Experts Say Compare Credit Cards

Several recent studies have been offered to the news media in an attempt to show consumers what they are doing with their credit cards in Ireland. The studies have found that only 39 percent of Ireland holds credit cards, but of this 39 percent most of them have more than one credit card in their wallet. These individuals are also becoming further in debt as a result of their credit card usage in recent months. The surveys also stated that the 39 percent mostly took out the first credit card deal they were sent by post or that they found online.

After such stunning results, experts in the financial sector are urging all credit card holders or potential credit card holders to compare credit cards before they apply. It is not enough to find a card that looks like it will work for the consumer. There is more to it than that.

To compare credit cards a number of factors should be researched. At the moment most of the annual percentage rates are 9 to 22 percent. The credit cards offering under 15 percent are for those with excellent credit. If a consumer’s credit score is good or lower they will be refused the credit and damage their credit score. It is best to study the qualifications required before submitting an application.

The higher interest rates are reserved for those who have very poor credit histories. Even an advertised rate is not always what you will get. In fact the interest rate should be secondary to other comparisons. If the credit card is used correctly a consumer shouldn’t have to worry about being charged interest.

The type of card is the most important comparison needed. A consumer needs to decide what they are looking for. If the consumer tends to fly a lot then a flight miles card could be more beneficial than cash back rewards. In the same token petrol rewards are very handy right now in the current market. If a person has a high amount of debt on their cards a life of the balance or balance transfer special should be sought.

Once the correct type of rewards cards are found the comparison can really begin. How are the rewards earned? Can you accrue rewards faster with one card over another? Is there a purchase deal with one card that the other doesn’t have? These questions and more should be considered.

Fees, interest rates, and the payment options should then be considered. What balance is paid first on the card? What terms and conditions apply to the rewards? To the special rates? By weighing the answers to these questions the consumer should be able to find a better card, according to experts.

The experts are concerned that the consumer may get confused by the credit card jargon. By going to unbiased credit card comparison sites a lot of information is explained to help consumers find the best answer to their needs. The moral from experts is to let the card help you and stay out of debt.

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This entry was posted on Monday, August 25th, 2008 at 10:45 am and is filed under Credit Card Advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.