Finding A Cheap Credit Card
Does finding a cheap credit card sound like a dream? It’s not, you can still find credit cards with good rates if you know where to look and what to look for.
Look for cards with these features:
- Low APR (Annual Percentage Rates).
- Monthly Payments should normally be 3%. Watch out for higher monthly payment fees.
- Look for rewards you will use: if you fly, look for frequent flyer rewards.
- Check out a credit union. Credit unions tend to have the best deal on credit cards.
Make sure to always watch out for “hidden fees”. Read all the fine print, sometimes credit card companies make their fees hard to find. Here are some “hidden fees” you will want to avoid.
- Annual fees. Do you want to pay just to use your card? Fees can range from $25-$300 a year.
- Application fees. You may be charged $10-$15 when you apply for a card.
- Cash advance fees. Charges you will get for getting cash from your card.
- Balance transfer fees. Fees charged to you for transferring your balance to another card.
- Finance charge. The fee for having a monthly balance.
- Late payment fees.
- Over credit limit fee.
- Retuned check fee.
Phone order fee. This is from making payments over the phone.
Universal default. If you have late payments on any other accounts (car, phone, mortgages, or other credit cards). They can increase your rate even if you have never been late on their card.
By finding a cheap credit card you can save a lot of money and pay your debts off faster.