A credit card very much like a chainsaw; it is a necessary handy tool but one that is capable of causing horrendous damage if mishandled. The same rules that apply to handling such a tool apply to credit cards as well; carefully select the right device for the job and strictly follow safety rules. The market provides many credit card options that it may be difficult to make the right choice. As it is credit card companies are currently involved in some kind of game of one-upmanship. It is important to look out for yourself and make sure you access the best credit cards for fair credit. To avoid falling into the traps of some money-hungry credit card companies, it is essential to conduct research and arm yourself with the right information and facts to avoid finding yourself in unnecessary debts and avoidable charges. In making a decision on applying for a credit card, there are several important factors that you need to consider. Here are 3 things to consider when applying for a credit card.
- The Annual Percentage Rate
Commonly referred to as APR, Annual Percentage Rate is the interest that accrues to the amount you owe the credit card company. You want to choose a card that has low APR or one that offers lower introductory APR. Most people are short-term “greedy” in that they are more focused on the rewards available for a specific credit card and overlook the APR. In which situation most of these cards with lucrative rewards end up having very high APR. Subsequently, as a result of the high APR, they end up being burdened by the interest that accrues.
- The Credit Limit
The credit limit is the amount of money that the lender company is willing to allow you to borrow. Mostly the credit limit will depend on your credit history. If you have a good record of making good your dues, your credit limit may be higher. Beware however of credit cards those offer too much that a cardholder gets head in debt. Too much credit could trigger bad spending habits because the cardholder does not really feel the pinch of spending the money. The best credit card for you should have a limit that is adequate, flexible, and appropriate for you and your income. The limit shouldn’t be too low or too high that it leads to a waste of money.
- Customer service
A credit card is one of those things that you are always reaching out for often. It is, therefore, crucial that the credit card provider has competent customer service that you can reach out to anytime whenever you are stuck and they can offer speedy assistance. It would really be of no use to have a great credit card that meets all other standards but if you notice fraudulent transactions on your statement there is no one you can immediately reach out to.
In conclusion, therefore, it is not possible to find the perfect credit card. All credit cards have their pros and cons but you just need to be wise in choosing a card that will best suit your needs and preferences.