Choosing the best credit card
I remember the first couple of days of university and the fair, where rows of stalls would be setup with lines of company promoters giving away stacks of free goodies and offering new wide eyed fresh meat the best deals on the latest credit cards. To a boy or girl walking into this new independent life style, cash on tap can be very appealing and with low APR credit card deals, you couldn’t refuse!
0% interest rate, No starters fees, rewards programmes and free gifts on signup, the options are very tempting, though a little restraint is advisable if you want to build a good credit rating that stays with you for the rest of your life.
If you are currently deciding on whether to sign up for a credit card or not, don’t just jump in without thinking; instead take a little time to compare the products that are on offer to you. Having a credit card can make life very convenient for you, but it also comes with a good deal of responsibility. Buying new things, going out with friends, paying for your daily expenses, a credit card can give you a sense of independence and if you use it wisely, it reflects positively on your credit rating for when you may decide to take out a loan or a mortgage later on.
If you’re new to credit cards then there are a few factors that you should consider. Does the card offer a balance transfer option and do they charge a fee for this? What is the time limit on balance transfers? Is there an interest rate on general purchases? What is the average APR on the credit card? Is the APR fixed like this rate for life credit card from MBNA?
All of these features should be questioned and compared in order to find the best deal. Besides these main options most credit cards also try and entice new customers with discount vouchers for specific stores or bonus points that can be used against a range of things.
There are so many different credit cards out there and choosing the perfect one for you can be a headache, but once you have found the right one, treat it well, and it will do the same for you!
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