MyCardBlog

Well, there are thousands of credit card compete in the market to get the attention from consumers. They are trying their best to give you bonuses, rewards, and other kinds of benefits. However, there’s something you must know before you apply for any credit card:

Credit inquiries can hurt your credit scores. Applying for new accounts can ding your scores, although temporarily. Don’t apply for any new accounts if you’re to apply for a major loan such as a mortgage or auto loan.

Read the fine print carefully. Before applying, find the offer’s Terms and Conditions, which shows important details like the card’s interest rate, grace period and annual fee. Make sure you understand details of this card. If you don’t understand what the fine print is saying, you can always call them up. Or you can leave a message here, I will be more than happy to assist you.

Be prepared—cards can change. Under current law (or you can read from the fine print), credit card issuers can change virtually everything about your card: rates, terms and rewards with just 15 days’ notice. Read every mail that your issuer sends you so you can keep up to date, and call the card’s toll-free number if you have any questions.

Don’t carry too much balance on rewards cards. Interest rates on rewards cards are typically higher than other cards. If you are planning to carry balance on your credit card, try to find out the 0% APR on purchase or balance transfer. Usually, credit cards with sign-up bonuses will not offer 0% APR benefit. For example, last Feb. Chase Freedom offered $250 sign-up bonus for new account and the APR on purchase was not 0%. There’s another Chase Freedom offered 0% APR on purchase which was not offering $250. You can’t be too careful!