6 things to consider while selecting a credit card

There are so many offers in the market that a person becomes confused which credit card to select. Different cards offer different facilities. It is your duty to select one that best fits your needs. If you do not give due consideration, you might end up choosing a wrong one and a bad credit history awaits you.

Among the available 0% promotional credit cards for 2016, you need to pick the one that is most beneficial to you.


  1. Interest rate is a major factor to consider. Credit cards with fixed and variable rates are available in the market. It all depends on assessment of your needs which rate you require. You need to know for how long this rate lasts.
  2. It is important to know for what purpose you will use the credit card. If you intend to clear the bill at the end of every month, you need to go for the card that offers a comparatively longer grace period so if you are unable to pay in any month, you do not face interest charges. If you want to consolidate your cards, you need a card that offers 0% transfer balance offer. Similarly, if you are planning to carry the balance to the next month, you should go for the card that offers comparatively less interest rate. If you travel a lot, select a card that has some good discounts and rewards on purchasing airline tickets and free miles.
  3. Hidden charges are another important but usually a hard issue to find out. You should search and find what extra charges to pay if you want to carry your balance to the next month. Some features are added to your card without asking or you select them without any need like benefits you get if you meet any accident. Features like these bring monthly charges with them and you may want to lose them to prevent any extra costs.
  4. Credit limit is a very important consideration while choosing a card. This limit is different for different 0% promotional credit cards for 2016. It is assigned by the company and depends upon your credit history. You need to know how much monthly limit you have before making any expense otherwise it will upset your monthly expenses and hence your payment ability.
  5. Some companies give attractive offers but they are only introductory. So, while applying for a new card, ask for what time duration these offers are valid otherwise you will end up paying extra money which you could save otherwise. Similarly, some offers are so attractive that you go for them instantly. You need to consider if you are really getting any benefit from these offers or not. Sometimes, you do not need to spend but just buy because it is offering a 10% off. What if you are paying what you could otherwise save just to enjoy that 10% off?
  6. Another important aspect is the acceptance of the card you are using. Some cards are accepted almost everywhere. A new credit card may bring eye-catching offers but it might not be acceptable everywhere.

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Raymond L. Torbert

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