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  Questions

How to choose a credit card?


When applying for a card with credit limit, it's important to think about your needs and requests and to explore all the options. Banks offer many credit cards with different features, but at this time is no one best card product for all the clients. Our article will help you to choose the right one.

When you are trying to find the card with credit limit that best suits all your needs, keep in mind these factors:

- Periodic rate - is the interest rate that is used to define finance charge of the balance every billing period.

- Grace period. It's the number of days client has to pay his/her bill before finance charges start. If there is no grace period, client has to pay interest from a date he/she used credit card or when purchases are posted to the account.

- Annual fee. Some CreditCards have no annual fee, but others want cardholders to pay an amount every month/year.

- Annual Percentage Rate. The APR measures the cost of credit. It's expressed as yearly interest rate. In the case when it is variable, client should ask when it can be changed and how exactly it is determined.

- Terms and conditions. It's important to read the agreement closely before applying the card to make sure you understand and agree with all the requirements (for example, repossession clauses and mandatory arbitration).

- Rewards programs. Cardholders can earn special points for hotel stays or flights, gift certificates from retailers, and get many other rewards. Choose the best one for you.

- Finance charges. Many banks calculate finance charges by using average daily account balance. Find the offer that use adjusted balance (it deducts monthly payment from beginning balance). Remember the method that uses previous balance in calculating what client owes has the highest finance charge. In addition, find out about the lowest finance charge.

- Security. Discover if the card allows cardholder to switch it on/off, get fraud letters and text messages after purchase.

- PIN and chip. Find out if the credit card issuer offers PIN and chip security features. You may need the card with an embedded strip if you travel internationally.

- Other fees. Many banks charge monthly fee; also, they can get money for insurance, credit protection, debt coverage, for making a late payment etc. Remember that Credit card regulation can protect cardholders from unfair practices, entitles to dispute charges on CreditCards, and allows them to file complaints with lenders.

- Credit card protections. Sometimes credit card issuers may offer clients travel insurance in different situations (trip is delayed, luggage gets lost etc.).

Information about a bankcard should include the interest rate, interest free period, and other charges. This summary box can help easily compare many different credit cards. Also you can use this comparison website for choosing the best product. Clients can apply for credit cards online, by phone, by post, at a bank office. After you filling in a bank form, the bankcard issuer will check your credit score that represents the information about how the client handle his finances.

These steps will help you to choose the best credit card

1. Choose the credit card style. The kind of your credit card should depend on how it will be used. It can be a balance transfer bank card, a low interest credit card, a cash back or rewards credit card, an airline bankcard, a secured credit card.
2. Check your credit score and analyze all cards proposed for this credit score range.
3. Compare two or three most appropriate cards by reading their reviews. Point out the important aspects for you.
4. Read the fine print carefully. Before applying for the credit card, you need to read through all the details of this bankcard offer. So you can be sure you exactly know what product you are applying for.
5. Use the credit card responsibly. After receiving and activating your credit card, you need to start using it responsibly (make your payments on time, keep the card utilization rate lower 30 percent). Thus, you'll build your credit.

Your application for credit card may be refused if the credit score is low, or you are a risky borrower. Remember that credit card issuers are not allowed to make their decisions on the basis of your sex, race, religion, disability, sexuality, place of living etc.

2015.09.08 Olivia D.
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