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We all know credit card is a convenient way of spending and the rewards offered by credit card companies further sweetens the whole convenience thing, but mind it, they are not all created equally. If you choose a credit card without doing any research, you are only inviting trouble. If you have finally decided to have a credit card, make sure you have asked these questions to your card provider in order to ensure that it is the right fit.

1. Will I Get The Introductory Bonus?

There are various rewards cards and they offer introductory reward bonus for the new members. Let us assume, seeing the bonus offer, you are interested in a particular card but it is important you are clear that you are able to meet the minimum spending requirement if there is any. Make sure you have also gone through the fine print in order to ensure if there are any exclusions on who qualifies. If you are applying for a new card with your existing credit card company and you have earned a bonus on a different card earlier, then you are not eligible.

2. Is It Important To Earn Rewards?

A rewards credit card is certainly an important tool when it comes to earning rewards, in which a rewards card can be used to earn points, miles, and cash back on your purchases. Usually, the more you charge to your card, the more rewards you will get to earn. At times, in order to earn rewards, you have to exchange, this will help you to earn rewards in the form of an annual fee.

3. Am I Allowed To Choose My Payment Due Date?

One of the effective ways to ensure you are paying on time while managing your cash flow is to choose your own date to make the payment each month. When you have selected your own date, you can easily set a time when you can comfortably make the payment. Every credit card issuer offers the convenience of choosing your own date, some of them even allow you to do it online.

4. Is My Credit Enough To Have A Credit Card?

Credit cards consider various factors while giving you an approval, one of them being your credit history. Some credit cards are only for the people having impressive credit, while others may be ideal for the people having good or fair credit. It is important you have made yourself familiar with your credit report, this will come handy in knowing whether the information in it is authentic.

5. Which Credit Score Do You Use?

If you really want to cut down your chances of having your credit card application rejected, it is important you have gone through both your credit report and credit score before you actually apply. Nowadays, you can have your credit score, for free, from most of the credit card companies. Some credit card companies even provide you your score even if you not their customer. Once you are familiar with the type of card you require, you can call the card issuer to see which score it uses while accepting applications.

Why it is important? – Each credit bureau collects its own information and further they use this information to calculate the scores, therefore scores can differ from one bureau to another.

6. What Is Standard APR?

In the event, a card is offering a lower interest rate in the introductory period, it is important that the promotional rate lasts for a minimum of six months. While that introductory offer may seem appealing to you, the regular rate is what actually you are buying. So, make sure you find out when exactly does the introductory APR expires and followed by knowing the new rate. Making things easier, you can find these things online in the credit card’s terms and conditions or you can also call their customer support team to know about it.

7.How Long Is The Grace Period?

Some credit card companies charge the interest immediately, while some of them will give you grace period of between 21 to 24 days before you pay your interest charges on the purchases. You can have a look at the summary table of rate and fee disclosures, which will comprise of the statement explaining how you can avoid paying interest.

Read also: How Online Payments Benefit Businesses

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