Identifying the Best Credit Card Offers

When searching for the best credit card offers, it is important to consider a few specifications regarding the companies and their offers. Many will entice you with upfront bonuses, only to pound you with incredibly high fees and restrictions once you have received your card. For this reason, it is vital that you keep a few things in mind when choosing the right card for you.

Zero or Low Introductory APR

The Annual Percentage Rate (APR) indicates how much interest you will be required to pay on a credit card for one year. This percentage is divided by 12 to indicate the amount of interest charged on your balance each month. Some credit card companies offer low or zero interest rates for up to the one year when accepting an offer. Though this is an effective teaser to get you to accept the card, it is important that you consider how long the special deal lasts, and what the rate will be when the promotion expires.

Balance Transfers

The best credit card offers feature balance transfers for a low fee. This allows you to consolidate your credit debt onto one card, particularly the one with the lowest APR. Before accepting a card, be sure to find out what the fee is for a balance transfers. Also, determine if multiple transfers can be done by paying the fee one time. Some credit cards will offer this, while other will charge you the fee for each separate balance transfer.

Late Fees

Fees charged for late payments can be the most dangerous to a person’s credit limit and wallet. Credit card companies can charge $20 to $30 for failure to make a payment before the deadline each month. This can get very costly quick, especially if more than one payment is missed. This fee is added to the current balance of the card, which can send you over your limit, resulting in another fee. It is important to keep track of your payment due dates and the charges associated with missing them.

What may seem like the best credit card offers out there may not always truly be the most beneficial for you. A zero interest card looks appealing, but what happens after the initial reward period has been passed? As with anything that you have to pay for, it is important to become familiar with all aspects of a credit card, not just the teasing gimmicks that companies advertise.

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