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Eight Key Characteristics of a Credit Card
Author: Zoe Lewi  | Posted: 31-03-2008 | Comments: 0 | Views: 13 | Rating: (50)  (?) 
Credit cards are far from being one and the same, and comparing credit card options can be challenging but necessary if you want to choose the best one. What is good for one customer is not always good for another, therefore it is absolutely essential to consider all the range of factors such as interest rate, fees, rewards and member benefits. Here you see eight key factors one should search for and compare in credit card offers.
1. Type of card. Credit cards are all different, but they can be divided into three main groups: secured cards, regular cards and premium ones.
2. Grace period – the number of days by the end of which you have to pay your bill in full.
3. The method of calculating the financial charge – the dollar amount you give to use credit, which is partially influenced by your outstanding balance and the so-called annual percentage rate, or APR. Companies employ a variety of techniques to calculate your outstanding balance, and the way they do that can have a major impact on the financial charge.
4. Fees – be sure to know if a card has annual fees, late payment fees, foreign transaction or any other fees.
5. Cash advance features – this is especially important if you are going to use cash advances, so get detailed information about access to ATM and so on.
6. Credit limit – some cards set their own credit limits.
7. Rewards and bonuses. These can include various extra points, gifts and services for you to enjoy your credit card more.
8. Interest rate – it can be fixed or changeable. Although you might think that there is less risk with a fixed rate card, it is not necessarily true. Federal law permits any changes in the card policy, including its rate.
While deciding what kind of credit card is the best and the most convenient for you, keep in mind that credit cards all have their own terms and conditions, which you need to examine and compare carefully before you complete an application and take the responsibility.
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