Just as there is no best credit card for everyone, there's no single one that stands out as the worst, or one to avoid. It's all about finding the one that fits your needs and your circumstances. It may be easy to say 'avoid any credit card that has an APR above x%' - but there are people out there who need a card and can only qualify for one with a high APR. If one doesn't compare credit cards based on APR or annual fee, then how does one determine which are best avoided?
Rather than putting together a list of credit cards to avoid, it's far more profitable to pay attention to a list of do's and don'ts that will help you select the best for your circumstances and situation.
- Annual fees or participation fees which will be charged to your new card. You'll be liable for the first year's fees even if you never use the card.
- The APR (annual percentage rate) is the interest rate that will be charged on your outstanding balance. The agreement must also disclose whether the rate is fixed or variable, and if it's variable when and how often it can be changed, and how much notice they're required to give you.
- Transaction fees for particular transactions, like cash advances, may be additional. Those need to be listed in the agreement.
- Any monthly fees for your card. Some credit card companies charge a monthly fee whether or not you use the card.
- The method used to compute the interest on your balance can make a big difference in the fees that you're charged. Knowing how and when those fees are computed can save you a considerable amount of money.
When you're looking for the best credit card, make sure you take the time compare all the options before making your applications.
Jon Francis has been involved in various areas with the world of finance and has a keen eye for a bargin! He has an in-depth knowledge of the credit card UK market and now helps others get the best from a credit card. For more information visit ==>http://www.moneyeverything.com