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Date Published : Tuesday, February 26, 2008
Looking for a credit card can be a confusing and bewildering experience. With so many to choose from, having to compare credit cards can lead to some disastrous consequences.
However, by choosing which features are right for you, it can make the whole experience much more pleasant.
A comparison of credit card offers firstly depends upon your credit status. With a bad credit status many of the offers are just not going to be made available to you, even if you get marketing material in the mail.
For those people paying off just interest each month and carrying their balances over from one to the next, the most important factor is the interest rate. Many cards now offer a flat rate introductory period - usually six months - after which time rates may go up substantially.
According to Money Spotlight: "If you pay the balance off in full each month then the rate offered is largely irrelevant; the important factor then being the payment date on the statement."
Zero-interest cards offer extra choice for consumers with good credit histories. The zero per cent interest rate will be offered for a fixed introductory period after which normal higher rates will be applied.
Many providers now reward card holders with points which can then be redeemed for other products, such as airfares or shopping vouchers.
These schemes tend to come at a cost. You may have to spend up big before enough points are earned to receive a reward. The card can also attract a higher interest rate or higher annual fee.
Compare your current credit card rates.
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