Credit Card Reviews – Know What To Look For
If you have ever shopped for credit cards online then you no doubt have come across several credit card reviews. Like all products, credit cards are commodities that are promoted and marketed to consumers and businesses.
For this reason it is in the financial interest of the person or company promoting them to show them in the most positive light possible. The bottom line is that the bank or issuing institution wants you to apply for a credit card and become an account holder.
The end result is, in far too many cases, that instead of getting an unbiased review, the consumer gets a sales letter disguised as a review. I’m sure you have seen it 1000 times over, whether you realize it or not.
What you do not need in a review is hype, opinion and conjecture. Please don’t misunderstand me though. Getting an opinion on the experiences of cardholders is a great way to learn about a product. It can be both enlightening and informing.
However, the best place to get that is not through a review but rather on a forum dedicated to financial matters. That’s where you can hear consumers that have absolutely no incentive discuss their experiences with their credit card and its issuer.
If in fact you read opinions that are passed off as a review then you should immediately question the veracity of what is written. A review, for all intents and purposes, if it is to offer any value, should state the facts and only the facts.
Credit card reviews should be all about discovering the best credit card to suit the credit needs of the consumer. To that end, the following terms should be kept in the forefront and clearly displayed:
- The Annual Percentage Rate (APR)
- All Fees, Including Annual Fees, Cash Advance, Balance Transfer and Late Fees
- Introductory Rates (if applicable)
- Terms, Including How Interest Rates Are Calculated
- The Grace Period
- An Outline About the Rewards Program and How It Works
These important points are the foundation of quality credit card reviews. If you do not find them on the website that you visit then move onto another that does offer this information.
Also take the time to note that the offers, while they may look similar, do in fact vary, sometimes in a substantial way. The credit cards issued through Visa, MasterCard, Discover and American Express all have distinct features and benefits.
In addition to that, usually interest rates displayed on a review are the very lowest rates that are offered by the issuer. That doesn’t necessarily mean that the cardholder will qualify for the low rates. It all depends upon how strong the account holder’s credit history is.
Related Information:
- Credit Card Review – What to Look for in a Quality Credit Card Review Read our take on what constitutes a quality credit card review. It may surprise you with regards to what constitutes a good credit card....