What should be in the Checklist for selecting a Credit Card?
- By admin
- 10/02/2016
- 0
If you are considering to apply for a Credit Card your check list must contain the following issues:
- What is the rate of interest?
- Rate of interest plays a very significant role for any loan or borowing. It is most important because the monthly installment amount depends on this major covenent.
- Does the financial institution charge any processing fee?
- Processing fee is also very important. Normally it ranges from 1.00% to 3.00% of the loan amount.
- Any other fees they charge?
- What credit limit would you be comfortable with? When considering credit limit, choose a limit that you can pay off each month in full, otherwise you may get yourself in serious trouble and it could take you years to pay off.
- What type of card would be appropriate for you?
- What features of card will suit you? Be sure you read the product disclosure statement (PDS) before you apply so you are aware of all the terms and conditions attached to the card.
Once you have all the answers of the above questions it would be easier for you to pick the right Credit Cards from the available options.
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