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Credit Card Offers

Credit Card Offers: Solving the riddle behind the confusion
0% balance transfer rate, no annual fee, rewards points, cash back of up to 2% - do these credit card offers sound like riddles to you? Fear not, for we will help to demystify some of these jargons. We’ll also help you choose wisely among the spate of offers in the market.

Understanding these offers
Before you even go shopping for a special credit card offer, it is essential to first know what these offers imply.

0% Balance Transfer:
Balance Transfer basically refers to a method by which you transfer outstanding balances from your existing credit cards to a new card. A 0% Balance transfer rate means the new credit card you’re transferring to, is offering a 0% rate on your transfers. However, beware – as most of these 0% rates are promotional – meaning they only last a certain period. You’re in for a shock after that – because the rate will rise to the market rate of 12.50 to even 21%! Even if you default in payment during this promotional period, the rate will go up to the standard rate.
0% APR:
APR means Annual Purchase Rate – it’s the rate at which your purchases on the card are charged. A 0% APR basically means that all purchases on the credit card are not going to be charged any interest. Is this also for a promotional period? Absolutely. Just like the 0% Balance transfer promo, this too lasts only about 6 to 12 months. So be sure to make the most of your purchases during this period!
Cash back:
This is an offer provided by many credit card companies. In this scheme, when you spend a certain limit on the credit card, you get some cash back from the company. Cash backs are typically credit card offers to make you spend more – nothing else really. At the end of the day, credit card companies are out to make money. They know you’ll end up spending more with a cash back. Even if they return a part of the cash, they’re never suffering a loss.
Subsidized gasoline:
Many times credit card companies will advertise that if you spend a certain amount on their card (which will usually be a very high amount), you get discounts on the gasoline prices. This again, is another incentive to make you spend more on the credit card.

Reading the fineprint: understanding the ‘catch’ in credit card offers
It’s all well and good to appreciate these offers provided by the credit card companies. Quite another to get carried away and take these cards! Why do we say that? The reason’s simple. There’s always a ‘catch’ involved and it’s easy to spot it if you just read the terms and conditions of the credit card company. For example, let’s say you’re interested in a 0% Balance Transfer and 0% APR credit card. The terms and conditions will clearly state that this 0% is valid only for xyz months and after this period the rate rises to the standard market rate. It will also tell you that in case of any default in payment, the rate goes back to normal. So let’s say the promotional period for 0% APR is for 12 months. The due date is on the 15th of every month. Let’s say the minimum amount payable is 400 dollars. You promptly pay the amount within the 12th of that month but you didn’t pay 400 dollars. You paid 300 dollars. Even then the interest rate will cease to be 0%. This will also be mentioned in the terms and conditions of the card. Reading it carefully will ensure you leverage credit card offers in full till the promo period ends.

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CREDIT CARD TYPES

Choosing the credit card that's best for your needs and situation starts with knowing what options are available to you. The following list details the most common credit cards available:

	Balance transfer credit cards - Balance transfers are a way of transferring outstanding balances from existing credit cards to another card that offers a lower interest rate. For example, if you your have a high annual percentage rate (APR) credit card with a significant outstanding balance, you can transfer the balance to another card with a lower rate or even one offer zero interest. Typically these cards offer low balance transfer rates for a specified period of time allowing you to save hundreds (or even thousands) of dollars in monthly interest charges.
	Low-interest credit cards - These cards offer a low introductory annual percentage rate (APR) for a promotional period, after which they can change to a higher rate or a fixed-rate. If you plan on making a large purchase, it's a good idea to pick up a low-interest credit card to take advantage of the savings on interest during the introductory period.
	Cash rebate credit cards - Cash rebate cards accumulate "points" for1 every purchase you make using the card. Most cash reward cards award a point based off 1% of the purchase total, excluding interest and finance charges. For example, if you make a purchase for $1,000 the credit card will award you with 10 points (or, $10.00). These cards are great for loyal customers who make payments on-time every month.
	Reward credit cards - Reward credit cards are similar to cash rebate credit cards, but differ in that they offer various forms of "rewards" for the purchases you make. For example, you can accumulate rewards for frequent-flyer-miles, free magazine subscriptions, and even hotel and travel discounts. Ideal for those who enjoy getting something for free from their credit cards.
	Travel credit cards - Travel credit cards are ideal for the frequent flyer who travels the globe on a frequent basis. These cards accumulate significant reward points every time you make a travel-related purchase. You can gain discounted airline tickets, rent cards for free, and even get discounted hotel rates!
	Pre-paid credit cards - Pre-paid credit cards are ideal for those who are on a tight budget and don't want to fall prey to the financial pitfalls associated with standard credit cards. They work similar to gift certificates or debit cards. You deposit money into the card and then use the card to make purchases as you would a typical credit card.
	Secured credit cards - Secured credit cards are ideal for people with poor or no credit. They work on a collateral system, where you put up something of value against the debt on the card.