The article gives some basic information on How To Choose The Right Credit Card For You. Consumer lifestyle has undergone a drastic change over the years. With the passage of time, trade and commerce opened up the markets with new opportunities, that became a solid foundation to a dynamic set of consumer values and principles that have permeated across the social fabric of society. Retail spending and business transactions are no longer being conducted by cash.
All this has been made possible with the rapid improvement of technology that is integrated with banking practices. Cash transactions have been replaced by credit card transactions. What is a credit card? A credit card is a piece of plastic, authorized and issued by a bank to the consumer, for retail spending up to a certain pre-determined limit.
There are many types of credit cards offered by different banks with different features, and how does one decide to choose the right credit card? In a market scenario where competition is stiff amongst banks; it is a usual fact, that unethical selling practice by bank representatives include misrepresenting facts and features of the credit card, which after a period of time proves to be quite a nightmare for the consumer. The discovery of being misled by the bank proves to be costly and weighed by guilt.
Is that piece of plastic really worth its price? Is it really worth all the trouble to get a credit card? I mean, apart from all that glam and sheen that comes with card- the interest rate is astronomically very high.
Consumers need to be extra careful before signing on the dotted line to get a credit card. Banks are only keen to build up a huge customer base of cardholders, for which they would go the extra mile to woo prospective card holders, and just how serious are they? If they are offering at 18% interest, then they are not serious, and if they do not offer a generous credit line, low interest rate, a balance transfer option, and other features that go with the real brand name, then maybe their elite card is not as elite as you thought it to be.
There is a huge variety of cards available in the market, but in a practical sense one needs to know how the game is played, keeping the benefit factor in mind e.g., there are the Affinity cards issued from airlines or car rental companies. Every dollar spent on the card goes ensures a free upgrade or some subtle thing that they offer. If these are the kind of services that a consumer may use on a regular basis, then this might be the best card option after all.
Then there are the department store credit cards. One should be careful about discount sales at the stores- you can save 15% on purchases today if you happen to avail one of their credit cards. It might sound tempting so you sign up, and eventually realize that a saving of 15% was not such a good deal after all, because the credit card issued by the store has an interest rate between 20% and 30%! That is higher than most credit cards from banks!