Credit cards have proved to be a blessing in many situations. But it can turn out to be a curse in the wrong hands. Hence finding the right card is not an easy job. You should have a better understanding of your lifestyle and spending habits for choosing the right card for you. It is indispensable to compare card rates and do the needful research to select the card which will provide you maximum benefit.
Before you sign on the card application, you should read the fine print which will help you to understand the potential dangers lurking that might trap you as credit card holder. The information provided would be of great assistance in determining whether you are ready for the card and what type of card to choose between endless card offers. It also gives guidance to use the card in a responsible manner.
It is important to compare credit card rates with Credit Card APR Comparison Tools, which permits you to find the lowest card APRs for the type of credit card you require. APR is a figure which makes it easier for consumers to know the interest rate which they have to pay on a card. It is mandatory that every credit card issuer has to advertise an APR along with their products. Though they might not understand how this interest will be compounded, they can use the tool when choosing a product. APR is applicable for those who carry over a balance without paying the dues in full every month. For feasible and profitable transactions, it is essential to understand the cost of borrowing and this rate is highly advantageous for knowing this better. For example, a card with an APR of 20% will cost more in interest charges annually than a product that offers 17%.
It should be noted that credit card companies can give out the same product to two people with identical benefits and features. But it is not necessary that the APRs given will be the same. If you observe any card offer carefully, you will find a word such as 'typical' by the percentage rate. The meaning is that a consumer may get this rate, but there is no surety. In fact, the rate that is given to a particular consumer depends on his credit rating. Those who have excellent financial track records will get the lowest rates. At the same time, those with impaired or bad credit may be charged a higher rate than the advertised rate since the risk is high in such cases.
Thus card interest rate comparison tables indicate the average interest rates for different card categories and issuers. These comparison tables are updated on a daily basis and include cards from many issuers so that you can compare credit card rates among popular cards. It is also possible to compare interest rates by applicant credit requirements. This will aid you in understanding how improving your credit score would help in lowering the interest rates.
If you are looking for more information then feel free to visit Compare Credit Card rates and Compare Credit Card rate.
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