Instant Decision Credit Cards – Are all Cards Born Equal?
Mike Gracia
June 05, 2008
It is difficult to over stress the importance of taking time to compare credit cards before actually applying for one. Too many applications in a short period of time can cause problems with excess checks on your credit file, and this may effect your credit score. For this reason alone it is a good idea to check out the offers fully before applying.
In these days of instant decision credit card applications, it is easy to be rushing into making a decision without giving it the proper thought.
Although at first glance many credit card offers may appear to be the same, if you actually take time out to read the terms and conditions, you may be surprised at the differences.
Below we have listed just four of the possible differences between credit card offers:
Missed Payments on interest free credit cards – Keep the interest free period, or loose it?
If you decide to take out an interest free credit card, then go beyond the usual checks of how long the 0% interest offer lasts, but also find out what happens if you miss a month´s payment, as sometimes
Exchange Rate Loading Fees, or not?
If using your credit cards abroad , you may find a hidden cost in the form of an ´exchange rate loading fee´. This fee is usually in the form of a percentage… can be around 2.75% - Note, that often, this fee may not appear on your statement, which is why it is important to check when taking out our card.
What counts as a purchase (for interest free offers)
One relatively common mistake is to assume that ALL card transactions will be covered by the interest free offer… This can lead to unwanted interest payments, and bouncing direct debts if you are not careful! – You see, often cash withdrawals, online poker games/gambling, and even bought gift certificates may not be covered so be sure to find out before applying for your card!
Incentives – Do you get them, or not?
Some credit cards offer incentives, such as air miles, free shopping, or ´club points´. If used wisely, you can actually get some nice benefits by using these cards. Don´t get caught out by high interest rates that can hit you with some of these cards if you fail to clear the debt each month!
As you can probably see, there is more to getting the right card than simply googling "best credit cards"!!! – It can take quite some time to sift through all of the terms, conditions, and technical jargon that credit card companies oftentimes use. Consider using a comparison website, like credit-choices.co.uk, they offer free advice about lots of credit cards – to help you might the choice that´s right for you.
In these days of instant decision credit card applications, it is easy to be rushing into making a decision without giving it the proper thought.
Although at first glance many credit card offers may appear to be the same, if you actually take time out to read the terms and conditions, you may be surprised at the differences.
Below we have listed just four of the possible differences between credit card offers:
Missed Payments on interest free credit cards – Keep the interest free period, or loose it?
If you decide to take out an interest free credit card, then go beyond the usual checks of how long the 0% interest offer lasts, but also find out what happens if you miss a month´s payment, as sometimes
Exchange Rate Loading Fees, or not?
If using your credit cards abroad , you may find a hidden cost in the form of an ´exchange rate loading fee´. This fee is usually in the form of a percentage… can be around 2.75% - Note, that often, this fee may not appear on your statement, which is why it is important to check when taking out our card.
What counts as a purchase (for interest free offers)
One relatively common mistake is to assume that ALL card transactions will be covered by the interest free offer… This can lead to unwanted interest payments, and bouncing direct debts if you are not careful! – You see, often cash withdrawals, online poker games/gambling, and even bought gift certificates may not be covered so be sure to find out before applying for your card!
Incentives – Do you get them, or not?
Some credit cards offer incentives, such as air miles, free shopping, or ´club points´. If used wisely, you can actually get some nice benefits by using these cards. Don´t get caught out by high interest rates that can hit you with some of these cards if you fail to clear the debt each month!
As you can probably see, there is more to getting the right card than simply googling "best credit cards"!!! – It can take quite some time to sift through all of the terms, conditions, and technical jargon that credit card companies oftentimes use. Consider using a comparison website, like credit-choices.co.uk, they offer free advice about lots of credit cards – to help you might the choice that´s right for you.
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