Given how the economy these days is much like being on a rollercoaster ride at Disneyland, the last thing you want as a consumer and/or a business owner is a bad credit card experience.
Whether you are a consumer in need of the right credit card to buy needed products and services or a merchant owner searching for the right card in order to allow consumer transactions, there are a number of details you need to review before selecting a card provider.
According to numbers and analysis from the Federal Reserve, the average American household is some $15,191 in credit card debt. When you throw in typical debts for mortgages, student loans, car loans and more, it all adds up to a significant amount of liabilities.
With that said, one of the reasons folks find themselves in credit card debt in the first place is by having chosen the wrong credit card. Whether it is high interest rates, excessive late fees or other issues, selecting the wrong credit card provider can be a precursor to financial woes.
Keys to a Good Credit Card Provider
When searching for the right credit card, keep several factors in mind:
- Do your research – Among all other things, make sure you research each and every card company you are considering doing business with. While the majority of card providers are on the up-and-up, some will not have your best interests in mind. One way to do this is by using social media. Visit the company social sites (Facebook, Twitter etc.) of each card provider you are considering doing business with. This is a great means by which you can see how the card providers deal with customers questions/issues/complaints etc. If a card provider is slow to respond to customer inquiries online, it could be a telltale sign that their customer service over the phone and/or in writing is not much better;
- Know your financial means – Let’s face it, credit card providers are in business just like any other legitimate company, to make money. If you find yourself swimming or beginning to head south in credit card debt, the last thing you want or need to do is open up another credit card. Before you get in too far over your head, pay down your balance or balances as best as possible. Opening multiple credit card accounts can also end up negatively impacting your overall credit score. “If you’re looking to consolidate debt, choosing a credit card with low interest is a good start,” remarked Chris Mettler of CompareCards.com. “Doing so will ensure you pay off your balance as soon as possible.”
- Pay attention to those ads – Lastly, do you find yourself sometimes overwhelmed with credit card offers in the mail, on television and online? If so, take some time to pay attention to what they’re saying. It won’t take you too long to sort out the good from the bad. Remember, every card provider is going to make their best pitch possible to win business. Listening to what they say and what they truly mean can go a long way in determining a good from bad choice.
Given how important your money is to you in today’s challenging financial word, take credit when you select the right credit card/s for your needs.
Photo credit: abcnews.go.com