Surf's up, Dude! : the Best Credit Card May Be the Newest One in Your Wallet!
Contributed by Alix Mcmurray
Surf's up, Dude!: the Best Credit Card May Be the Newest One in Your Wallet!
In determining the credit card that's best for you, many factors come into play. You can choose credit cards tailored to fit your funds availability, profession, pursuit of points awarded for spending, and annual percentage rate (APR). It is also possible to choose the best credit card when you plan on transferring balances.
That's a Gnarly APR! Are You Sure That's the Best Credit Card for Me?
There is a high-risk pursuit called "rate surfing," which is completely legal but requires a good bit of forethought. So, if you're the kind who likes to ride the waves rather than floating all day in an inner tube, this may be the best way for you. Step One of rate surfing entails opening a credit card account, and taking advantage of the promotional APR (often as low as 0 percent)for their specified amount of time, usually six months.
Naturally the APR is due to increase at the end of that six months, so you go to "Plan B." That is, you apply for a second credit card which also will offer you a no-interest introductory period. Before the first six months is up, you transfer the balance from the first card to the second. And so forth. This can be as tricky as balancing on a surfboard as you ride a big wave.
It's important to keep your balances within your means, naturally, as any balance transfer application will take into account the ratio of your income to your existing balances.
The "Unbiased Consumer Resource" for Determining Your Best Choice of Credit Card
On websites proclaiming themselves to be an "unbiased consumer resource," there is a clear advantage for the discriminating credit card seeker. Rather than being drawn into applying for a card before you're good and ready, these sites offer two paths for surfing: one for more information, and the other for applying. On a website serving as advertisement for a particular credit card, the first page is often an application page.
