When choosing a new reward credit card, it is important to use credible reward credit card ratings in order to help you make the best choice possible for you. The absolute best resource you have is a completely unbiased rating organization known as J.D. Power and Associates. The company does an annual study of credit cardholders and rates credit cards on a variety of factors.
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J.D. Power and Associates evaluates credit card issuers on factors such as credit card terms, overall satisfaction, rewards, customer interaction, benefits, billing and payment and problem resolution. While all credit card issuers offer rewards programs with many of their products, not all rewards programs are equal or even very beneficial. For these reasons, it is important to carefully compare rewards programs, as well as the other factors when choosing a new reward credit card.
Alternative Reward Credit Card Ratings Options
There are varieties of different websites that offer ratings on reward credit cards. While many are subjective and wish to convince you to apply for a particular card, some are more unbiased.
Typically, if a website does not have the option to sign up for a credit card, you have a better chance of getting a good review.
Consumer Reports is one organization that does such reviews on rewards credit cards and much more. They survey actual users to get their opinion on the products on the market. The Better Business Bureau also provides information from consumers on the different credit card issuers.
While it is important to look carefully at the different rewards credit card ratings data that is out there, it is equally important to be sure that data is not outdated. Even data that is just a year or two old may be very different now. Credit card issuers have had significant changes in recent years concerning fees, rates, communication with cardholders and even acceptance for credit cards. Such changes are only accurately reflected in the most recent ratings.
The Importance of Ratings According to Actual Customers
While it is easy to get information about rewards programs from the credit card issuers and from other credit card websites that promote cards, it is often company propaganda. Of course anyone with an interest in the success of the reward card will promote it in the best light possible. This often includes omitting information that may discourage potential cardholders.
For this reason, it is very important to get ratings about reward credit cards that have been compiled through surveying actual customers. They are the ones who provide real life stories about using the cards and unbiased opinions based on their own experiences. They are not swayed by a financial gain from the success of the card and are more likely to be honest. This type of ratings is actually reflective of the most important form of promotion, word of mouth.
Compare More Than Reward Credit Card Ratings
While ratings provide a lot of information about the company you are considering going with, there are still facts and figures to be evaluated and compared before you make a decision on your next credit card.
The more time you take to seriously compare a variety of factors about several different cards, the more likely you are to find a reward credit card that is a good fit for you.
Look carefully at the terms and conditions of any credit card you are considering. You need to pay attention to the standard APR that is charged. In addition, any introductory offers that apply to new reward credit cards also need to be compared, as good offers can be very lucrative and can save you a significant amount of money. You should also look at the penalties being charged by the issuers, as these can cost you a lot, if you make mistakes in your credit management.
Of course, the reward program itself on any reward credit card you are considering must be evaluated. You must be sure that the program offers rewards that you will actually use. It should also be easy to accumulate and redeem points. The right credit card rewards program will be financially beneficial to you while the wrong one will not.
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