Thinking About Getting A Credit Card Consider Asking These Questions Before You Commit Yourself
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Thinking About Getting a Credit Card? Ask These Questions First!
Before committing to a credit card, make sure you get clear answers to these important questions.
1. What is the interest rate?
Always find out the interest rate for the credit card you're considering. A lower interest rate is beneficial, especially if you maintain a balance. Be cautious of introductory low rates that may increase significantly after a short period. Remember, your overall credit can influence the rate offered.
2. How is the credit card balance calculated?
Most companies calculate balances using an average daily balance method. This includes new purchases minus payments and credits. Knowing this can help you understand how your charges will impact your balance.
3. What are the late payment fees?
Check if there are charges for late payments and how much they are. Late fees can be hefty, often $20 or more. Some companies may impose fees even if your payment arrives on the due date but not at the specified time. Also, late payments can lead to a significant interest rate increase if you carry a balance.
4. Can I get a better interest rate?
Don't hesitate to ask for a better rate than the initial offer. Let them know you're shopping around and might choose a competitor offering a lower rate.
5. Are there penalties for not using my credit card?
If you plan to use the card sparingly or only for emergencies, ask if inactivity will lead to increased rates, fees, or even cancellation. If so, it may not be the right card for you.
Conclusion
Research thoroughly before applying for a credit card to ensure it suits your needs. With numerous companies competing for your business, make them earn it by offering the best terms. If the card doesn’t benefit you, it’s best to look elsewhere.
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