If you are shopping around for a credit card, you have many
factors to consider.
Interest Rates (APR) are one of the most important things
to consider. You always want a card that has a low rate,
not necessarily the lowest rate. This is because some cards
offer rebates such as cash back or frequent flier miles.
If you don't intend to carry a balance for long, you may
want to choose a card that offers these rewards even though
the interest rate might be a few percentage points higher
than another card.
Another thing to consider is annual fees. You would not
ordinarily want an annual fee on a credit card. In cases
where you intend to carry a balance, you may want a card
that has an annual fee. This is because they may offer substantially
lower interest rates.
Fixed interest rates are also something you should try
to look for. They may be a couple percentage points higher
than a variable rate, but you will know what your interest
rate will be. Variable Rates depend on what is called the
Prime Rate. This rate can change and will increase or decrease
what your interest rate will be.
Intro Rates should also be in consideration. You may want
to choose a card that offers a low intro rate if you intend
to transfer a balance from another card.
You need to take all these options into consideration
when looking for a credit card. It is best to determine
what your needs are and look for a card that best fits those
needs.
