They come day after day after day. Sometimes two, three, or four at a time. Credit card offers. The credit card industry is highly competitive and banks and other financial institutions are constantly sending out mass mailings in an attempt to lure potential customers to switch credit card providers.
And while it is generally not advisable to regularly open new credit accounts, there are times when doing so can be advantageous. But how do you compare all of the credit card offers to know that you are choosing the right credit card? There are a few things that you should compare and consider before making your choice.
The interest rate. Obviously the higher the interest rate, the more you will pay in interest charges. So the lower the rate the better. Many cards now offer zero-percent introductory rates for periods of up to a year. Transferring a balance to a card like this can be an effective way to pay down your debt quickly. But you have to read the fine print.
Credit card companies usually apply your payment to the debt with the highest interest rate first. So if your interest rate on purchases is 12 percent, your payment will be applied to that balance...
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