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Why You Should Compare Credit Cards Before Applying

You have been pre-approved for a low interest credit card with a typical APR of 12.5%, and an introductory rate of 7% for the first three months. There’s an application fee of £25, and an annual membership fee of only £22.50. Does it sound like a good deal to you? Unless you take the time to compare credit cards with similar terms and rates, how would you know?

Think twice before you apply – or three times, or four. If you’re considering applying for a new card, you should take the time to compare options to be sure you’re getting the best credit card deal available to you. When you take the time to compare before you apply for a credit card, you’ll save yourself money, time and possibly the headaches that go along with black marks on your credit report in the future.

1.You should compare credit cards based on how you intend to use them.
Make your comparisons based on the way you handle your finances. Do you pay off all your accounts on time every month? Then you’ll want to apply for a card that offers you rewards for using it – or one that shares its profits with a charity through a spending rewards program.

2.Compare credit cards by APR if you intend to carry a balance.
If you tend to purchase things on impulse even if you’ll have to pay them off over several months time, then you should be aiming for the lowest possible APR that you can get.

3.Compare credit cards by adding up all the fees and costs associated with using them, and choosing the ones that will cost you the least and offer you the highest benefit.

You can find all the information that you need to compare credit cards online. You can find many different offers for various kinds of credit cards, and check the details and terms and conditions before you apply. That way you’ll only apply for the options that you’re most likely to be approved for. That’s important because whenever you apply, the company reports it to a credit bureau, and the credit bureau notes it on your record. Every time you apply for finance, try to let a flat or apply for a position, chances are that your potential creditor, landlord or employer will check your credit record or credit score. While there’s nothing implicitly wrong with applying for many credit cards, lenders often cast a wary eye on people who’ve applied for many in a short period of time. It’s far better to sift through the offers, figure out which ones are likely to approve you, and apply for those credit cards.

If you don’t compare credit cards – if you just apply for the first one that catches your eye – you could be doing yourself out of a deal that will cost you far less in the long run.

Jon Francis
http://www.articlesbase.com/non-fiction-articles/why-you-should-compare-credit-cards-before-applying-52106.html

6 Comments to Why You Should Compare Credit Cards Before Applying

1. 

   Raising my credit score?
   Unfortunately I had a few delinquent credit cards… and they were either maxed-out or delinquent for a few years….Recently, I settled with the companies and paid off all of the credit cards – the debt was about $3000 total. (which I know is nothing compared to some credit card debt).

   I am still a full-time student and need a resonably decent credit score in order to be eligible for outside student loans…(and of course everything else that will come along in the future)

   I understand that the ecomony isn’t in the best state right now, so it will be tougher to raise my credit score…. but what are some of the ways I can go about doing so?
   I know that another credit card that I stay on top of will help… how long should I wait before applying for a credit card?

   Thanks!
   Oh, another thing… can I voluntarily add information to my credit report? I live in a rental housing community. They don’t report on credit unless its for the worse (evictions)… but I’ve never missed or been late on a rent payment… is there a way to add that information to be credit report?
SillyMe on April 17th, 2010
2. 

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Jim Crow on April 17th, 2010
3. 

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   References :
Fedas L on April 17th, 2010
4. 

   Paying your rent on time will have no effect on your credit score. First get a copy of your credit report and check it for accuracy, apply for and get some easy to get credit, do not go over your line of credit, pay it off on time, keep credit cards to a minimum and cancel any cards that are paid off and are not being used. That will raise your score slowly.
   References :
Lori S on April 17th, 2010
5. 

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   Get a copy of your credit report and go over it with a fine tooth comb. Find the inaccuracies; almost every credit report has them. Write letters to the credit bureaus, disputing the inaccurate items. If they can’t prove it’s correct or don’t respond in time, the items must be removed.
   References :
Jillian on April 17th, 2010
6. 

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   References :
Dave I on April 17th, 2010