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The Best Credit Cards Are Not Always Judged by Interest Rates

Nov 16, 2007
People are people. It's human nature to always shop for the best possible deals. And is no different shopping for a credit card. Whether you're starting out in the credit market or trying to re-establish your credit, it's always a good idea to shop around for the best credit cards. While many people consider the interest rate on the card to be very important, it is not the only criteria for determining the best card available.

While shopping for the best credit card, the other factors that coming to play would also include length of any grace period, the minimum payment requirements, annual fees as well as interest rates are all factors that come into play when trying to make a decision on which credit card to apply for. The brand of the card is also a very important part of the decision process because most people would prefer a nationally branded card as opposed to a store branded card that is limited to specific retailers.

Card companies may offer short-term perks or benefits to induce individuals to apply for their cards, such as deferred payments or no interest on purchases made within a certain time frame and paid off within a set period. However, the best credit cards will not need to use these perks to seduce in new users. And many times once the invitational period or offer ends, the customer will close the account unless the lender can prove it is offering one of the best credit cards on the market.

Decisions Based On Non-Interest Items

Some people enjoy paying off their credit card balance within days of receiving the bill so the interest rate maybe a trade off for other factors. Some cards offer what is called a grace period for balances. Some will allow up to 25 days after the receipt of the bill to pay the balance off, thus no interest would be charged. Surprisingly, there are other cards out there that actually charge interest from the date of purchase. Needless to say, this is not considered to be the best credit card available.

It wasn't that long ago when credit card companies charged everybody an annual fee just for the privilege of caring a card. That was considered an industry norm, but nowadays the card companies will waive the annual fees, especially to their best customers. The best credit cards would forgo the fees, especially for those customers who usually carried a balance on their account. Minimum payments may also very on cards, ranging from as little as 2 percent to a high equaling the current balance.

As usual, you should always read the fine print that accompanies every card, regardless of who claims to offer the best credit cards. There maybe stipulations included that can turn what, at first seems to be an offer for the best credit cards, into a real financial nightmare. A good example is the interest rate. It may start out low and then after a set time, or some other trigger factors, can shoot the rate into the sky.
About the Author
Kerry Ng is a successful Webmaster and publisher of The Great Credit Card Tips Blog. For more great helpful information about Credit Cards visit Great Credit Card Tips
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