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Features of the Best Credit Cards | Balance Transfer Offers

Features of the Best Credit Cards

In today’s fast-paced world, having a credit card is a necessity, not a frivolity. We need access to instant cash to pay bills instantly over the phone or Internet, to shop online, and much more. But finding the best card to use is no small task – and can actually become a somewhat mind-boggling process because there are so many different banks and companies offering thousands of different options. If you have good or excellent credit, your options are even more diverse. Let’s look at the features of the best credit cards so that you will have an idea of what you should look for when you open an account.

Low or Competitive Interest Rate

One of the most important (if not the single most important) features of the any credit card is its Annual Percentage Rate or APR . The APR will be used to calculate your interest charges on purchases that you make. Obviously, a lower interest rate is ideal because you will pay less for the money that is extended to you to make purchases. Look for a competitive APR on the card that you choose – but be careful to read over the terms and conditions of the card before accepting it. More often than not, a very low APR will revert to a higher rate after what is known as the introductory period; make sure that the APR you will be paying in the future is a number that you can deal with. Most cards, even those that initially charge you zero interest, will eventually end up charging an APR of less than 12% – but again, reading your terms and conditions is important because you don’t want to end up with getting charged 19.99% interest! (As a side note, also find out what happens if you send in a late payment; most companies will penalize you by tacking on a higher APR to your account). In short, when choosing the best card, think long term – not short term benefits.

Ability to Take Cash Advances

In emergencies, you might want to have a line of credit available via your credit card that will allow you the freedom to take a quick cash advance. Cash advances in general are a bad idea because they typically begin to accrue interest from the moment you withdraw the money from your account, and they also sometimes cost more in terms of interest than your set APR. In addition, you will be charged a fee for the cash advance that is usually a percentage of the total amount that was advanced. Still yet, many cardholders appreciate this option. If you are a consumer that has no cash reserve or other way to obtain emergency cash, then choose an option that will allow you to take a cash advance.