Credit cards have gone from being a hip or comfort product to an entity that everyone should own. Online shopping needs a credit card. Do you want to book weekend rent, you need a valid card to choose one. To register as a valid seller on many websites on the Internet, you need a card. Like this, credit cards have evolved from being just a relief to something you got or you will be deprived of many services.
There is a lot of money the credit card industry makes. Everything you buy has a credit card fee associated with it. If you pay cash, you still pay this fee because merchants do not offer cash discount or check payments. They are willing to pay 2-3% fee for the credit card companies to return it to you. If you don’t use a credit card as your primary payment method and enjoy the convenience you offer, then you pay for nothing.
Cards now come – days – not only loaded with a variety of features, but also come in many shapes and colors. Have you seen the new discovery cards? Well, let’s take a look at the important features that you should evaluate credit cards for.
- Credit limit: This is the amount that you are allowed to spend with the card. Be careful while choosing the right amount. This is important in two angles. The first is how much purchasing power you want to ensure reimbursed. The other is what your spending pattern is. Many people do not know that reaching your credit line is not good for your credit history. Are you a responsible person and want to keep the limit low but you use up to 90% and pay consistently every month? You may want to increase your limit so your credit score is not affected by this usage pattern.
- APR: This is the interest rate you have to pay for the amount due on your credit card. Clearly search for the best price you can get. Contact customer service regularly to drop the APR. These companies increase it regularly. You should call to keep it at the same rate.
- Annual fees: zero.
- Online Payment Option and Activity Check: You must choose the bank that provides a good, comprehensive online tool to verify and evaluate your use. It should give you features like automatic payment options. This is very useful as you will have a way to verify account usage. If you plan on a common card, it should be monitored.
- Late fees and surcharges: Although the delay is bad, you will end up at least once a year for late payments. You may want to make sure that it is not added to your credit record even for one late payment. And fees! Yes, check the agreement.
- Bonuses and bonus benefits: the current trend is a cashback offer on purchases or points to buy with favorite sellers. This is free money too, and it’s a better way to save on purchases you’ll do anyway. Additional benefits include insurance coverage, miles and more. Carefully evaluate these as they may be worthwhile.
- Read about reviews: Although you can rate the card yourself, you may want to read what others have said about the card. It is these review sites that shed some light on poor customer service or hidden fees. You must employ several review websites to choose the card that best suits your needs and lifestyle.