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How to Work out the Cheapest Credit Card?
With the rise in popularity of credit cards many are finding that they are the best choice when it comes to online purchases, providing temporary finance and also ensuring that you have an element of security that other payment services offered by banks do not provide. Despite this, other inherent disadvantages are causing many to choose not to contract with a credit card service provider. Reasons for this include a fear of accumulation of debt, rising figures in relation to identity theft and credit card fraud, and also an inability to shift away from the archaic “offline cash transactions” that they have been in the way of for so many years. With careful planning and firm self-regulation credit cards can be a valuable tool, with great results, however what most people lack is the ability to really spot a deal.
Follow these steps to ensure that you get the cheapest credit card for your needs.
1. Work out how much you intend to spend with your credit card, each and every month.
2. Work out how you will be able to pay this amount of money back.
3. Calculate the risk factor involved in you getting into financial difficulty.
4. Work out the best case scenario and the worst case financial scenario that you will be in over the next 6 months.
5. Might be out of work? If you run the risk of being out of work over the next 6 months, then we recommend that you never allow your credit card balance to go below zero at the end of each month.
6. Shop around and find all the cost-centers associated with the credit cards that suit your needs.
7. Compare at least 3 credit cards, and consider how much they will charge you in total, based upon the figures you worked out in step 4. Ensure that you include APR, yearly fees (if they apply) and limited time offers.
8. Made a choice? Now consider how reputable that company is. If they are a public limited or listed companies then they are more likely to be reputable, this will also apply if they are owned by a major bank.
9. Read the terms and conditions of the company that you are considering working with. Remember that these terms and conditions are legally binding, and they affect both you and the credit card company.
10. Last chance! Before you get the credit card sent to you, think over it one last time. Are you sure this is what you want to do? If not, why not wait a while and come back to it in a few days? If you do go ahead with it and you change your mind, you can always cut it up!
Credit cards provide many advantages to sensible people, who find credit cards a great way to finance purchases, regulate merchant transactions and complete purchases offline and online with no need for a pile of cash in their wallet. Despite this, not everyone is as sensible, please ensure that you only spend what you can afford, and in doing so get the best results from your credit card.
About the Author: This article is written by Devin Gilliland publisher for credit-wisdom and jetclient.com