Gold Credit Card – Uncovering True Value
Are you in the market for a gold credit card? If so, is there any particular reason why you prefer a gold card as opposed to any of the others? For many having a gold card represents a certain level of status. But are they actually better than some of the other cards out there?
The answer is, quite frankly, no not really. It’s more of a packaging and marketing gimmick than anything else. Have you noticed that banks and credit card companies all name their cards after precious metals? There are silver cards, gold cards, platinum cards and titanium cards.
No, the color of the card isn’t an accurate indicator of its true value. What is, however, is what the card can do for you. So instead of actively seeking a gold card, the prospective cardholder should be identifying exactly what their financial needs are and how to best meet those needs.
For instance, if the applicant currently holds high interest-rate cards with one or more other credit card companies then they will want to find a low interest card that has a balance transfer option. The color of that credit card makes absolutely no difference at all.
Many consumers like cashback rewards programs. They are, in fact, the most popular rewards feature, even eclipsing travel rewards. Once again, regardless of the color of the card you should be looking for the best cash rebate cards.
You may also want to keep an eye out for discounts as well as some issuers have partnered with retailers to offer them preferred pricing. Some cards, in fact, have partnerships with hundreds of companies that offer goods and services at a reduced rate for using a specific credit card.
The point being that before you apply for a credit card you should take the time to identify what you’re needs are. Then by going on a credit card comparison website you can quickly review the categories that interest you. If you happen to spot a gold card that meets your needs, then go for it.
There certainly is no shortage of them. Almost all of the major banks and credit card issuers including Chase, American Express, Visa and MasterCard all issue gold cards. Maybe gold is your favorite color. That’s great. Check them out and perhaps you’ll find one that will serve you well.
But apart from the color and name on the card, the truly important details are found in the terms and conditions that accompany the offer. The applicant must know what the interest rates are, the fees, how the rewards programs work, what the introductory rates are if any and other important details.
Acceptance is another issue. The vast majority of gold cards require an excellent credit rating in order for the application to be approved. There are two schools of thought as to what credit score constitutes an excellent credit history. One being 720 and above and the other being 750 and above.
It is not at all a bad idea to check your credit rating before you apply for a credit card. That way if their are any mistakes on your credit report that is lowering your score you can correct them. Remember, the higher your credit score, the lower your interest rates will be.
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