Sometimes it seems that every day more credit card offers drop onto your doormat or pop in to your email Inbox. Before you choose one, you might wish to consider:
- what your spending habits are;
- how you usually you spend your money; and
- how much per month you can afford in repayments.
This can lead you to choosing the most suitable type of credit card.
Interest rate offers
Some of the most eye catching credit card offers might include the 0% and low interest rate ones. Usually the lowest rates of interest are great if you wish to transfer a balance from another credit card.
Such low introductory rates may perhaps only last for a limited period, after which the new interest rate may be much higher. If you have resolved yourself to repay all of your current credit card debt, you may find that you may be able to achieve this without paying any further interest.
However, if you intend to continue spending on the card, you could wish to check what the interest rate for new purchases is. The interest rates could differ on credit cards depending on what it is you want to do.
Reward scheme offers
If you already participate in a customer loyalty scheme these types of credit card offers may perhaps seem familiar to you. You could get a reward scheme credit card and this may work out well if you shop at the same place. Some could also cashback as a percentage of the money that you have spent.
If you are lucky enough to be able to pay off the balance each month this is to your advantage. By paying off the balance before any interest becomes due, you might typically collect the “reward” and enjoy the benefits.
However if not you may lose out as the interest could be high.
Charity credit cards
Instead of collecting rewards for you every time you spend money on your credit card, charity cards could make donations to charities instead. This could be an ideal way for you to get credit and help others.
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