How to Compare Credit Cards
Consider the type of credit card (i.e is it a rewards card, an Air Miles card, a travel card or a premium card).
Compare annual fees
Credit cards have different annual fees, so it’s important that you compare, so you can work out which option you will be able to afford.
Consider if they are accepted by most retailers
Most credit cards are affiliated with Visa or MasterCard, which means that they are accepted by merchants worldwide. If you credit card limits you, you’ll find that you may have a hard time using it internationally.
Compare which cards offer the most rewards.
Compare interest rate and qualifying criteria
The interest rates charged by credit cards are important factors to consider when you compare credit cards. Equally so, qualifying criteria should not be too complicated.
Tips for comparing credit cards:
Check your credit score to find out what credit card offers you might be eligible for
Before applying for a credit card you need to check your credit score. If your score is low, make efforts to improve it.
Aim to find the best card for you, which is designed to meet your specific needs
Aside from finding the cheapest credit card offers, make sure that find a credit card that can meet your needs. For instance, if you need a credit card for emergencies, you may want to find a card that offers you a high credit limit.
Ask the right questions:
- What is the card’s balance transfer policy?
- Does the card offer rewards?
- What penalties apply for default?
Find out about credit limit increases
Credit limit increases may be helpful when you need to buy big-ticket items. When you compare credit cards it’s important to find out how you can request credit card limit increases and how long they take to come into effect.
Compare repayment terms
Find a credit card with the most flexible repayment options.