Many people use mastercards daily without thinking of the added costs involved. With all the benefits available on cards, it isn't difficult to find one that will truly work best for you. It just takes a little research to find out about any hidden expenses and to be sure you understand how best to use the card without paying additional money for it.
First, if you're planning to carry a balance on your card, look for low interest rates or APRs. This will work out how much additional you'll pay in fees. Try not to keep big balances as the APR will be a proportion of the amount you owe. Glaringly, that number will get bigger as your balance does.
If you are intending to do a balance transfer, be certain you find out the APR on balance transfers. They are infrequently different than the standard APR on the card, so be sure you search your paperwork ( or if all else fails, call and ask ) to see what the rate will be when you bring over your balance. This is going to be a point of negotiation too, since they want you to pay the interest on that balance to them.
Another thing to look for is annual fees. I never take cards that charge me a once a year fee. There are lots other credit cards open to me that don't charge fees, so I don't see the point in paying one. Sometimes folks will take a small fee in exchange for a great rewards program, but just be sure you research the card thoroughly and make sure the annual fee is worth what you're getting.
Paying your bill on time is a crucial way to not pay more. Most credit card firms have a late charge for paying the bill late. Some companies will also charge a higher interest rate on late balances. If you've got a card that has a promotional IR, or no interest for a specific quantity of time, it is crucial to pay that bill punctually. If you pay late, they can take away that 0% and charge you a really high APR. Read the small print.
So, when you're getting a credit card, be sure you know and understand all of the fees. If you're paying a little higher rate or annual fee for a rewards program, do the math. Be sure you can still have some rewards in the final analysis after you pay all those fees. Most significantly, try hard not to carry a balance and you'll get round paying interest altogether. - 31377
First, if you're planning to carry a balance on your card, look for low interest rates or APRs. This will work out how much additional you'll pay in fees. Try not to keep big balances as the APR will be a proportion of the amount you owe. Glaringly, that number will get bigger as your balance does.
If you are intending to do a balance transfer, be certain you find out the APR on balance transfers. They are infrequently different than the standard APR on the card, so be sure you search your paperwork ( or if all else fails, call and ask ) to see what the rate will be when you bring over your balance. This is going to be a point of negotiation too, since they want you to pay the interest on that balance to them.
Another thing to look for is annual fees. I never take cards that charge me a once a year fee. There are lots other credit cards open to me that don't charge fees, so I don't see the point in paying one. Sometimes folks will take a small fee in exchange for a great rewards program, but just be sure you research the card thoroughly and make sure the annual fee is worth what you're getting.
Paying your bill on time is a crucial way to not pay more. Most credit card firms have a late charge for paying the bill late. Some companies will also charge a higher interest rate on late balances. If you've got a card that has a promotional IR, or no interest for a specific quantity of time, it is crucial to pay that bill punctually. If you pay late, they can take away that 0% and charge you a really high APR. Read the small print.
So, when you're getting a credit card, be sure you know and understand all of the fees. If you're paying a little higher rate or annual fee for a rewards program, do the math. Be sure you can still have some rewards in the final analysis after you pay all those fees. Most significantly, try hard not to carry a balance and you'll get round paying interest altogether. - 31377
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