Do you know anyone who doesn’t have a mailbox overflowing with credit card offers? Open any of them up and you’ll find in large print just what makes this card perfect for you. At first glance, this all looks good on paper, but it’s the small print that you don’t pay attention to that will come back and bite you in the end. All credit cards offer a variety of features. Knowing and understanding these features will help you to decide which card is right for you.

Fees

Most credit cards charge fees for various things, and it is important to know what these fees are and how to avoid them.

The annual fee

Some credit card companies charge you an annual fee just for using their card. Because of stiff competition, you can often negotiate this fee away if you call and speak to a customer service representative.

Cash Advance Fee

Most credit card companies will charge you a fee for cash advances. These fees can vary but are usually somewhat hefty. Not only will they charge you a one-time fee, but the interest rate for this money will be at a considerably higher rate. Plus, unlike a regular purchase, where interest begins accruing after some grace period passes, cash advances accrue interest charges from day one.

Many card companies are competing for your business and are now offering an introductory cash advance and balance transfer rates for a specific amount of time. This lower rate can be applied to any balances you may Read the rest of this entry »

There are a variety of credit card types, each claiming to offer you the best possible deal. Finding the programs and incentives that works best for you is key to maintaining a good credit card history.

Each type of credit card offer different benefits. Some are geared toward the individual consumer, while others are set up to work for small businesses. To find the type of card that best fits your needs, let’s review some of the options.

Business Cards

A business credit card offers the business owner an opportunity to keep business and personal expenses separate. The card may offer special business rewards and saving opportunities that go above and beyond what the individual card owner has. Since money management is essential for running a business successfully, this card may offer an expense management service that helps track outgoing money. You can obtain additional cards for employees who may need them for travel expenses and such. You may also have a higher credit limit than you normally would on an individual card.

Student Cards

Many credit card companies will issue student cards with lower credit limits and fewer incentives, helping new card users to keep their spending in check. However, note that many college students now graduate with credit balances averaging from $3,000 to $7,000. With high interest rates, these debts can be a real problem to pay off.

Debit Cards

Prepaid debit cards are 1 type of credit card that has grown significantly in recent years. Although it works like a traditional credit card when making a purchase, that is where the similarity ends. With a prepaid debit card, you actually set the credit limit yourself by Read the rest of this entry »

Selecting a credit card is much easier today than ever. Just about every financial company offers unsecured credit cards. In selecting a credit card, there are some tips that consumers should use when selecting credit cards.

In selecting credit cards, keep in mind that ‘more is not better’ here! One or two credit cards are enough for anyone! You typically need those to establish your credit line, to use as proof of identification and make the process of obtaining airline reservations and rentals simple and easy and for making purchases on the Internet. If you find yourself with five or six cards ranging from Visa to American Express to heaven knows what - you have the potential of overextending your credit line. An easy way to determine this is to review your current payment history and see if you are paying most credit cards in full every month. If you aren’t, consider reducing the number of credit cards down to one or two by paying off and closing some accounts. Your credit will still be in tact Read the rest of this entry »