How to Review Credit Cards
- 1). Consider what you will be using your credit card for. Is it for quick cash, traveling, car fuel, access to large credit limits, or even the ability to transfer an existing balance onto another card? Reward programs are available for different cards, including cash back when you make a purchase; spending points, which can be used toward airline tickets; and other prizes for simply using the cards. Different cards offer varied options; choose the one that most fits your needs.
- 2). Review the credit card's interest rate. There may be a low introductory rate on purchases or balance transfers. It is important to find out if the rate is temporary and how much it will go up if it does. Cash advance and balance transfer rates may be different as well. Also verify whether or not the rate is fixed or variable. Some rates are calculated using an index, such as the prime, or Treasury rate, which can change frequently.
- 3). Consider other fees associated with each card. Some cards have annual fees while others do not. Late payment and over-the-limit fees also add up. If you want to use your card for cash or even balance transfers, find out the charges for these services.
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