Comparing offers from credit card providers wasn’t so common a couple of decades ago. Yes, there were benefits to shopping around a bit even then. But in the 21st century, millions of people are now finding that they’re not only able to get credit but that they can also choose from a variety of plans and offers. In fact, if you’re seeking a new credit card, this is a great time to look closely to get the most benefit.
It’s a fact that all credit cards are not equal so you’ll need to work with one of the most reliable providers in the industry. If you can get your card from a financial institution close to you, so much the better. This will make it even more convenient when you have questions or need to make changes. Assuming you live in Southeast Asia, for example, you’ll certainly benefit from credit card comparison in Malaysia.
What to Look for
Here are a few of the key factors that you should be looking for when making your comparison. Number one on the list: interest rates. Your annual percentage rate should be more than competitive so make sure that you understand exactly what you’re agreeing to in this area. Most of the top providers you’ll be comparing will have rates that are very competitive but it still helps to know the numbers.
Once you’ve found the interest rate that fits your plan, you should look closely at such benefits as no cap on rebates when you use the card. Many cards will rebate a percentage on an amount you spend each month; for example, 1% when you spend RM1,000 your first month and 0.5% when you spend above RM1,000.
Other Factors to Consider
You should also pay attention to billing cycles and grace periods when comparing cards. This determines when you’ll start paying interest on your purchases. A longer grace period is better if all other factors are the same. You must also understand the annual fees charged by the card provider, if any. If you get benefits that you wouldn’t otherwise have, an annual fee isn’t always a negative factor. A good example would be a card that also comes with insurance benefits and no annual fee.
You should also look for introductory offers and rates such as cash advances, balance transfers, and lower interest rates for new customers. If you understand when these offers expire, you can have a great opportunity to get started with an attractive credit card. Some details are permanent. Some are not.
It’s also important to know about the minimum monthly payments required. This may be stated in the form of a flat fee or a percentage. If you have questions about this, make sure that you deal with your concerns before you sign on. Comparing credit cards makes good business sense.