Evaluating Credit Cards

Here is a handy worksheet for you to use when you are choosing your next credit card.  First you should decide what is most important to you.  If you carry a balance, the interest rates should be a priority.  If you are going to transfer a balance, check out the transfer fees.  If you have problems paying on time, maybe you should use some of money saving techniques in addition to getting a card with a lower cost.  Be sure that the late payment fees and increased interest rates won't eat more of your cash.  Choose the card with the lowest possible interest rate. If you pay off your card monthly, choose the one with the most interest-fee days.

 

Feature	Card A	Card B	Card C	Your Needs
What are the APRs?
For purchases?
For cash advances?
For balance transfers?
If you pay late?
What type of interest?
Fixed or variable? Tiered?
How long is the grace period?
If you carry over a balance?
If you pay off the balance each month?
For cash advances?
How is the finance charge calculated?
One cycle or two?
Including or excluding new purchases?
Average or adjusted?
Minimum finance charge?
What are the fees?
Annual
Late-payment
Over-the-credit-limit
Set-up
Other
What are the cash advance features?
Transaction fees
Limits
How much is the credit limit?
What kind of card is it?      Secured? Regular? Premium?
Does the card offer other features?
Rebates - how much, on what; for how long?
Frequent flier miles
Warrantees
Insurance
Other