Tips and Trick of Selecting Credit Card

Tips and Tricks of Selecting Credit Card

These days whenever you visit any big store, near to billing counter you may easily find a gentleman, who is seeking your time so he can explain you that the credit card offered by his company is better than your credit card.

Most of us are using one or more Credit Cards these days. Did you select your Credit Card or they selected you?

What should you consider when you want to apply for a credit card offered by different companies?

• Joining Fees: Most of the companies offer cards with no joining fees. What if you go through their agreement you will find they would be having the Annual Fees/Membership Fees in the following years.
• Interest Rate: Whenever you asked a sales representative about the Interest Rate they will always tell you 3.25% only. They never tell you that it's monthly rate not annual rate.
• Statement Date: I don't think anyone of us really bothers about that what should be your Statement Date while applying for a credit card. You can select your statement date as per your choice, so select your statement date as per your choice, it will help you to priorities your monthly expenses. Do you know, we can change our existing credit card's Statement Date?
• Due Period: After the statement generation, all the company provides you certain period for paying up your pervious cycle balance. Normally, all companies give you 20 days after your statement date.
• Penalty Fees: Card may have different types of fees like Late Payment Fees, Overlimit Fees and Payment Return fees. While selecting the credit card we should check what all fees your card will have.  And how much fees you have to pay if any of them charged.
• Reward Point: These days rewards are the most important reason for using the credit card. It's kind of camouflage which attract the customer. We should inquire more about reward point burning than earning. 

One important point wanted to share with everyone, whenever you apply for a credit card whether it go approved or rejected it will be going to impact your credit score. Credit score is maintained by different agencies like Experian, Transunion etc.