Credit Card Features - What to know to get the best deal

Understanding all the features of a card will help you figure out which one is the best deal

When you open your inbox that first thing that you notice is that you have several emails containing credit card offers. When you open any one of them, you will find that what is offered is exactly what you want or need. As you skim over it, the information entices you into believing that this is the perfect credit card for you.

However, it's important that you read everything before you jump in and sign the contract. There's often small print that can end up coming back on you. The features that the card offer claims may not be the features that you end up receiving. It's important that you understand that there are a lot of aspects to credit cards that you need to be aware of before you sign the contract.

Hidden Fees

Every credit card company will at somne point charge fees. It's inevitable. The fees can be for just about anything so it is important that you read the fine print very carefully. Often, you will find that there are many hidden fees that you do not know about until you are charged for them.

Annual Fees

Almost every credit card company will charge you annual fees whether you use the card or not. You may be offered an introductory special where there are no annual fees for the first year, and after that year you will be charged. However in recent years, the credit card competition has become so fierce, that some companies will waive the fee if you speak to them directly.

Cash Advance Fees

Cash advances are a feature that all credit cards offer. However, many credit card companies will charge you a fee for using this feature. The fee for using the cash advance feature is usually high, and you will be charged an even higher rate in interest for the advanced amount. The interest starts to accrue when you receive the funds. Credit card companies have to disclose this to the consumer; however, it is usually hidden in the fine print of the contract.

Miscellaneous Fees

it's important to understand that if you are late with a payment or if you go over your credit limit, you will be charged a fee. This fee will accrue as long as you have an outstanding balance. You will also be charged an account set up fee and if you return an item for any reason. These are called miscellaneous fees and they can add up to more than the amount of what you spent. It is always recommended that you pay your balances every month to avoid these fees. If you are unable to pay it off, then try to pay something toward the balance each week until it is paid off.

Incentives

To offset all of the fees, credit card companies often offer incentives to their customers. This incentive can be anything form frequent flyer miles to warranties on purchases made with their credit card. If you use your card often, then the incentives could add up quickly.

Rewards

Rewards are also offered to credit card holders as a way of thanking you for your business. These rewards can be anything however they are usually in the form of points that accrue to make purchases anywhere.

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