5 Essential Questions to Ask When You Apply for a Credit Card

 

Apply for a credit card that is best for you and you could potentially save hundreds of dollars each year. There are so many different types of credit card offers out there that it can be confusing. Here are a few questions that can help you to cut through all the hype and decide how to apply for a credit card that is best for you.

1. How do I plan to pay my monthly credit card bill? Will you pay your bill in full each month? If so, then your best choice may be to apply for a credit card with no annual fee. Look for incentive features such as rewards and cash back that you will use.

On the other hand, will you carry a balance from month to month? In this case, the interest rate is the most important consideration. If you have a balance that you want to transfer, then look for a 0% introductory rate or a fixed low APR for the life of the balance transfer.

2. What is the Annual Percentage Rate (APR) for the different ways I may use the credit card? What can cause my interest rate to increase? It is always a great idea to get a 0% introductory rate for your balance transfers and purchases. However, it is also important to look at the long-term interest rate, especially if you carry balances.

Remember to check to see if there are different rates for purchases, cash advances and balance transfers. Is the card rate variable? That’s great news if interest rates are low, but if interest rates are going up, then a variable rate may not be the best deal. When you apply for a credit card, be sure to compare several cards to find the best APR deal for you.

3. How long is the grace period? The grace period means the number of days you have to pay the balance on your card in full before you have to pay interest. Most credit cards have a grace period, but the length will vary from card to card. In 2010, the new federal credit card bill will require that you have at least a 21 day grace period in which to make your payment.

4. What are the credit card fees? Is there an annual fee? You can find many credit cards with no annual fee. Do you expect to use your card for cash advances? Cash advance fees do vary, and are often higher than the interest rate for purchases. Look for a card with the lowest fees and the lowest minimum cash advance charges. It is also good to check the amount of other fees when you apply for a credit card, such as fees for late payments, returned checks, balance transfers or charges when you exceed your credit limit.

5. What rewards or benefits do I want? Do you prefer cash back or rewards points that are good for travel, merchandise and dining? Do you fly often? Then you should consider an air travel rewards card. You might want a card that includes lost luggage insurance. Do you rent cars often? A card offering a car rental collision waiver might be the right choice for you. Would an extended warranty on your purchases be a valuable benefit?

Some people find these benefits can be extremely valuable, saving hundreds and even thousands of dollars. When you apply for a credit card, it is worth taking a few extra minutes to consider whether or not you can make use of these special benefits.

 

 

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