How to Find a Great Credit Card Deal

In watching television ads for credit cards, you can't help but notice the subtle (or not so subtle) suggestion that this credit card is a great credit card deal for you. Assuming you're in the market for a new credit card in the first place, do you just go with the smiling television people and apply for that card?

Not intending to hurt the ad agency's or the credit card issuer's feelings, but you need more to go on than a few snippets of information and smiling faces in beautiful locales.

Of course you need to know the benefits of having and using the card, but the single most important element is you and whether or not the credit card
fits your financial lifestyle. The 'fit' will be determined by how you use credit cards. For example, your best friend has excellent credit, pays for everything with her card and regularly carries a balance. You also have excellent credit, but you use your credit card for business related travel expenses and you pay your balance in full every month. Your friend's low interest rate cash-back credit card has very little appeal for you. On the other hand, a travel rewards card offer may be just right for you.

Take the following steps to find the best credit card offer for you:

(1) In order to make an honest assessment of how you use really use credit cards, look to your actual history. Its one thing to promise to be good and pay
your balance in full every month, but if your usage history says you are likely to carry a balance regularly, be real with yourself about it. Let your reality be the
starting point.

(2) Save yourself some time, research and compare credit card offers online. There are many portal websites that can help you find, research and compare credit cards.

(3) Review and understand the fine print. The most important information about a credit card offer can be found in the terms & conditions. When you do your online research, make sure you print out and read the terms & conditions page for that card. Reading is not enough, make sure you understand the fine print and if you don't, call the card issuer's customer service line to have them explain the fuzzy parts.

(4) Know the numbers. Make sure you know the applicable APRs, the annual fee, the grace period, the over-the-limit fee and the late fee. Know when the default APR kicks in and the amount of time the default APR can last. Know when the credit card company can change your interest rate. Know all promotional aspects of the offer - super low or 0% APR for 6 months, no annual fee for 24 months, etc.

(5) Know the perks of the card and carefully consider how they fit into your financial lifestyle.

Also, credit card experts strongly recommend that you get a copy of your 3-in-1 credit report before you apply for a new credit card. You want to make sure your
credit history is accurate. In the event you come across any errors, dispute it and get those mistakes fixed, then apply for that new credit card.

By following these tips, you will find a great credit card offer that fits your financial lifestyle.

2007 Ray E. Harris. All rights reserved.