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More One Credit Card Comparison

To compare credit cards you really have to spend time at the computer and reading about credit cards online.  For instance you can find several sites that compare credit cards for you, but who are these sites?  Are these sites that compare credit cards from an actual credit card company or are they unbiased to help you find the right information.  When you compare credit cards you have to understand what you are looking for.  Most people think the only important comparison they need to do is the APR rates, but this is really just the tip of the iceberg.

To compare credit cards you have to look at more than just the APR.  While the APR is important such as whether it is fixed or variable, do they have a universal default, and is it similar when you compare credit cards to each other, you also have to look at fees and transfer rates.  Let me go back to the universal default for a moment.  When you compare credit cards you now have to be very careful about something called a universal default.  This is a clause placed on the policy stating the credit card company can increase your APR to 30% for several reasons.  Most of these reasons depend on your credit history from the past as well as present.  You need to compare credit cards policies for how often they invoke the universal default clause.  You also need to pay strict attention to any paper work the companies may send you regarding the universal defaults and how they will invoke it.

Next when you compare credit cards you should look at balance transfers.  Most of us compare credit cards to see if we can’t get a better APR for an introductory period on our credit cards to minimize debt.  This means when you compare credit cards you are looking for a balance transfer interest rate of 0% for twelve months.  Some of the cards will only offer this for the first three months.  You also want to compare credit cards for fees related to the balance transfers and whether there are introductory fee rates as well.  There are some credit cards offering a 0% introductory rate for balance transfer as well as a 1.5% fee rather than the typical 3% to make the card more appealing.

To compare credit cards is the most important financial step you can take when deciding to switch cards or obtain a new one.  Credit cards offer a vicious cycle for many of us.  This means that financial we depend on the credit card to buy items whether we need them or not.  Unfortunately this means that we end up in a vicious cycle to compare credit cards each time the introductory rates are over.  This is also a bad practice.  You want to compare credit cards for a great introductory rate, but also for the period after these rates to keep your credit scores up rather than hurt them by switching constantly.
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