Credit Card Comparisons
Whether you're looking for information
on a particular credit card, or trying to choose a
credit card for which you want to apply, you can find
information on them in many places.
You'll find lists of credit card plans,
complete with rates, terms and any special information
about them on the Internet, in magazines and in newspapers.
The best way to get the most up-to-date information
on a particular credit card is from the company itself.
You can visit their web site, phone the company or
read their application. You can also compare several
credit cards side by side on many internet web sites
that offer information about credit cards, like this
one.
There is, however, one great resource
for information about credit cars that you'd never
expect. Every six months, the Federal Reserve System
publishes a survey of all credit card companies on
their web site. The most current list as of this writing
was published on January 31, 2005, and includes 148
credit card companies nationwide.
For each company, the survey results
list the credit card plans offered, where they're
available, the APR, and whether the credit card APR
is fixed or variable. It also lists the index used
to determine any variable rates, the grace period
for purchases and any extra incentives that the company
may offer for its credit card plans. Finally, the
FRB survey lists a contact telephone number for the
financial institution that issues the card.
Another excellent place to get information
about credit cards is on web sites that allow you
to compare and contrast various offers from credit
card companies. Before you start shopping for a credit
card that's right for you, think about how you'd use
it and what you'd use it for. Let that guide your
decision on the type of card that you'll apply for.
If you have excellent credit and will
pay off your entire balance each month, for instance,
the APR is less important than extra perks that you
might get. A Premium credit card with no annual fee
that offers cash back or reward points will be ideal
for you.
If your credit has taken a few dings,
you can still find a credit card with a low APR and
a reasonable annual fee. You may even qualify for
a credit card that offers Reward Points or cash back
bonuses.
If your credit is seriously damaged,
it may take a little more to qualify for a credit
card, but an unsecured credit card isn't out of the
question. If you're willing to pay an annual fee for
a year or two, you can build your credit back up and
qualify for a credit card with better terms.
For those whose credit is more seriously
dented, secured credit cards offer a first step toward
fixing bad credit. By depositing cash in an account
to be used if you default on your payments, you can
begin rebuilding a positive credit history and erasing
the old.
Shop around, make comparisons and apply
for the credit card that offers you the best deal
for the way you'll use your credit card.
Joseph Kenny is the webmaster of the
credit card comparison sites http://www.credit-cards-info.com/ and also http://www
.creditcards121.com/
