It is important that you consider all your options at this time of the year, the festive season is creeping steadily closer and this means that there are more people looking to purchase goods for friends and family. But before you turn to your old faithful credit card could you be getting a better deal from another supplier that gives you more in return for your money than what you are getting now?
There are many offers that are calling out for your attention and you might find that you can find a great deal that might save you money or even make you money.
What you must realise that if you are going to apply for a credit card that it will appear on your credit file, it doesn’t say if you were accepted or declined but having multiple credit checks will lower the rating on your report. It can affect the offer that you will receive from the credit card company. In the small print you can see something like 8.99% – 20%, this means that you are not guaranteed to get the lower number and you might end up with the higher APR on your offer. The chance of the lower figure offer diminishes if you have a poor credit rating, this can mean that a card looks good on paper but in reality it might not be such a good deal.
What you can do is to check your credit rating before you start applying for any form of credit and when you actually find the card that offers you the best deal then apply for this one. It is important that you do your homework first.
You will be bombarded with lots of different options from companies that are all trying to pull you into their product and they imply that they offer the best deals for your money. What you need to consider is if the product and the free offer that they are giving away is going to be beneficial to you, there is little point accepting a credit card that is giving away options that can mean free travel if you hate going on holiday, it is a waste of a free product, you will want to tailor the research to something that you are going to use and this will see that you are getting the best option that is right for you and your new card meets all of your needs.
If you are struggling to cope financially it doesn’t make sense to get into further debt, you should be looking at ways in which you can decrease the debt that you owe and a great way to do this is to find cards that offer a balance transfer, ideally you will want an option that is 0% and this will mean that you are not paying any interest for a set period of time. But check out how much they will charge you and add onto the debt that you owe with the fee that they charge. This is normally presented in a percent of the amount that you are transferring; you will have to work out the figure that they are charging for the service that they are offering. Once you have this figure then do the same with all the credit cards to see which company is offering the best deal. You might be surprised at the results that you find.
There are many different offers that are current at the moment and this list below just represents just a fraction of what is on the market.
Chase freedom Visa: This credit card is offering $100 cash back after spending $500 in the first three months of the card being activated. As well as getting cash back every quarter. The great news is that there is no annual fee for the card and they are offering 0% APR for the first 15 months for both purchases and balance transfers before the APR goes up to 13.99 – 22.99 APR. The value that you are offered will depend on the circumstances of your credit file, to get the great rates you will need to have a good credit rating.
Chase sapphire preferred: This card has an annual fee of $95 and the interest rate is 15.24%. There is no introductory offer for the interest rates but if you spend $3000 in the first three months you can get a 40,000 bonus points and this equates to $500 towards travel that you can take.
Marriott rewards premier credit card: This card has an annual fee of $85 and the interest rate is 15.24% again there is no introductory rate for this card but they have a great deal that you can earn 50,000 pints if you spend $1000 in the first three months and you also eligible for one free night stay in one of their hotels.
First national bank maximum rewards: This platinum addiction card has no annual fee but it does offer an introductory offer of 0% APR for 5 months on purchases and 12 months for balance transfers before increasing to 11.99% APR.
British airways visa signature card: This card has an annual fee of $95 and an annual interest rate of 15.24%. So the rates are not great but then this card has some great features if you are a traveller, it offers no foreign transaction fees when you use the card aboard and also you are able to earn bonus points too.
Capital one venture one rewards credit card: There is no annual fee for this card and the introductory 0% offer until 2014 before going up to 11.9 – 19.9 %APR. The great thing about this card is the 1.25 miles that you can earn for every single dollar that you spend on the card.
Chase sapphire: This card offers 10000 bonus points if you spend $500 in the first three months of the card being activated, this equates to $100 dollars. The interest rate is around middle of the road and stands at 15.24%.
Capital one quicksilver cash rewards credit card: There is no annual fee for this card and you can get a 0% APR until November 2014 for purchase and credit transfers. You can also get a $100 bonus if you spend $500 in the first three months.
Journey student rewards from capital one: This credit card has no annual fee and the interest rate is 19.8% APR. But this card is designed for students who want to start building a credit file that has some positive impressions.
Partners first reward visa card: This card has no annual interest fee and the 0% APR introductory offer is for six months on balance transfers, after this it can go up to 8.99 – 18.99 % APR the rate that you will be offered will depend on your credit rating at the time that you apply for the card.
Which card will you choose this year and why?