After review a list of the most popular credit card offers have been complied along with what to watch for in the fine print.
1)Airline Reward Cards: with an airline rewards card you will earn miles which typically equals 1 mile per dollar spent. If you have a favorite airline you will want to make sure you choose there card. Airline reward cards usually have an annual fee and higher interest rate; I would recommend this card for the individual who pays the balance in full every month. Many airline reward cards offer a nice bonus incentive when signing up for there card.
2)Balance Transfer Cards: these cards typically offer a low or 0% APR to get you to transfer balances from a higher interest rate cards. The 0% APR is for a specific time; 6 months to 18 months. When taking advantage of the balance transfer you should read the fine print to find the best offer since there is usually a fee to transfer the balance. Some are a percentage with a maximum dollar amount. Another important thing to watch is the APR on purchases if you continue to use the card after the balance transfer.
3)Automotive Cards: even the auto industry is getting involved with the reward cards. These cards offer points equal to every dollar you spend towards the purchase of a new auto. Beware most of these cards the points can only be used to purchase a new auto.
4)Cash Back Cards: are becoming very popular today. Who wouldn't want to be paid for using your credit card? Watch the fine print and the interest rates after the intro.
5)Prepaid Cards: with a prepaid card you the consumer have total control and never have to fear about credit card debt. You load the card with your own money and then use it as a credit card. You never pay interest since you are using your own money; this is considered a secured credit card. This is an excellent way for someone to establish a credit score or to build a better credit score. Make sure before taking advantage of this type of card that your activity will be reported to at least one major credit bureau.
The most important thing to remember when shopping for a credit card is to read the fine print. The information in the bold points always look great however the important information is in the fine print and this is often not read by the typical consumer. Also watch for a default rate; most credit card companies today with jack up the interest rate if you are late on your payment. Make sure you pay close attention to this some may be as little as one day.
