- Investigate rates- Compare Annual Percentage Rates (APRs) to find the lowest for you. Remember most cards are advertised “as low as” and the rate you’ll qualify for is usually dependent on your credit score. Also be aware of introductory rates that shoot up astronomically after the first 6-12 months, and penalty rates that might be out of control.
- Compare the rewards- Look at the various reward programs and see which program best suits you. Or perhaps a low rate is better for you than a rewards program. Are you interested in saving money by earning free flights, clothes and electronics or saving money with a low interest rate?
- Research fees- Be conscious of the fees for credit cards such as annual and late payment fees. While ideally we all like to avoid late payments, sometimes stuff happens and payments slip by, or funds need to be used for an emergency and a late fee is inevitable.
- Read the fine print – You will need to read the account disclosure to see the complete terms and conditions. I know it’s a lot to read, but the fine print will tell you if the rate is introductory, default rates, late fees and more.
Choosing The Right Card For You
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