Presented by Daniel Toriola
Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed
on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the
person’s credit score.
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7 Options To Consider When Taking Out A New Credit Card
By John G Edmond
How many times have you taken out a credit card based purely on its current interest rate or
balance transfer option?
You may be surprised to note there are at least 7 elements worthy of consideration when you take out
a new credit card. To judge a new credit card on just one or two options could easily result in a bad
deal for you. You need to consider the following 7 options when you take out a credit card:
1. The Initial Concessionary Interest Rate And Period
Many credit cards offer a 0% interest rate on purchases for a limited period, usually six to nine months.
This option can be very attractive particularly when you do not repay the balance in full each month.
After the initial period the rate reverts to the standard rate, usually in the 10 to 16% range although this
can be considerably higher.
Some cards however have no interest free offer but have a much lower permanent rate, from about
6.9% (although it will vary in line with general interest rate charges).
If you are likely to have a long term balance (if you are unable to pay off the debt within the first 6 to 9
months) this option could save you money in the medium to long term. You will not be able to switch to
this rate if you have taken the 0% initial rate offer.
2. A Monthly Interest Free Period On New Purchases
This relates to the period between your purchase of an item and when you will be charged interest on
that purchase amou