Credit Cards

The Secret to Credit Card Deals: Shopping Around

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When consumers are on the lookout for a credit card account, whether it’s their first one or their third, there are a number of aspects of opening such an account that they’ll need to consider if they’re going to use it responsibly.

The fact is that when it comes to credit cards, there is no one-size-fits-all offer out there that will work for every consumer. Some cards reward those who use their cards every day but keep balances low, and others that will benefit borrowers who don’t use their cards very often at all. For this reason, consumers should always take the time to compare and contrast a number of different credit card types, and account offers, based on their own personal borrowing and repayment history.

For instance, a rewards credit card might be viewed by all borrowers as a way to get “free money” for their everyday spending habits. But those who have a history of carrying a balance from one month to the next will likely find these cards more expensive than they may have been accustomed to, as they typically also come with larger interest rates and annual fees than a standard card. Similarly, those who don’t use their cards very often will likely find that the amount they earn in rewards – whether it’s cash back, airline miles or points – might not be larger than what they pay in fees and added interest.

Sometimes, rewards accounts will grant consumers more for spending in certain categories, and for these accounts, consumers should first check to make sure they spend enough in the category the card they’re seeking benefits.

Other consumers might be enticed by credit cards with low interest rates, but that, too, might not fit their own habits. Those who carry a balance from one month to the next with regularity will likely benefit from such a card, but those who do not might want to find an account that would be more beneficial.

[Credit Cards: Research and compare credit cards at Credit.com.]

By carefully combing through both the various offers they have available to them and your past credit card statements, consumers will be able to get a full picture of what account will suit their unique financial standing and spending habits best.

Image: hospi-table, via Flickr

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