Compare Credit Card Offers and Save
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Our mailboxes are bombarded with hundreds of credit card offers every month. Each credit card offer claims to be better than the others. Having so many options may seem like a wonderful opportunity, but be careful. If you don't understand important terms used by these issuers, you may end up accepting a "not-so-good" credit card offer. This article aims to provide a basic description of some common terms.

The interest rate. Looking for the APR (annual percentage rate) should be a good start. The disclosure provided -- with all credit card offers -- should give you a good idea of amount of interest, transaction fees, and other charges.

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While a lower APR may sound like an option, pay careful attention to the calculation method used for computing the APR. Using a different calculation method can give an unfair advantage to your credit card issuer. The FTC has compiled some of these calculation methods. Generally the APR would vary and the fluctuation would depend on several factors. Some companies offer an initial 0% APR which after a certain period of time would switch to a higher rate. You must carefully read the disclosure statement provided with all credit card offers.

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Annual Fee. Simply stated -- a fixed fee charged every year. Did you notice, a lot credit card offers market themselves with the statement: "0 annual fee." Read the fine print; is the annual fee "0" for life? Or is it for a certain period of time. Annual fee, in conjunction with other terms, could be an important factor while comparing different credit card offers.

Grace period. A term found in credit card offers, referring to the interest-free time period -- generally between the date of purchase and billing date. A longer grace period would be attractive if you intend to pay your balance in full, however, if you regularly carry balances, this may not be of much importance.

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Transaction fees. These include fees charged for  penalties, over-the-credit fee, etc. Transaction fees or other charges are also an important "cost factor" that should be considered while comparing credit card offers.

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Cash Advance Fees, Late Payment Fees, and Other Charges. Cash advance fees are generally assessed on cash withdrawals. If you plan on withdrawing cash using your credit card, pay careful attention to the calculation method used for cash advances. Is it a flat fee? Is it a certain percentage? A combination? In addition to cash advance fees, you must also look for the fees charged on late payments.

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There may be several other factors that should be weighed while comparing credit card offers. As always, pay careful attention to the fine print and carefully understand the terms and conditions.

Compare and save on credit cards, cell phone, long distance, Internet access, mortgages, insurance, and more at www.dontspendmore.com

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