If you’re like most financially savvy people, you’re probably interested in managing the amount of credit card debt you have. For some, part of this process might be shopping for new credit cards. This posting should provide you some useful tips and resources for when obtaining new credit.
1. Get Educated.
Before starting to apply for new credit, you might consider investing a couple of hours in learning about credit cards. This is to your advantage. Getting a working knowledge of the terminology associated with credit cards could help you make a more informed decision about your borrowing.
The federal reserve and the FTC have good pro-consumer websites you might consider checking out. Both of these sites will introduce you to some key issues like the different type of Annual Percentage Rates (APRs), fee structures and terminology used by credit lenders.
2. Know Where to Shop.
Knowing where to shop for can also help. If you have a credit union, you might consider researching their options. Typically credit union offer better terms than traditional banks.
If you don’t feel like walking all over town, there are a few websites that you might think about. One of these is creditcardclients.com. Other sites you might investigate are lowcards.com and creditcards.com. These sites work on commission. That is, if you sign up for a card offer through their site, then they’ll be compensated by the card company. The last stop on your shopping trip should definitely be bankrate.com. Bankrate.com lets your compare all sorts of financial products, credit cards included.
As a final thought, some people think that shopping around may not matter at all! The main reason they say you shouldn’t shop around is because of confusing contract language. Some card critics think the confusion is supposed to hide the fact that the card companies can charge you anything they want. So, like in all things, caveat emptor and be sure to read the fine print.
Happy Shopping!
- James
