We are so lucky to have the internet to help us with our applications and information gathering. If you need credit, the facility is there. It’s great. What’s even more amazing is, you have companies who have done all the arduous tasks of research for you, and can now offer credit card guide facilities at your fingertips.
Look out for companies that offer their assistance without cost to you and who are genuinely interested in your credit spending habits. They can offer a wealth of information which is free. Do they share tell you these important facts:
1) When you are comparing the different facilities available to you, but that come at a price, look at things like APR (annual percentage rate). This rate is calculated each year and some companies will state theirs as a zero percentage for a limited period of time.
2) Make sure that the annual fee is stipulated as a flat fee i. E. Will not escalate in a year and should normally be about $25 to 50% annually.
3) What percentage of interest or finance charges will they add to your total amount outstanding?
4) Do they have an interest free period which entitles you to use your card without being charged interest. Typically it is about 20 – 25 days.
5) Watch out for penalty fees. These fees are charged when you run over your credit limit or even if you haven’t used your card in a while.
6) What method do they use to compute their finance charges? The most beneficial method would be when the calculate these charges by taking off your payments made from the proportion which is owed by you, only after the end of the previous month’s billing run. It will provide you with the lowest rate.
An honest credit card guide will ensure he imparts all his knowledge onto you, so that you might make the wisest choice in obtaining credit facilities.
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