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Read The Small Print Before Applying For A Credit Card

Jan 23, 2008
There are a number of major points to think about when looking for a new credit card, which this article will guide you through, each of which will help determine the type of card you choose, as well as helping you look at your card in the long term. So let's get down to business.

One of the best methods to use when conducting your initial research into each of the major credit card such as Virgin, Barclaycard or Egg is look around on the internet at independent financial sites like motleyfool.co.uk. Offering just the facts behind each of the introductory offers and helpful reviews on each card, these sites are useful whether you are choosing either your first or simply a new credit card.

Whether you are looking at reward cards, credit card or pre pay cards, once you have the facts about the card type that most appeals to you, you will need to consider your usual spending habits and how you will be repaying your credit. Assess honestly whether this card type rewards you for your most regular purchases and whether you can repay monthly the amount at higher than the minimum fee. No matter what the reward scheme attached to your chosen card the ability to repay either the full amount every month or over the minimum rate is ultimately the only way to get the very best out of any credit card no matter how much your spending limit (unless you are using your card within a 0% period).

If you are applying for the first time it is worth knowing how to get the best out of your card once you receive it. It is best to make regular, smaller purchases and pay back more than the minimum payment each month. Whether you are able to get a card, and which cards you will be able to apply for in the future, will depend on your credit rating. Credit ratings are determined by companies such as Experian who will examine how you manage your repayments and assign you a rating. Lenders will then use this rating to determine what credit to offer you. People who only meet their minimum repayments will never be offered benefits.

Be aware that if you are planning to switch from one card to another in order to take advantage of the 0% period as it can have a negative affect on your credit rating - wait a while after the 6 months period is up and take advantage of what each card offers before you move again. Look into the rate of APR when the card's 0% period runs out and ask yourself if you will benefit from having this card once the 0% period runs out or will you qualify for greater charges and more of an inflated APR than if you were to simply apply for a standard card with less of an enticing introductory offer in the first place? In order to decide whether to take advantage of a 0% offer consider whether you are thinking of transferring your balance to another card or after the first 6 months 0% or are you just intending to take a break from your interest to pay off the balance for 6 months?

Nowadays there are so many credit cards being offered, not only do all of the high street banks now offer cards but so do most of the major supermarkets as well as charities and organisations such as The National Trust. So which one should you choose? Before diving in you will need to find out some information about the different cards available. The simplest way of finding out about all the cards available is to look on an online comparison site, such as moneysupermarket.com. These sites have been designed to tell you details about each of the cards such as the Rate of APR, benefits and point building schemes.
About the Author
Sam Evans has written a number of financial reports. These include Credit information relevant financial reports and evaluating online data.
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