If you are searching for a credit card, you may be looking for comparisons of credit card companies and credit card comparison tips. There is a plethora of choices when it comes to credit cards. There are basic cards, reward credit cards, business credit cards, airline credit cards, and cash back cards. There are credit cards with annual fees, low and high interest rates, and different fees.
It is easy to compare credit card rates right now by using the FREE credit card chaser on this page!
With all of the different choices for credit cards, it is easy to get confused. Once you have an idea of what you are looking for in a credit card, you can more easily compare multiple ones to find the perfect one for your needs.
Credit Card Considerations
Before you start comparing credit cards, you should figure out what you want from using one. If you are just starting out, financially, and you just want a card for convenience and to help build up your credit, you may just want a basic, simple credit card.
If you own a business, you definitely want to get a business credit card. If you have employees and want them each to have a card, there are certain credit cards that are better than others are.
If you use a credit card for almost all of your purchases and you spend a lot of money, you may benefit from a rewards credit card. If you travel often, look into a travel rewards card. If you prefer cash, check out the cards that offer cash back.
Credit Card Terms
One of the biggest things you need to keep in mind when looking for a credit card is what the terms mean and what they are for each card.
The credit card interest rate, or APR, is a big term to look at. This is the amount of interest you pay on your principle balance if you carry a balance from month-to-month. The higher the APR, the more you will pay. Also, look to see if you are getting a fixed or variable credit card APR.
The credit card grace period is the amount of time before the company begins charging you the interest. Find a card that gives you a period of at least 25 days.
Take a close look at the number, types, and amount of fees that the credit card charges. Companies may charge you fees for late payments, annual fees, going over the credit limit, returned payments, and more.
For more information about credit card terms, look at this SmartMoney article.
How to Compare Credit Cards
There are a number of ways to compare credit cards, depending on what you want. Many online comparison sites will list the different benefits but will hide the terms. You should always make sure you compare the terms and read the fine print, as this can make a huge difference in your monthly bills.
One good way to make comparisons is to see what other consumers have to say about their experiences with certain cards. These people will be more honest than companies who are trying to sell you their credit card.
A good place to check out how consumers rate credit cards is through J.D. Power and Associates. This is a company that tallies customer feedback for a number of things, including credit cards.
On its website, J.D. Powers shows ratings for popular credit cards, with ratings that start with one star and improve to five. Customers rate the cards regarding overall satisfaction, credit card terms, rewards, benefits, billing and payment, customer interaction, and problem resolution. They then give an award to the company that rates the highest. Once you have a few cards that you would like to compare, you can visit the individual websites and compare the credit cards, if they are listed.
Credit Card Eligibility
Keep in mind that once you choose a credit card, you may not be automatically approved by the credit card company. To protect themselves, credit card companies analyze a number of things about credit card applicants to make sure they will be able to pay the credit card bills.
Things card companies look at include income, payment history, and credit history. If you have a poor credit score, you will not be approved for many credit cards. You may have to choose a card that does not have as many bells and whistles as other credit cards.
You can also compare online credit cards with the FREE credit card finder above!