Information Center – News and Articles about Credit Cards
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Choosing the correct credit card application
Deciding Which Credit Card is Right for You
Many credit card applications offer perks such as rewards, points and mileage credits. Each card is different, even when they offer similar programs, and that is why you should closely evaluate credit card offers to decide which card is best for you.
The best credit card rewards program for you depends on many factors. Your spending habits, personal finances, individual needs, and lifestyle should all be considered. There are an endless variety of programs available, so you should carefully compare these credit card reward offers before deciding on the program for you. Just as you would comparison shop for a car or other major purchase, you should do so when comparing credit card offers.
Credit card companies use offers such as zero percent balance transfers, instant online approval, and cash-back programs to convince you to become a new customer. The rewards and rebate programs vary greatly. You need to be able to notice the differences among the many credit card offers on incentive-based credit cards to find the best credit cardfor you.
Pick Me, Credit Card User!
Many credit card companies try to make their programs so attractive and easy to sign up for that you get carried away and act before thinking. The actual intent of these credit card companies is to use an exciting credit card application with a generous reward or incentive to convince new customers to sign up immediately. Along with the rewards and incentives, these reward credit cards may also charge an annual fee or have an APR that is higher than other credit cards.
These cards may offer perks such as 5 percent cash back for purchases made at certain stores, and up to 2 percent everywhere else with no annual fee and a zero percent introductory interest rate on balance transfers for the first nine months. This is an offer that sounds too good to be true, so naturally there is a catch. The regular, ongoing APR may start as high as 13.99 percent.
There are other rewards programs that may seem less appealing at first glance, but may actually be a better deal. These cards don’t offer flashy incentives to earn customers. Instead, they may be more established cards with credit card offers that are beneficial enough without all the special offers. These may be the best credit cards even without the larger cash back or points earned incentives.
Compare the Cards
In order to choose the best rewards credit card program, it is helpful to do a side-by-side comparison of the different offers that are currently available. One way to do this is to create a comparative chart in a spreadsheet program such as Microsoft Excel. You could also simply use one of the many comparison charts that are already available online at sites such as at Credit-Land.com.
If you use comparative tools on the Internet, you can research cards using certain categories. This allows you to choose the benefit that works best for you. This might be cash back, airline miles, general travel points, or overall value. You may also be able to get more specific details about the credit card program. The best part of this process is that you can make a direct comparison among cards in the category that you are most interested in.
Keep in mind that the cards vary greatly not only in the incentives, but in the overall card features. You should compare directly the features that are most important to you. List not only specific rewards, but any restrictions and special provisions for each card. Also compare other important factors such introductory and annual percentage rates, any fees and credit limits.
Look for cards that allow twice as many points as you have actually earned for certain spending, as well as those that have no blackout or restricted periods for using points. Find our if you will be able to buy or take the points with you if you leave or close your account or if you will simply lose them. Check to see if your points expire after a set period of time.
No matter how you choose to compare the differences between the programs and credit cards offers, you will be able to see more clearly which rewards programs are more appropriate to your personal needs. A rewards program is only beneficial if you will actually be able to take advantage of what they offer.
But Buyer Beware When Applying for Credit Card
Watch out for the restrictive factors of some of these reward credit cards that can lessen the actual card benefits. For example, some cash-back cards don’t always apply the highest rebate amount offered on all purchases made with the credit card. For example, 1 percent may only be applied to purchases made after a total of $3,000 has been purchased on the card in one year, which means that the actual cash rebate earned may be less than the advertised 1 percent, depending on the amount actually spent. The actual cash-back percentage could be 0.25 percent or lower.
Be cautious of rewards credit cards that only offer their points as a credit, and not a cash rebate. When it comes to airline or frequent flier credit cards, they may require you to earn at least 25,000 points before you actually get a free ticket, and these points can expire before you have a chance to use them.
Remember that any reward credit card may end up being expensive if you end up earning your reward while carrying a balance at a high interest rate on your credit card. Make sure that the benefits you will actually receive from your rewards program are more than what you will spend in order to earn them!
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