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Monday, August 07, 2006

What to Look out for When Obtaining a Credit Card



A lot of people already own a personal credit card, but more and more people still want another credit card in their �collection�. Their reasons may definitely vary, may it be for sheer vanity, or just something that can be used for emergencies or for their everyday needs, but one thing�s for certain - there�s always a growing demand for credit cards. This causes the credit cards to become more and more competitive with each other as they battle it out in order to get the client�s favor. This will actually prove to be more beneficial for you as credit card companies are getting keener on getting on your good side. It is a possibility that they�ll start offering more and more favorable terms for you. However, don�t always fall for their seemingly easy and simple terms. One must always remember to read the fine print first when it comes to dealing with things like this.

Some guidelines on what to look out for when obtaining a credit card:

* Make sure that you understand credit card terminology, at least the ones that are most commonly used so that you won�t end up getting duped by the highfalutin and easily confusing words that are often being used when it comes to credit card clauses and statements. Never ever sign anything that you don�t fully understand as well as something that has just been explained to you by the credit card agent, always ask the advice of someone that you really trust � who, hopefully knows a whole lot about credit cards, before you sign the dotted line.

* Learn the art of transferring debts from high rates. Simply put, credit card companies are always bombarding people with so many offers about teaser rates, these rates are the incredibly low interest rates that you�ll be able to enjoy for a year, however, the catch is when that one year is over, here comes the actual high rates that you�ll soon have to start paying off again. So the way to not get stuck with incredibly high interest rates is to transfer your debt way ahead of your current credit card�s one year expiration to a new teaser card. If you do this you�ll keep on enjoying the incredibly low rates that credit card companies offer. The great thing about this is that you can do this year after year till you�ve actually paid off all your credit card debt.

* Be aware of special offers from credit card companies. Always, always read the fine print first. Yes, a free vacation is tempting, even a free iPod is already tempting enough for you to be able to sign on the dotted line. But, before committing yourself to possible financially crippling debt, you must first listen to your practical side, is having a free vacation really worth that high interest rate? Or would you just be better off saving for one instead? Think first and do not get easily lured in by special offers.

* Lastly, why don�t you try joining a credit union? In spite of being solely focused on the welfare of their member-owners, credit unions will probably prove to be very beneficial for you as you will be assured that they�d really make the effort to give you the most favorable rates possible on savings investment as well as very competitively priced and very, very low interest rates. Credit card unions are actually non-profit so you�re sure that they�re operating at a much lower cost as compared to most profit oriented organizations.

-->by: Stewart Smith

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