Everyone wants a credit card that gives you a zero balance transfers. Many consumers forget that they not need to focus on one element when comparing credit cards but to look at the credit card as a complete package. What if your card has zero charges on balance transfers but other hidden costs? Then obviously in the long run you will be paying more. The idea of a cleaver consumer is to look at the pros and cons of each card then make a suitable choice that suits not only their lifestyle but actually saves them money!
APR With Low Purchases – What is it and how can it work for me?
One of the first thing I would recommend when comparing credit cards is to look for a balance transfer card with little to no APR. There are a lot of cards nowadays that offer zero APR and I personally would take full advantage of this. Where a lot of people get stung is by using their balance transfer credit card for purchases in addition to transfers. Very often, these cards have huge interests and you can be left with a heavy bill to pay. A lot of consumers use two separate cards for separate uses which is quite a smart option – although the thought of owning one credit card can be quite daunting to people. A lot of companies will also have an APR period, be sure to check what this will default back to after the promotional period ends.
The duration of your zero percent interest!
When applying for balance transfer credit cards be very careful to check all available options across your “zero percent” interest free period. These periods generally don’t last forever and are designed to accrue a large amount of money from your savings at the end of the credit period. This means, when you feel you’re on top of your finances you can be hit with a bill on your purchases. There are however, some great credit cards out there that offer a zero interest for the lifetime of the card.
Time to get rewarded for spending
A lot of people don’t understand that by purchasing your day to day good on your credit card that you can actually be rewarded for the more you spend. Banks have alliances with several shopping centers to ensure that your spending as much as possible on your credit card. This works for banks as you are eventually charged more in interest and are encouraged to spend more than you have, whilst the shopping centers will benefit with the profit margins on the goods you buy – this also monopolizes the market as your buying and repayments are usually in the one place.
My advice would be to do a
credit card compare across a number of sites and find the best credit card available for your spending habits. Remember, the right card for you, isn’t the right card for someone else.
