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Choosing a Credit Card

One of the most common marketing strategies used in today’s economy is the mailer for a “pre-approved” credit card. Before accepting any credit card, you need to be able to answer the following questions. What will the APR increase to after the introductory period is over? Is there an annual fee, and if so, how much is it? How long is the grace period? How are finance charges calculated? What fees and penalty interest rates will you be assessed if you are delinquent on your account? Is the APR a fixed or variable rate?

Choosing a credit card strategically can save you a lot of money. If you are sure that you will pay the balance every month, then the APR doesn’t matter and you should choose a card with no annual fee. However, if you do plan to carry a balance, a lower APR is much more advantageous and may be worth a low annual fee. Remember, while these offers can be attractive, don’t just sign on the dotted line without reading the fine print.

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