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Research: Credit card offers - Picking the right card -

The credit card industry is highly competitive today. Banks are constantly trying to outdo each other by offering cards with attractive offers. Whether you are new to the credit market, or an old player, choosing a card must be given a lot of thought. You will have to do prompt payments, make sure your credit-debit ratio is ideally 50-50 and also be sure you can afford the card.

Many cards come with no annual fee today, there is also 0% interest and 0% on balance transfers. So how do you know which one to pick? If you are new, then take your time; receive information about the various credit cards you are eligible for in your email and read up before deciding which one to pick. Credit cards must not be blindly taken, because you can charge it going forward, but you have to pay up. If you miss a payment there will be consequences like interest rates, increased fees and more.

Picking the right credit card can be the ideal way to saving money and using your finances wisely. You will also be able to build a good credit record in no time. Firstly check what you can pay, will you be paying the bulk amount each month or leaving balances, do you travel often? Would you want to transfer balances in the future? All of these and more are important in picking your credit card. If you plan to pay the entire amount in one go, you will want to pick a card with Low APR. Be sure that whatever minimum amount is required can be paid by you and you will not end up accumulating debt over debt.

There are plenty of cards with reward programs and cash back offers in the market. If you are someone who travels for business and does a lot of purchasing, then you may want to consider the reward cards. You could get some good deals on hotels and airfare. You could also have a lot more saved than you spend if you use it wisely. But be prepared for the interest rates on it which will of course be higher.

In some cards, a low and no annual fee seems like a steal deal. There may even be some good offers on it, which make the card seem too good to be true. Remember to read the fine print on every deal, most often these great deals would be temporary, a promotional offer. Once you sign it and start purchasing, you will find that only the balance transfer has all these conditions applicable.

Nay new purchase would result in an APR decided by the company and a new annual fee. Such cards are a good idea if you plan to close the outstanding amount without incurring interest charges on it. If you plan to charge it thinking you have a brand new 'no strings attached' account, you will be in for a shock. Choose your card carefully, be sure that you can afford what you are charging to the card and make your payments on time. Always remember better late than never for your credit scores.