6 comparisons; searching for credit cards deals

When the banking industry is having trouble it means consumers may find better deals.

08:39 13 May 2013

There have been quite a few banks in the new lately with PPI and price-fixing which makes many customers question the validity of their investments, and the security of their finances. One of the concerns might be using credit cards and how they might be affected.

 

Many banks offer typical savings and debit cards, but some also offer specific types of credit cards. If you’ve been wondering about your credit card terms recently, it might be a good time to do some shopping around. Here are a few things to look for when comparing credit cards:

 

• Introductory offers—these are increasingly better so look for the longest amount of time with the lowest interest rate.

 

• Post-introductory rates—these are important, especially if the credit cards require you to have them for a certain amount of time after the introductory period expires.

 

• Penalty rates—these are typically charged if there are late payments, or potentially over the credit limit charges.

 

• Grace period—this the amount of time you have from the time you purchase something on your credit cards until you can pay everything off without needing to pay any interest/finance fees.

 

• Fees—there are late fees, over-the-limit fees, annual fees, balance transfer fees, and sometimes penalty fees for NOT using your card during the month.  Keeping track of these fees can help you avoid penalty interest rates.

 

• Balance transfers—this may, or may not, be of interest to you. If you have other loans—they don’t need to be credit card loans—with higher interest rates, you may decide it is better for you to transfer the balance and lower your monthly payment while also paying less, over time, in interest.

 

Feel free to compare different credit cards and the rates that are available since banks will be doing their best to accommodate customers.