How To Shop Around For A Credit Card Deal

Like any other product you should compare alternatives when looking at which credit card you should apply for. After all it makes no sense to spend more than you should on something. The same is true for financial products and there are a number of things to consider when shopping for a credit card deal. Here are five things you should look when evaluating different credit card deals.

1. Compare The Interest Rate
Credit card companies charge interest on any balances you carry. Obviously the easiest way to compare different cards is to look at the interest rates charged by different cards and seek out the one which charges the least. Lower interest rate cards are very helpful if you carry credit card debt.

2. The Introductory Rate Offer
Whilst credit card interest rates are the most important consideration, many cards have introductory offers, charging low or even zero per cent interest for the first few months after you have opened your new account. Typically these periods last anywhere from 6 to 12 months and then revert back to the usual interest rate once the introductory period is up.

3. Check The Annual Fee
Some credit cards are free to hold, others charge an annual fee. If a card charges a fee, you are obligated to pay it regardless of whether you actually use the card or not. If you want to save money, one way to do this is to select a credit card that has no annual fee attached to it. If you find that none are suitable for you, then compare annual fees of all the cards, and select one which is the lowest.

4. The Rewards/Loyalty Program
Many credit cards come with loyalty schemes and rewards programs. These are designed to encourage you to spend using your card by award rewards points based on the amount you spend, which you can use to redeem for everything from cash and gadgets to flights. Rewards programs vary and this is a very useful way of evaluating different credit card deals. If you travel a lot, you may want to choose a card that lets you earn air miles for example.

5.Check Whether There Are Any Special Benefits
Some credit cards provide their owners with special benefits. Usually such cards also have higher annual fees, but the benefits may well be worthwhile. Some cards have benefits such as VIP services at airports, access to lounges and concierge services. If you are a frequent traveller then obviously the higher fee can be justified.