There are so many credit cards out there and so many offers that it can be mind boggling. How do you pick one without getting surprises later on like an interest rate hike or an extra jumbo payment. What exactly are the qualities that define good credit cards. In this article we will go over a few basic things to look for when separating the good from the ugly.
One of the first things you should look for when trying to find a good card is how long they will keep their special free interest period as part of their introductory bonus sign-up. A good credit card company will always give you a longer rate, especially if you plan to transfer a balance over from another credit card. The next thing you should do is to check the contract to make sure you understand how high the APR is when you're free interest period is over. A good credit company will not try to reel you when with a low introductory rate and then hits you with a jumble rate.
Make sure that the card you purchase also has a grace period for when you are late on paying for a transaction on your credit card. Some companies will actually boost your interest rates up to almost double if you miss one single payment. This is one of the most overlooked things in the contract when you are initially signing up. Do not overlook the small print as far as grace periods go on late payments. When you are looking to sign-up for a good company you should always remember that your credit score can help you immensely as far as finding a card with a small or no annual fee. There are many out there as long as your FICO score is over 700. You have been excellent on your credit rating so far , so don't forget to use this to your advantage.
The last and most important tip I will give you is that you should always look for a company that has a good reputation and a long track record of being reasonable with their cardholders. Many unscrupulous companies often try to change their rates midway through the contract and this can give you many years of hassles , plus when they do this it can be very hard to get a hold of them before the bills start piling up.
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