Credit Card Offers - Navigating Through The Choices

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Credit Card Offers - Navigating Through The
Choices
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What Does "Pre-Qualified" Really Mean?

• First things first -- when you get those credit
  card offers in the mail that say you're
  "pre-qualified," it does not mean that you've
  been approved for the credit card that is being
  offered. You still have to apply for the card
  (and have your credit history run) before you'll
  actually be approved.
• Many people have gotten frustrated because they
  respond to a "pre-qualified" offer only to find
  out they're not really approved.
• Don't take it personally. "Pre-qualified" credit
  card offers are nothing more than a marketing
  gimmick.

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The Razzle, the Dazzle and Then the Punch

• When you see credit card offers touting very low
  interest rates (or even no interest at all), try
  to remember that these are "teaser" rates that
  will eventually go up (and may go up
  drastically). The credit card offer may still be
  a good deal, but that all really depends on what
  the interest goes up to after the introductory
  period.
• Before jumping to apply for a low-interest credit
  card offer, see what the interest rate is really
  going to be after the introductory period is over.

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Keep the Perks in Perspective

• Many credit card offers include perks such as
  points or cash back that can be earned with each
  purchase. Remember, these perks may not be as
  great as they first appear.
• A credit card with rewards attached also usually
  has a higher interest rate attached as well. If
  you carry a high balance on your credit cards,
  those perks are going to cost you big time.

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It's Not About the Prize

• Some of the credit card offers we receive don't
  even come by mail -- they come during checkout at
  the local store. Oftentimes, these credit card
  offers have a one-time discount attached, such as
  10 to 15 percent off your total purchase if you
  apply on the spot (and approval is instant as
  well).
• If you think it's a good idea to open a credit
  card to get the discount and then close the
  account afterwards, that's really not such a
  great concept. A part of your credit score is
  determined by how long you keep relationships
  with your creditors. If you have a history of
  opening accounts and then quickly closing them,
  it's going to impact your creditworthiness in the
  eyes of lenders.

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What You Shouldn't Settle For

• The credit card industry is definitely
  competitive. Because of this, you should never
  respond to credit card offers that require an
  annual fee or a "processing" fee (unless you have
  problems with your credit history).
• If a credit card company requires an annual fee
  or charges you for processing your application,
  go elsewhere for your credit card needs. There
  are a number of credit card companies who will
  welcome your business (and won't make you pay
  extra for the privilege).

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Seek Them Out

• If you're not happy with the credit card offers
  you're being solicited with, it doesn't mean
  there isn't a credit card out there to meet your
  needs. You may just need to look a little harder.
• There are hundreds of different credit cards
  available and finding the one that is right for
  you may just be a matter of doing a little online
  research. Many consumers turn to the web to find
  the credit card offers that are perfect for them.

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Seek and Destroy

• After you have reviewed a credit card offer, what
  do you do with it? I'll tell you what you should
  be doing.
• Make sure you shred each of the credit card
  offers you receive before throwing them in the
  trash or you may find yourself becoming the next
  victim of identity theft.

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• Those credit card offers that infest your mailbox
  are also an identity theft criminal's best
  friend. If you don't want those credit card
  offers falling into the wrong hands, make sure
  you dispose of them properly.
• By taking the above advice into consideration
  when dealing with credit card offers, not only
  will you be able to find the credit card that's
  right for you, but you'll also be able to avoid
  making a mistake due to credit card confusion.

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