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1992-12-20
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CHOOSING THE CREDIT CARD THAT'S RIGHT FOR YOU
When choosing a credit card company, you should decide based
on your personal needs. The overriding factor in the end
should of course be cost. Many factors can blur the true
cost of owning a particular card. Transaction charges,
payment "grace periods," the method by which a credit card
company calculates interest, annual fees, availability of
customer service all affect the overall quality of a credit
card offering. Once again, which company you choose should
be based on your needs and habits.
For instance, if you pay your entire balance every month, a
no annual fee account that charges a higher interest rate
may be more attractive. Or, if you always carry a high
monthly balance, or any at all for that matter, you'll want
to get the lowest interest rate possible.
The company's "grace period" or "free ride period" is
important regardless of how you pay your bill as this
determines how interest on your account is calculated;
twenty five days is common throughout the industry. If
you're habitually late on your payments or over your limit,
you'll need an account with no late or over limit fees.
If a particular account offers lots of travel perks and
you're a homebody, don't pay for services you won't use;
find another company. If you use cash advances regularly,
you'll want a low interest rate and no transaction fees. In
short, choose a credit card issuer based on your spending
and paying habits, as well as your personal needs.
* End of CHOOSING THE CREDIT CARD THAT'S RIGHT FOR YOU *