There are many considerations these days once you decide to apply for a credit card. Gone are the days when you simply look at the interest rate on the individual cards and then pick one.
With competition steep, and most likely to get steeper for the remainder of this sluggish economy, perks–those little side benefits–can be the deciding factor.
There is no shortage of these perks; here are some common options to help your decision:
Of course, the most glaring decision maker is the APR. Many cards are offering low APRs to attract new accounts. Of course, the better your credit, the more likely you are to receive one of these low-rate cards. Popular right now are low or no-fee balance transfer cards; with these cards you can transfer the balance on your current high-rate credit card to a new low or no-fee card. This can lead to great savings for those carrying a large balance on a high-fee card.
Other perks include zero fraud liability should your card become lost or stolen. With this benefit, you will not be held responsible for any unauthorised purchases. This is particularly comforting to those who do a lot of online shopping. Roadside assistance has also become a popular offering as of late. This is particularly attractive to those who travel a lot.
Of course the old standard of frequent flyer miles still exists, but in its latest incarnation, the miles are simply flying at you. Many cards are now offering miles for everything from opening new accounts to transferring over balances from other credit cards. Most lenders have become increasingly generous with their miles. There are rewards programs specifically geared at certain typesof shoppers, such as hotel reward programs, gas reward cards, and of course, cash back programs.
There is a wide scope of options to be considered out there in credit land these days. The Internet can be of enormous assistance in helping you to choose what card is right for you. A good credit website can help you become a better-informed consumer by listing exactly what the lender is offering and comparing it against other offers, simplifying your decision-making process.