Pause and Reflect before You Apply for That New Credit Card Online (cont.)
Contributed by Alix Mcmurray
Capture and Compare Information Before You Apply for that Credit Card Online
You may wish to set up your comparison table in terms of prioritized features. Certainly the interest rate charged is a make-or-break variable for a credit card, and other fees may also be crucial -- annual membership fee, transaction fees, finance charges, over-the-limit charges, etc. You may have also strong opinions about which bank or institution issues your card, both for its credibility and its negotiability.
One possible grid could consist of banks on the vertical axis and types of fees on the horizontal axis. You may need to decide early on if a credit card other than MasterCard or VISA will have any negotiability at the merchants where you plan to make purchases. Store cards of various types are fine, and some have very fair rates and fees. However, you may need a more broadly accepted card as well, particularly if you will be traveling or making online purchases.
You may find it helpful to make your credit card comparison table relatively large. You might want to keep it visible as your desk blotter during the term of your research, or posted on a bulletin board or presentation easel.
When you browse credit cards, whether by essential features or by perks such as rewards or cash back, keep the sessions short and sweet. Capture the information on your grid, and leave it alone for a while. After gathering information, pause and reflect over that informed decision. Then you'll be ready to apply for that credit card online.
