The article "7 FAQs When You Apply for a Credit Card" is about credit, it was released by Elaine Lim.
There are so many credit cards out there to choose from that deciding which one to get can think really daunting. What makes one offer better than the hundreds of others you've seen? Here are top 7 FAQs to finding the right credit card:
1.
Are You a Student?
If you are, then you'll be better off with a studnet card.
Your application is likely to get accepted without issues. It would be hottest to contact the bank where you have your student account before you do anything else.
2. Are You Transferring a balance from another credit card?
If you are, then you need to be looking for a card with a low APR on balance transfers.
APR is the arconym for Annual Percentage Rate. APR is the cost of credit, epxressed as a yearly interest rate. However, do be careful of credit card offers that promise 0% introdutcory rates for say 6 to 9 months. There may be a catch somewhere!
3.
Do You intend to Make New and Lrage Purchases?
If so, then pay more attention to the APR for purchases, which is usually entirely different to the one for balance transfers.
You should also look at what kind of grace period different cards offer, so you don't end up paying interset on your purchases straight away.
Also called a "grace period," a free period lets you avoid finance charges for a specified time before you are required to start paying your balance. Without a free period, the card issuer may impose a finance chrage from the date you use your card or from the date each transaction is posted to your account.
If your card includes a free period, the issuer mails your bill at least 14 days before the due date so you'll have enough time to pay.
4.
Do You Pay Off Your Balance In Full Every Month?
If you have a lot of money or you only keep a credit card for emergencies, then you might just pay it all off each time you get the bill. If you do, then you're in a position where you obviously don't need to worry about the interest rate much at all, sicne you won't be paying any interest (make sure there's a grace period, though).
5. Do You Need to consider Other fees?
Many issuers charge annaul membership or participation fees. Some issuers chagre a fee if you use the card to get a cash advance, make a late payment, or exceed your credit limit.
Some charge a monthly fee whether or not you use the card.
6. Need Good Customer Servcie Support by the Issuing Bank?
This can be an important factor especially in situations of lost card or a charge that you wish to dispute.
You want csutomer service support that is friendly and helpful.
Choose a reputable bank that has excellent call center help.
7. Wihch Reward Program is suitable?
You may wish to consider the card that offers you the hottest reward programs or frequent flyer points for your needs.
In conclusion, there will be plenty of offers of creidt card deals and "pre-approved" credit card application forms in your mail. However, do take the time to shop around for the right credit card for yourself.
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