Archive for October, 2010

Sorting Out the Best Credit Card Offers

Sunday, October 10th, 2010

Despite the recent credit crunch or perhaps because of it the number of credit card companies sending offers in the mail and by email seems to have increased exponentially in the last year. It seems like you can’t go to your mailbox or open your email box with several offers a day sometimes.

In order to find the best credit card offers, you will need to decide what you are looking for in the card. This includes not only the interest rates you are willing to pay but, the fees and miscellaneous charges as well as any rewards programs you are interested in.

Everyone has their own ideas as to what constitutes the best credit card offers, bases on their particular needs. For example if you are the type of person who pays there credit card bill every month and never carries a balance, the interest rates are likely to be far less important to you than the monthly or annual fees. Those who carry a balance on the other hand may find that low interest rates are far more important.

Many of today’s credit cards come with some form of a reward program such as air miles, discounts on new cars or cash back. Here again you will need to think about which of these rewards you are most likely to use. At this point you should be prepared to do a little extra research to see which if any of these offers are something that you can use, whether their terms and conditions are verifiable and that they are not so unrealistic that you will never be able to reach the point of being able to use them.

The vast majority of credit cards all come with a slew of monthly and annual fees that must be paid and then there are over limit fees, late payment fees and cash withdrawal fees. Many of these fees have gotten out of control. The lower your credit score is the higher these fees are and even the best credit card offers can seem outrageous when you have a low credit score.

Here the only thing you can do is compare the rates of several different credit card companies and try to pick the one that offers the lowest fees and interest rates to rebuild your credit rating back to the point where you can start look at the best credit card offers and find ones that have much lower interest rates and fees. Once your credit score is in the high 600 range you will begin to qualify for better and more affordable credit cards.