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Key Factors to Look For When Signing Up For a Credit Card

What to Look For When Signing Up For a Credit Card

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Advance Personal Finance

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Signing up for a credit card is definitely a crucial decision to make. There are lots of questions to ask and key factors to consider.

Yes, credit cards usually entitle you to alluring rewards and perks. However, do these credit card perks really add value to your purchases? Is signing up for a credit card a worthy and fulfilling decision to make?

Basically, you’ll know the answer if you have full awareness as to what your credit card company offers you. In this way, you can manage debt and have power over it to become successful in money management.

Here are some of the essential things to look for when signing up for a credit card. Through this, you will find out if signing up is a right deal and decision to make.

  • Be aware of how much the credit card annual fees are.

Of course, annual fees are the credit card companies’ way to earn lots of money! However, you don’t have to go through it, as there are some credit card companies offering low annual fees. There are even some not charging annual fees to holders! The only key is to find the best deal among them all.

BOTTOMLINE: No annual fees or low annual fees = GREAT DEAL

Take note of the credit cards introductory annual percentage rate (APR), and the APR in the succeeding years.

Did a couple of credit card companies pass your simple test above? Now, it’s time to check their introductory annual percentage rates, and the APR they impose in the succeeding years.

Most credit card companies offer 0% APR for the first to second year. This is great news to holders, as they don’t have to pay interest with their purchases made in these periods.

However, a credit card’s APR usually goes from best to worst in a snap when you have to pay a whopping 20-25% after the 0% APR period. So, it’s best to get a credit card with an APR lower than these figures.


  • Know if there are credit card perks and rewards offered.

Lastly, find out if holding a credit card entitles you to amazing perks and rewards! In this way, you can enjoy owning a credit card.

BOTTOMLINE: Credit card offering perks and rewards = GREAT DEAL

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