If you live on planet earth, you’ve probably received a credit card offer in the mail or online. Few industries are as aggressive in their marketing as the credit card industry.
In fact, credit card companies spent $83 million marketing their cards to students in 2010. And that’s just one slice of the very big credit card pie!
But no two credit cards are the same; some are better than others. So how do you know which to choose? It comes down to your needs!
Credit Card Factors to Consider
Before blindly accepting a credit card offer, consider your particular needs. Ask yourself these questions:
- Is my goal to rebuild my credit?
- Do I need a credit card at all?
- Will I carry a balance and pay interest? (Hopefully not!)
- Can I trust myself to pay off the balance in full each month?
- Are there any fees that come with this credit card? Other costs I should know about?
There are plenty of credit card companies that will issue you a credit card. That doesn’t mean that all credit cards are worthy of your business.
How to Compare Credit Card Offers
Only after you answer the above questions can you begin to compare the credit card offers that are undoubtedly flooding your mailbox.
Here’s an example credit card offer, which found itself in our mailbox not too long ago. Almost all credit card offers use this basic template. (Notice how the front of the offer is simple and straight forward, while the back contains all the important information in small print! Credit card companies are smooth marketers!)
We carefully highlighted and color-coded the key features:
Photo by: o5com
