Monday, October 15, 2012

Credit Card Offers Right For You

If you are considering getting a credit card for the first time, acquiring another card, or replacing your existing one for whatever reason, it is best to consider the different credit card offers in order to get the best deal. These offers will have to be evaluated based on your specific needs because there is no single best deal, which applies to all. Considering the plethora of offers available, these will have to be individually assessed.

Focus on the Cards Credit Cards You are Qualified for

Check your credit score. There is no point in considering cards which you will not be qualified for in the first place. There are specific offers for those with excellent credit standing, as well as those with good, fair, and bad credit ratings, respectively. This is based on your credit score. You may have limited or no credit history, and there are credit card offers for your particular case as well.

More often than not, credit cards for those with excellent rating have more perks and benefits. This may include low or zero APR, zero annual fee, cash back incentives, etc. Of course, those with bad credit standing have only a few or no perks. Having limited or no credit history is tantamount to a low credit score. If you are one of these, do not expect favorable terms.

Selecting the Right Card Offer

Because of the very competitive business environment, credit card companies have come up with a variety of promotional packages to attract more customers. And these are embodied in their best credit card offers, some of which are as follows:

1. Low interest cards. These cards offer low APR or zero introductory APR. A few extend low fixed rates. These are beneficial to credit card users who maintain a balance in their account past the cut-off period. But if you fully settle all your purchases every cut-off, then you will not reap the benefits of this offer.

2. Cards offering cash back on purchases. A certain amount in credited to your account for purchases made. This is equivalent to getting discounts on your purchases. This is favorable especially to those who frequently use their credit card.

3. Credit cards that offer rewards. Points are earned every time the card is used, and corresponding items may be redeemed based on these. However, the rewards may or may not be of use to the cardholder.

4. Instant approval cards. These are for those who needed a credit card yesterday. Approval (or feedback regarding the application) is given within minutes to a few hours.

5. Credit card balance transfer offers. This is beneficial for those who wish to transfer their account from a high interest card to one with zero or low APR.

6. Credit cards for high school and college students. These are specific for students who have no credit history whatsoever.

Credit cards are a boon to our modern day living. They make purchasing convenient. However, they will be a bane if mismanaged. This necessitates judicious use of credit cards. And it will be most advantageous if we choose the most appropriate one for our needs. In so doing, we will be able to maximize the benefits and perks.

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