How Do You Review Credit Cards?
This is a good question and we will try to answer this from a consumers perspective. A good credit card review will take your through all the highlights of the type of credit card you are applying for and take you to an online credit card application to get approved.
When you are looking for a credit card online many times it will be because you are looking to consolidate credit cards and maybe you want to do a balance transfer. Say you have 3 credit cards and all the balances added up together equals $6000. You will want a card issuer like Chase, DiscoverCard or even say Bank of America to give you a balance transfer credit card at 0% for 12 months.
So you go online in Google search and type in something like “balance transfer credit card reviews” or “best balance transfer credit card offers” to see what websites or credit card blogs are out there to see what are truly the best credit cards for balance transfers.
You will find that many of the sites that pop up in that search will be credit card comparison sites. There are hundreds of these comparison sites where you can look at all the details of a credit card to make sure it is the best deal before you apply. OK, so now you now what to look for in regards to searching and then comparing the type of credit card you want.
What Information Will A Credit Card Comparison Site Provide?
Depending on the type of credit card you want there are a few key characteristics you will want to do on your credit card review.
So let’s just take the example for now of the balance transfer type of credit card. There are many types of credit cards that will accomplish all kinds of financial goals that we will list further down this page. But for now we will focus on the Balance Transfer type of credit card.
So you go to a credit card comparison site and find the balance transfer page and click on it. The page will pull up and normally you will see a long list of credit cards. Sometimes these cards can be in specific order based on how that site is paid by the banks or issuers who can actually pay that credit card site for putting their credit cards at the top. So don’t always believe that just because some are recommended or at the top that that makes them the best credit card.
So for example we went to CreditCards.com. Under the tab low rates and fees there is a category for balance transfers. We clicked on this and the balance transfer page pulls up. Ok so what would we review?
The first card that pulls up is the Chase Slate Credit Card. Actually this is a really good one for balance transfers as it has no balance transfer fee. It is listed as a featured card. You will see an information grid that contains the picture of the credit card, a few key benefits of the card and then various data. This data is what you will want to review and compare to other credit cards.
Data to Review on a Balance Transfer Credit Card
Balance Transfers Intro APR – This is the interest rate for a period of time that is for promotional purposes. When it ends it will go back to the original interest rate.
It will then show the intro period which is usually 6 – 18 months on most cards.
The actual balance transfer fee that will be charged when you actually transact the balances on your other credit cards to this one.
The Regular APR or Annual Percentage Rate will be listed once the intro rate is over.
You will also see what the annual fee is and is just the amount per year a card charges you to carry the credit card. Most of the time this will be zero for balance transfer cards. Many of the travel or rewards cards include of fee just because of the large amount of benefits that can include and can make the annual fee worthwhile.
You will then see the credit needed to get the card. This is essentially your credit score or FICO Score. We can go more into this later but is essentially a credit score that will say if you have Excellent, Good, Fair or Poor credit ratings. This will determine what types of offers and interest rates you will be able to get approved for when applying for a credit card.
That is pretty much it for a balance transfer credit card. Each type of credit card will have its own items of data to compare as well as benefits that may be included.
What Types of Credit Cards Are There to Review?
There are actually only a few types of credit cards, but lots of different issuers or banks that offer the credit cards. Some of these types we have listed below.
If you are looking for low rates and fees the key types are Low interest, 0 APR and Balance transfer.
You also have travel credit cards. These are basic travel rewards cards, airline miles and hotel credit cards.
Basic Rewards credit cards can be for accumulating cash back points that can later be used to get gift cards, account credit or products and services.
Many consumers get these rewards credit cards to save money on travel or vacations by getting free airline tickets, hotel rooms or rental cards. These types of cards also have lots of other benefits like travel insurance, automatic rental car insurance, free checked bags, lost bags insurance and many other perks including some of the airport clubs that you can stop in an relax.
In regards to the cash back type of credit cards you can get benefits like extended warranty, purchase protection and even automatic coverage on products for 90 days if they get stolen or damaged.
So this is why it is important to know what types of credit cards there are to review and then picking and comparing the ones that best fit your financial goals.
We hope you find this site useful and real through our reviews on a number of bank credit cards as well as department store cards.
The major networks for credit cards are MasterCard, Visa, Discover and American Express or AMEX for short.
Key Banks that issue credit cards are Bank of America, Citi, Capital One, Chase and BarClayCard.