It wouldn't be wrong to say that it's raining credit cards, in the past couple of years credit cards have become more common and it is because of this reason wherever you look you see a new bank opening up trying to lure you in with their seemingly lucrative credit card offers.
Yes, credit card issuance has turned into a fiercely competitive field, which is why every bank now offers you perks that make their credit card offers sweeter and ones that you can't resist passing up on.
However, this is the right time that you need to analyze the various credit card offers and see them for what they're really worth, so that you actually do get a “sweet” deal with the credit card that you end up choosing.
The trait that links every credit card offer with each other is the fact that these offers are designed to be deceptive; they are generally worded in a way that can confuse users and so enable the issuers to take advantage of the users without them being the wiser.
Though, this behavior might have worked a couple of years back, it doesn't swing anymore.
Among the common credit card offers used by banks to sway users are lowering interest rates, offering more rewards and decreasing the annual fees. And though, all the offers may look like they're just too good to resist, always remember that mentioned in these offers is a fine print that can actually put you in trouble rather than sweetening the deal for you.
When the deal is too good to be true, it usually is!
It was precisely for this reason that Congress passed the CARD (credit card act) bill, which was quickly made into a law. Included in the bill were the clauses that prohibited credit card companies to market and advertise their offers to children and also to mention all of their fine print terms and conditions online so that credit card users could make informed decisions.
Mentioned below are some of the common credit card offers and their benefits.
- Attractive Introductory Interest Rates
Among one of the most common credit card offers are low introductory interest rates, most credit card companies dangle in front of their users the juicy option of 0% annual percentage rate, in this case the higher standard rate actually hits the users after a year or a couple of months.
Though, the low interest rates must make your heart race, especially for the users who have debt, however, the reality is that when the real interest rates hit (which is soon) your already bad debt situation becomes much worse.
- No Annual Fee
Some credit card offers entail the waiving of annual fee, some companies offer no annual fees for up to a year while others make the annual fee of your credit card dependent on how you use your card.
Though, at first glance it does seem simply amazing to carry and use a credit card without paying any fee whatsoever, however, do consider for a moment the credit cards that offer users quick cash backs if they pay an annual fee.
Which situation do you think is beneficial? Getting accelerated cash backs or paying no annual fee?
The decision surely depends on you, however, it is always better to get yourself in a situation where you can regain the maximum of benefits.
- Credit Card Transfers
Some credit card issuers also offer users the option of credit card transfer, what does that mean? Well with a transfer you can essentially move your respective offer to an offer that has a lower interest rate. For example you can transfer your card from paying 17.99% interest to paying a lower 14.99% interest rate.
Looks inviting, doesn't it!
However, don't be blinded by the lower interest rates and let your credit card bill build up, the best thing to do is to always pay your balance in full month after month, every month.
All credit card offers are designed by banks with only one motive, to sway as many users as they can to buy their respective credit cards, just remember, no matter what credit card you decide to put in your wallet, paying the entire balance every month ensures your financial freedom which helps you enjoy credit card offers that you might decide to go with.
