Are All Credit Card Banks Created Equal? (cont.)
Contributed by Victoria Knox
Why do bank credit cards have so many names and looks.
You may have seen different credit cards available such as silver, gold, platinum and titanium. There are credit cards that have you picture on them, cards that can have your pet's picture, and cards where you can choose a picture or color. But remember, it does not matter what your credit card looks like. The financial details and benefits that come with your credit card do matter. Look for a card with an appropriate credit limit, a low interest rate and no annual fee.
Or, a card that has some kind of reward, like travel points, or cash back in return for a reasonable annual fee. Make sure you check these features out before you sign up for that purple credit card which has a picture of your favorite cat.
One credit card per bank, please.
When you have a credit card from a bank, usually you cannot get another one from the same bank. Even if the bank sends you an offer for a different card, read the fine print. You may not qualify for the offer if you already have a credit card from that bank. If you are allowed to get more than one card from the same bank, you probably won't be able to transfer any balances between them. Think about it.
If you have an older credit card with an 11% interest rate, and you get a new card from the same bank with a 0% intro rate, will the bank want to loose out on the 11% interest on your existing balance? Probably not. If you want to transfer a balance to a lower rate card, apply with a different bank.
