Credit cards reviews can help you evaluate which ones are best suited for your purchasing needs and payment capabilities. To help you with such, here are some of the important things to look at when reviewing or comparing credit cards.
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Annual Percentage Rates
The Annual Percentage Rate is the rate applied to your balance carried beyond the grace period. Credit cards can have different Annual Percentage Rates depending on the type of balance you owe. When reading credit cards reviews, pay special attention to this aspect of the review.
Make sure that you get a reasonable interest rate as this determines how much it will cost you to use your credit card. Usually, rates increase whenever you are late or miss payments on your bill.
Other fees
Aside from interest rates, credit cards have other costs associated with them. Typically, credit cards come with annual fees, late payment fees, over-the-limit fee and balance transfer fees. The annual fee is the cost you have to pay just for owning the credit card. Credit card issuers charge this fee to cardholders on a yearly basis. While some card providers charge an annual fee, there are many that won’t. In fact, $0 annual fee credit cards are becoming the norm these days.
Make sure to read the fine print and check if there is any annual fee involved. Additionally, you must evaluate the cost of late payment fees, balance transfer fees, and over-the-limit fees (just in case).
Grace period
Grace period is the amount of time given to you by the card issuer to settle your balance. When you pay off your credit card debt in full within the time indicated by the grace period, no interest rate applies.
Usually, card issuers provide a grace period of approximately fifteen to thirty days but some issuers do not grant any grace period at all so the interest automatically takes effect. So when you compare credit cards reviews, verify if you are allowed a certain number of days as this can greatly help you with minimizing credit card expenses.
Credit cards have been around for quite some time as an alternative system of payment. They allow you to purchase goods and pay for services at all leading establishments worldwide. However, credit cards, like other forms of financial tools, require a certain degree of caution and basic financial knowledge. This is where our credit card reviews, guides, and articles come in hand. Start your education with us, right here at DontSpendMore.com.
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