Credit Card Offers
Spend a few minutes online or take in your daily mail and you’ll find something in common between the two experiences. Credit card offers are everywhere. You’ve probably gotten a few in the mail, addressed personally to you, they offer you amazing savings and low yearly fees in exchange for opening a credit line in your name.
These credit card offers are tempting for several reasons. If you’ve felt the pinch of not enough pennies lately, opening an envelope that guarantees approval of a $5,000 credit limit can seem like a message from the monetary heavens. Another reason they are hard to resist is that with offers that suggest a zero percent interest rate or travel rewards on your spending, it seems as though you are getting something for nothing.
There are always strings attached in every thing in life, and those credit card offers are no exception. It’s important to consider a few things before you sign on the dotted line and mail the application back. Ask yourself these questions before you respond:
* Do you need more credit? Credit cards will not fix money problems. They can be a temporary band-aid in a money crunch, but they cannot provide any financial benefit long term.
* Did you read the entire offer? Sometime credit card offers will suggest that you are pre-approved and all you need to do is sign the application and the card will be in the mail. This is true however, if you are not approved for a standard card, they can approve you for a secured card, which requires a cash deposit on your part.
* What is the interest rate after the initial introductory period has passed? Although many companies offer a zero percent interest rate with a new account, that amount can increase substantially after just a few months. If you have a balance owing once the initial period has passed, you’ll be paying substantially in interest charges.
Whenever you either receive a credit card offer in the mail or see one on the internet weigh the pros and cons of applying. Credit is essential if you want to build a solid financial standing. Pick your debts wisely though and don’t respond to every company who wants to give you their card. It may seem like they are doing you a favor, but in reality, if you respond and request a card, you’ll be the one supplying the favor in interest fees for months or years to come.
Credit card offers will come and go but your credit rating will follow you for years. Choose carefully and wisely before agreeing to accept any offer for credit. If you plan your budget wisely, you can keep the number of credit cards you have to a minimum and that way you won’t be tempted to say “charge it!” which could actually result in you spending more over a period of time for the item you are purchasing than if you had just paid cash.
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