You've made up your mind to shop around for a new credit card. But what should you look for when comparing credit card deals? Use the following guide to decipher the fine print found in credit card terms because not all cards are created equal.
Look at all credit card rates
The first thing most people want to know when comparing credit card deals is what is the interest rate? When looking at credit card rates, it's important to get the annual percentage rate (APR). The APR is the interest rate you pay on an annual basis when carrying over balances from month to month. The APR may vary based upon the prime rate.
When reading the credit card terms you may see several APRs listed. The APR you actually receive depends upon things such as your credit score, income, and current debt. You also may see an introductory APR that only lasts for a few months, a balance transfer APR, and a rate for cash advances.
Cash advance and balance transfer APRs are often higher than the rate for regular purchases. Balance transfers and cash advances usually involve a fee in addition to the higher APR. Even if you get credit card offers for 0% APR on balance transfers, you should expect to pay a fee.