Compare Credit Cards - 10 Ways To Save

Before applying for and accepting a credit card from any company, it will pay you to shop around. Regardless of your credit  history, card companies can offer different products and services and while the best offers are usually reserved for those with an impeccable credit history, even some of those that welcome credit risks offer different types of services with their cards.

When you compare credit cards there are several things beyond the basics to consider such as interest rates on cash advances and whether there is a grace period or does interest accrue from day one. If the credit card is accompanied by convenience checks, do they carry the same rates as a cash advance and is there additional penalties if you write one and the card company declines to honor it. What are the stop payment charges? Are there additional charges if you pay by phone or on the company’s website and will you be charged to replace a lost card?

Some things to look for when you compare credit cards include:

•  Application Processing Fee
•  Interest Rate
•  Annual Fee
•  Monthly Service Charge
•  Late Payment Fee
•  Over The Limit Fee
•  Payment Due Date and Time
•  Grace Period
•  Introductory Interest Rate Life
•  Credit Limit Increase Fee

While most credit cards issued today boast no annual fees, other associated costs can quickly add up to more than the old annual fees. The trade off is that if you use the card and pay off the balance before it is due, there are few fees with which to contend. Many cards issued by the major companies will conduct a periodic review of you payment history and offer limit increases at no cost.

Other companies, especially those offering cards to those considered a credit risk may allow you to request a review annually and if they grant an increase, may charge as much as 50 percent of the increase amount as fees for granting the increase. Most major card companies also do not charge a monthly maintenance fee unless your credit balance falls below a set minimum, at which time they can charge a minimal fee to maintain your account.

Typically, when you open a credit card account, the due date is established for you and getting it changed to match your payday can take an act of Congress. However, some cards lure in customers by offering to let you set your own due date at the time of application. However, since you set the date if you are late with a payment, it can trigger a increase to the default interest rate that can be as high as 30 percent. That is in addition to any late fees and over the limit fee that may accompany the card agreement.