An APR credit card comes into effect today and providing a fantastic opportunity for our financial products to benefit us and our families. A high APR credit card, which is often associated with high interest credit cards, is a new phenomenon that can be an aid to individuals under stress. It is important that we properly evaluate when a credit card will bring rewards while still giving us time to gain some rewards even when we do not use this card. If you need credit cards with rewards or can, this would be a great introductory option and is well worth looking into if there is one that brings reward in full at a good interest rate. But, what are the types of rewards you can gain? Below are some recommendations on what you should consider when applying for any of our low APR credit cards.
1. Check for tie-ins to reward credit cards at the issuing company. These tie-ups give the company that much more at your expense. In fact, some companies even give you something extra for your participation in the tie-up. Check to find out if the company is offering reward cards with rewards programs? Or, if they have freebies and promotions they could offer you? Although it may be tempting to apply for credit cards that are not reward credit cards, try and look into tie-ins to reward credit cards. Determine if the tie-ups come at the expense of reward credit cards, or if tie-up credit cards can offset what is lost in reward cards. As for what type of rewards programs are available at the issuing company, some make you a ‘spender’ of the program you would like to see? Or, do you have any rules on what type of rewards programs are valid?
2. Then compare the promotions and bonuses that a tie-up credit cards offer. Are they sponsored by their partner credit card company? Does their participation cost nothing for you? Try to find out the type of rewards program you can qualify for by comparing the interest rate. Also, if you are going to have to pay interest on the purchases, how much do you pay per month for it? Also, if you are going to be stuck with the introductory period of no reward credit cards, how long does the introductory APR last? Are there any other incentives when you first sign up?
3. Never pass up the chance to earn rewards – this is the trick where most people fall into the instant gratification trap. But remember, there are risks to having good credit, and there are benefits. For example, getting instant and immediate access to cash if you have credit problems. You should also be aware of the possibility that you might be denied credit in the future. But remember, these are a few risks that are out there, and you should be on the lookout for them.
4. Be aware of tie-ups. Some companies are not sharing the rewards that they claim to offer. It may be a good idea to check with the partners on the other end before you apply. Some companies might not be able to offer you points that are redeemable at the point of utilization. The truth is, you need to evaluate every purchase you make and make sure that what you get is what you hope it will be. Yet another great thing to consider is the APR. One late fee could cost you thousands of dollars over the lifetime of the card.
5. Check some of the partner cards. Many partners may be offering credit cards with good rewards though the introductory time period may end before you really stand to benefit from them. Consider whether they offer some of the same rewards you get from low APR credit cards. Or, do you apply for those cards or less well? Some may actually increase your interest rates when you apply for more cards.
6. Compare tie-ups. Are they just starting out? Can the major credit card issuers offer special rewards? This is one potential area of investigation. Review to find out if they offer different credit card strategies. It is more important to stay relevant and to help customers succeed – and to make the most of their credit card.
Using Your Credit Card Smartly to Take Control of Your Lifestyle
Whether you are busy juggling college and career preparations, trying several different types of debt consolidation loans, or you have a genuine savings account of hundreds of pounds of debt, using your credit card to buy things you really need is one thing. Many other things, too – but especially to fulfilling the needs of work and pleasure and to take control of your own finances. You don’t have to spend all the time you are spending pumping out money to meet those needs.