Things to keep in mind while choosing credit cards

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Things to keep in mind while choosing credit cards

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It can be pretty difficult to make a decision about which credit card to choose given the fact that one can be spoilt for choice in today`s consumer oriented market. The banks are vying against each other to get as many customers on to their dossier as possible. And in trying to do so, they give out a lot of freebies and rewards with a hope to tempt people into getting a second or third card.

There are a number of ground rules that one must have before going around to shop for credit cards. The most important thing to keep in mind is that the bank must be a reliable and respected one. There are a lot of local banks which will really not be helpful if you need to talk to a customer representative or visit a branch in your city. It is very important to be able to speak with a live representative at times and if you are not able to access such a service 24/7 it might be worth your while to look elsewhere.

Apart from this, while shopping for a credit card do not be swayed by all the rewards that are being offered by the bank. Look for a better interest rate rather than a free vacation trip with your credit card. A better interest rate will mean that you can purchase items now and pay back beyond the interest free period at a very low interest rate. If the interest rate is high, you will not have the freedom of extending your credit beyond the interest free period. Also look for long interest free periods on introductory offers from credit card companies. Such offers are really good because they will give you a lot of time to make repayments without having to worry about interest being accrued on the expenditure.

These are the basic things that one must keep in mind while shopping for credit cards. But there are a few other things that you can enquire about while talking to the representative. For example, ask about security features on the card. Apart from embedded security features also ask about fail safe procedures followed by the bank in case of theft or unwarranted transactions with your card. Only when you are fully sure that you understand everything about the card and what you can be liable for, it is only then that you should go ahead and sign on the dotted line.

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