Monday, 30 April 2012

Compare and Contrast

Guest Post

Sometimes I really wish there was a comprehensive guide out there to help me figure out which credit card is right for me. Then I realize, “Duh! That new fangled Internet has everything!” One quick little search and you can find a credit cards guide with ease. It's all laid out nice and simple for you! Here are the perks and/or rewards program for this card, here are some examples of the types of things you can earn, here is the interest rate, here is the signing bonus, here is the applicable fees, etc. etc. etc... I don't know what people did in the dark days before the internet, but I can't imagine making serious informed decisions without it! All of the information you need can be accessed with the click of a button at lighting speed (usually) and in a neat little chart that explains all the pro's and con's, similarities and differences. It would have taken me hours, maybe even days to compile all of that information about different banks and different cards just to make a simple decision about which card I want to apply for. I know its not the end of the world if I made a choice without being able to compare, BUT isn't it so much better that we have the option now to know for sure we are getting the best deal possible? Not every credit card is equal and depending on what kind of a spender you are and what you will be using the card for there is definitely some that will be a much better fit than others. For instance, I make it a point to pay off my statement balance in full every single month. Because of this, the interest rates are not at the forefront of my list of important things (if I continue on this track, I should never actually have to pay any interest!). However, the rewards program is probably one of the more important features of a card for me. If I owned a small business, or anticipated making a purchase I knew I would not be able to pay off right away, I might reconsider this line of thought.