subject: Make Credit Cards Comparisons Work For You [print this page] Though there is no doubt that credit cards have made our life substantially easier, one needs to make sure the one really understands what this plastic money is all about.
For instance there are several situations in which companies might charge extra for the use of a card. In January of 2011, Virgin Blue, an Australian airline, boosted its card fees for one-way fares.
Another example would be that of reward points on credit cards. Once again an example from Australia, would be that more than two-thirds of the plastic cards in that country have some sort of a rewards program. However, do not feel to unduly rewarded with rewards credit cards, as these can lead to an excessive desire to spend. After all who does not want to be rewarded.
What I'm basically getting at is the fact that consumers need to understand what they're getting into when they apply for and use credit. Sounds simple right? In that case, how do you explain the large number of people, millions most likely, you cannot even calculate the rate at which interest has been charged on their plastic money?
One would expect that in and intensely competitive sphere, such as the card industry, most products would compete to offer the same, or similar, service to subscribers. But that need not be the case. In my experience different providers tend to vary substantially from each other.
This is why, I often find that websites which are up to date with competitive information on the latest offerings of different credit cards tend to be tremendously helpful to users.
Of course we need to make sure that we can distinguish authentic information from that which is not reliable, and the latest information from that which is out of date.
Now, probably more than ever before, the Internet has made powerful comparisons available to users. So use that mouse click effectively and get your self the best deal you can find on plastic.
I am often unable to decide whether the word "credit" should be seen as a positive word, or a word that it invokes fear in the minds of card users. I think the answer will be found in the same place where the expression "buyers beware" is found.
After all, when one has made the decision to empower oneself with this ubiquitous tool, the credit card, one should be willing to assume the responsibility that goes hand in hand with the great convenience that one seeks.
So next time, when you almost arbitrarily decide to use plastic money, make sure that like all other forms of money, it is working for you, and not against you. Folklore is rife with examples of people who did not manage their debt and as a result completely messed up their financial life. Do not let that happen to you.
I don't want to sound like Spiderman's uncle, but certainly it is true that, "with great power comes great responsibility." And the credit card indeed places great power in the hands of the user.
by: Teeja Hivsbob
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