subject: Credit Card Comparison: What You Should Know [print this page] Credit Card Comparison: What You Should Know
Credit card comparison is a tricky job. There are numerous categories of credit cards in the market. These credit cards differ by their type, credit limit, benefits and other features. Choosing the best credit card is often difficult because you will have to choose the category and then within the category the company which gives you the best deals.
Categories Of Credit Cards To Choose From
If you are a student, a Citi Platinum select student credit card is a good option for the simple reason that the monthly regularity and GPA of the student add to the good credit history of the student, which is important to get private education loans at low interest rates. At least a credit score of 650 in US is required by private student loans.
Similarly, business people shouldn't go for the standard credit card. The business card is a better option, simply because business expenses are better taken care of. Similarly, someone with a store making quick investments will benefit from a low interest credit card, even if it is higher than standard card after the initial period.
Benefits Of Credit Cards And Why Some Are Better Than Others
Some credit cards are better than others and are more preferred purely because of brand value. Credit card comparison should always take into account the company. Good companies might not give great benefits, but one can trust them for not having hidden charges, exorbitant processing fee and other such things which will mislead the customers and later put them in trouble.
Cash Back Offers
Within the best brands, credit card comparison always happens based on the interest rate and cash back. Popular rating sites like creditcard321 rates credit cards based on two kinds of cash back offers. Some credit card companies give higher cash back on a set number of products like grocery, gas, petrol etc. There is a second level of cash back which is lesser but given on all the products bought on the credit card. Customers need to make a choice about which will give them greater benefit.
A third kind of cash back is with select stores and merchants and customers need to decide if they prefer to shop there or not. Also some credit card companies have cash back but there is an upper limit or cap on the total saving. While doing credit card comparison, it is obviously better to prefer credit cards with lesser cash back but no cap, which means you save more invariably.
Initial Period
You must always take into account what the initial time period is while doing credit card comparison or compare credit cards as this is the time when you can reap the maximum benefits from a credit card. Some companies in fact offer 0% interest rate, 0 annual fee and processing fee and you can do this with all balance transfers and big purchases. Obviously, a card like Citi Platinum which offers this for 18 months is very good as you can save a tremendous amount of money during this time frame of one and a half years.
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