When exploring credit card programs, there’s a lot more to consider than low or 0 percent credit cards. In actuality, you might find it better to select from the large number of rewards credit cards, airline credit cards, cash back credit cards, platinum cards and no annual fee credit cards. Knowing all of your options is important when making any decision. 0 percent credit cards have their uses, but are they always the best choice?
Are Your Needs Met?
How you intend to use your credit card will determine what card you actually choose. Given the tough economic times, 0 percent credit cards are very appealing to consumers right now. Rather than fully paying off their bill each month, more and more consumers may find themselves struggling with credit card debt. A low or 0 percent credit card can help minimize finance charges.
If you plan to pay your credit card balance in full each month, 0 percent credit cards may not be as appealing. You may be more attracted to a rewards or cash back credit card with no annual fee and a longer grace period. It’s important to find the benefits that best fit your needs.
What To Consider When Shopping For A Credit Card
Will you transfer a balance?
Most 0 percent offers are only for an introductory term of 6 to 18 months; some offer a higher rate for a longer period of time. When you are transferring a large balance, you may find that a longer introductory period is the best option for you.
Where do you spend the most?
A good number of rewards cards offer extra points for spending in certain categories. Get a rewards card that gives you cash back, bonus points or travel miles at the locations where you spend the most. For the majority of consumers cash back credit cards are going to be the best option to go with.
How’s the customer support?
Well trained customer service representatives can tell you how much you’ll save with a particular balance transfer offer, notify you of potential unauthorized charges or help with a dispute. Good customer support paired with online resources save you both money and time. Making a same-day payment without additional charges, changing a due date so that it better fits with your schedule or being notified of special promotions and reward offers all add up and give worth to your credit card.
Also, don’t forget other valuable perks such as automatic travel insurance, travel assistance and car rental insurance. No matter what type of credit card you’re attracted to, check out the small print to see the exact terms of low or 0 percent credit cards. The credit card agreement will tell you the grace period (how long you have to pay off your balance before you pay a finance charge), and what rates, fees and restrictions are involved. When it comes to 0 percent credit cards or any credit card offer, the more you know the more value you’ll get.