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Getting The Best Credit Card Deal

Fees, charges, and benefits vary among credit card issuers. When you're choosing a credit card, shop around. 

Below are important factors you should take into account:

• The Application Fee is often non-refundable whether you are accepted or rejected for a credit card with these companies. Be sure to read the fine print on the application. 

• The Annual Fee is another charge tacked on to your card each year. This fee can run from a low of $15 dollars to a high of $75 dollars just for the privilege of carrying that company's card. 

• The Annual Percentage Rate (APR) is a measure of what it costs you to borrow money from the credit card company for a short- term loan - which is what you are accessing when you make a purchase on your card. 

• The Periodic Rate is the rate applied to your outstanding balance and determines the finance charge on the outstanding balance each month. For example, if you have an outstanding balance of $2,000, with 18.5 percent interest and a low minimum monthly payment, it would take over 11 years to pay off the debt and cost you an additional $1,934 just for interest, which almost doubles the total cost of your original purchase. 

• The Grace Period is the time between when a purchase is made and the time when interest begins to accrue on that purchase. With a standard grace period you have the opportunity to pay the entire balance in full each month to avoid paying any interest. Some companies do not grant any grace period at all and impose a finance charge from the date of each purchase. 

• Transaction Fees and Other Charges are added to the account for withdrawing cash, exceeding your credit limit or making a late payment. In some instances there is a minimum flat charge whether or not you use the card. 

• Does the Credit Card company have a 24-hour toll-free number to answering questions and reporting problems such as lost or stolen cards.

• Other benefits: Most offer insurance, credit card protection programs, discounts, cash back rebates, special merchandise offers and many other benefits that are worth investigating and comparing.

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