMetric passports' and credit cards because there are no physical ... |
Credit Crunch: The Sequel U.S. News & World Report, DC - And that certainly seemed to be the case in March when investment bank Bear Stearns became the highest-profile victim of the credit crisis. ... UPDATE 1-US banks' direct borrowing hits record in week UPDATE:Comml Bks Set Record For Avg Discount Window Borrowing The Market: What the Pros Are Saying |
Merrill Lynch Hires Dick Barrett and Mark Ellman to Strengthen ... MarketWatch - He subsequently led the financial institutions groups at UBS, DLJ and Credit Suisse. Mark began his career in accounting and law before becoming an ... Investment Banking Vets Join Merrill Merrill Boosts Institutional Coverage Merrill Lynch hires senior investment bank duo |
 CBC.ca | Canada bank CEOs see more credit crisis uncertainty Reuters - By Lynne Olver CALGARY, Alberta, Sept 5 (Reuters) - Fallout from the US subprime mortgage crisis and subsequent credit crunch has left nagging regulatory ... Markets still rocky but underlying environment 'benign': Deutsche ... |
Legg Mason's stock hit by Credit Suisse downgrade Reuters - Credit Suisse analyst Craig Siegenthaler downgraded Legg Mason, the No. 2 publicly traded US asset management company, to "underperform" from "neutral," ... After Credit Suisse downgrade, Legg shares fall Legg Mason leads financials lower Legg Mason shares slide after ratings downgrade |
 Minyanville.com | As the Credit Strains Linger, Pimco’s Gross Calls for Intervention New York Times Blogs, NY - Banks and businesses are still having trouble raising money, according to data on Thursday that reinforced the prospect that the year-long US credit crisis ... Freaky Friday Potpourri: Help Wanted in Washington! Pimco's Bill Gross hits the panic button 'Financial Tsunami' To Engulf Markets, Says Pimco's Gross |
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