8 Features Smart Spenders Use to Compare Credit Cards

Credit cards vary greatly from one issuer to the next, so Smart Spenders know to compare them carefully before signing up. Here are the eight features that Smart Spenders know to check when comparing cards…

Rates can vary greatly and the difference of what items end up costing can be astounding. So Smart Spenders know how to shop for the lowest rate possible because it has a big financial impact.

Smart Spenders also know how to opt for credit cards that have no annual fees. Some credit cards can have annual fees up to $75!

There are credit cards that have special interest rates for things like balance transfers, and they may have additional transaction fees, too. That’s why Smart Spenders take note of transaction fees to see exactly how much it will cost to use the credit card for things like balance transfers.

It’s rare these days, but some credit cards and loans have a grace period – that’s time you have after the due date to pay without facing penalties. Of course Smart Spenders always pay on time and usually pay off balances in-full before interest charges are applied. They understand that paying off balances in-full every month can eliminate interest charges entirely!

Smart Spenders are aware of the financial and credit impact of credit limits. Not only does a high limit give a Smart Spender more purchasing power, but it also has an impact on the cardholder’s credit score. Current credit used versus total available credit is the second biggest factor in credit scoring.

Smart Spenders understand that cards are easier to use if they’re accepted everywhere. That means major credit cards are better bet in most cases than store credit cards. And even major cards may not be accepted everywhere in the world.

Smart Spenders check what services are included with certain cards. From fraud protection to credit score tracking, added services can offer benefits that go beyond basic usage.

Experienced Smart Spenders use reward credit cards because they can provide good reason to use one card over another. Smart Spenders check rewards programs and understand limitations and restrictions. They choose the card that offers the most rewards with the least complications.

Be a Smart Spender – shop around for credit cards and use comparison websites to your advantage. Once you find THE ONE, don’t rush into signing. Read and understand your contract and make sure to keep a copy on file.