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What things to consider in getting a fair credit card?

[Sunday, November 21st, 2010]

Fair credit cards are the type that does not come knocking on your door one sunny day. These types of credit cards may even be qualified as ideal, meaning to say they are the rarest kind. Fair credit cards may not even be defined accurately by anyone. Now if you are looking for some fair credit card the following factors can guide you in looking for one.

First a fair card depends on what you actually need. The credit card you will use should depend on how you intend to use it first and foremost. It can only be fair if it can serve what you need and how you want your needs to be served. If you know you can keep up paying your debts in full monthly a card that has no annual fee and long grace period will be fair for you. If you are largely dependent on credit card use credit cards of high limits and those who serves reward programs fit you. Now if you are aware that you cannot really pay your debt in full and that you may carry credit balances, looking for a card with the lowest interest rate will help you land with a fair credit card. However if you intend to use your credit cards for emergency purposes only you should aim for no-frills card that carries low interest rate and less fees.

One major factor you should consider is the annual percentage rate which is the interest rate. This can be in two forms, a fixed rate and a variable rate. The variable rate card changes interest rates from time to time while fixed interest rate cards have set rates monthly. With fixed interest rate you know what rate you are to pay however this does not mean your rate will never change. In the world of credit even fixed means changing. Some of the factors that may lead to changes in your fixed interest rate include any record of late payments. Also once you go beyond your limit you can trigger a change in your rate.

To get a fair credit card you have to take note of the fees the card comes with. Most of the fees credit card companies charge their card holders tend to just serve the purpose of having additional income for their business. This is another thing you have to look for. A fair credit card should not have too many fees for the holder.

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