Choosing Your Credit Card

There are many credit card lenders all over the country today that would more than likely love to issue a credit card for you. Since there are so many lenders, competition is fierce, which means that consumers have more power when it comes to choosing the best credit card for them. Some banks will use incentive programs to try to lure you to them, and others will offer low rates, high credit limits, and various other perks, all in an effort to persuade you to do business with them.

If you are looking for a credit card, the best thing you can do is take your time and look at cards being offered by many different lenders, so you can get the best possible deal. Don’t just fill out that application you get in the mail and send it back in assuming it is a good deal, do your homework first, to make sure it really is as good as it seems to be. It is also important that you very carefully read and understand all of the fine print, and the terms and conditions of the card, so that you can find out exactly how much that card will cost you. This is the area where you will usually find out about the interest, and the fees that will be applied to the card. Many of the offers you receive in the mail may be for cards with a very low credit limit, and half or more of that eaten away right at the start in fees, and if you don’t read the fine print and use the card, it will be too late, you will be stuck paying for those fees or having your credit ruined with a charge-off.

In credit card lingo, the APR, or annual percentage rate, will tell you what your interest rate on your card is, and how much it will be if you miss a payment or do anything that puts the card into default. Make sure you pay attention to this, and look for a card that can offer you a low APR. Don't take a card that comes with a high APR, as it will only lead to no good. These cards typically are the fee happy cards, where you use the card once, and because of the APR and other fees that are charged, if you only make your minimum payment you will never see the balance come down. Everything you pay will go towards the finance charges and monthly fees, and in some instances, your balance may go up, even after your payment posts.

You will need to decide whether you want an American Express, MasterCard, or Visa, so you should take some time to read up on the differences between the three. Typically, if you can get a decent American Express, that is the way you should go, as you will be dealing directly with them, rather than a third party lender.

If you do take American Express, you should know that not every merchant accepts it, especially if you will be traveling out of the country. In that case, you would do better with one of the other card types.

There is another card type, but it isn't nearly as well-known as the other three, Discover. Discover cards typically come with tremendous benefits, but like American Express, it isn't widely accepted as the other types of credit cards. If you think you will only need your card for local use, then you might really want to look closer at the many benefits Discover offers its customers.

When Cash Is Scarce, There’s Comfort in Miles - New York Times

New York Times

When Cash Is Scarce, There’s Comfort in Miles New York Times, United States - 1 hour ago A cash rebate sitting with the credit card company waiting for you to ask for a check has no worth either. You could forget to request your reward, ...

Suze Orman: Tips to pay off credit cards - MSNBC

The Sun

Suze Orman: Tips to pay off credit cards MSNBC - Jan 8, 2009 Credit card companies have reversed course. They are now looking for ways to lend less money, especially on accounts they deem risky: consumers with high ... Credit Cards: You Asked, We Answered Now Check Your Credit Cards, You May Need a Bailout Too The River Journal Amex card charges record 46pc for credit Telegraph.co.uk Stuff.co.nz - PR Web (press release) all 54 news articles

Obama and the Politics of the Stimulus - Washington Post

Times Online

Obama and the Politics of the Stimulus Washington Post, United States - Jan 8, 2009 I would advise everybody to get rid of Capital One, they are among the worst credit card companies in existence and seek to screw their customers at every ... Video: Obama tax cuts gets cool reception ReutersVideo Tax Cuts Receive New Emphasis—and Some Criticism—in Stimulus Debate U.S. News & World Report Obama's Stimulus: A Jump-Start for His Long-Term Agenda? TIME The Associated Press - AllBusiness all 6,100 news articles

AmEx, Discover may eye bank buys to boost funding - guardian.co.uk

AmEx, Discover may eye bank buys to boost funding guardian.co.uk, UK - 55 minutes ago By loosening up purse strings and paying upfront to acquire a bank, or multiple banks, the credit card companies could ensure more stable long-term funding ...

Regulators:Thanks PCI, but we'll take it from here - Computerworld

Regulators:Thanks PCI, but we'll take it from here Computerworld, MA - 3 hours ago The Payment Card Industry Data Security Standard (PCI DSS) being pushed by the major credit card companies has probably done a lot to stave off state and ... Retail Data Security Breaches in the United States TMCnet Solution to Help Washington, DC, Metro Secure and Audit Access to ... Government Technology SafeNet helps top retailers tackle PCI DSS requirements Moneycontrol.com (press release) all 14 news articles