Discussion Forum Forums Loans Credit Card Loans 7 Important Things To Consider When Choosing A Credit Card

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    The fantastic plastics are everywhere, promising you life’s greatest payment convenience. Throw in the travel, living and dining perks, and it all seem so utopic. But are you choosing the right credit card? Are you truly getting more out of it?

    To make the best out of all the credit cards out there, do consider these seven things before you sign up for one:

    1. No Free Lunch
    Get this clear once and for all: there’s no free lunch. ‘Free’ gifts that come along with your new credit card aren’t exactly free. Always read the fine print and understand the minimum expenditure within a stipulated period of time. Think twice before chalking up unnecessary bills (or worse – debt) for that freebie.

    2. Little Things Count
    That ‘small’ annual card fee is really the biggest fee of all. Call the bank and ask (nicely!) if they can waive the charges. But cards such as the ANZ Travel Visa Signature Card and DBS Altitude Card give away 10,000 and 8000 free miles respectively upon paying the annual fee. Worth it? It’s your call.

    3. Extra Rewards
    These rewards from overseas spending can come with hefty administrative charges. Also, don’t forget to check currency conversion rates, which is only an app away before you mad-swipe.

    4. That Free Coverage
    Thinking of getting covered by the complimentary travel insurance that comes with your card? It usually subjects you to pay for your holidays with that very same card. The problem is the coverage may not be up to snuff when stacked against proper travel insurance plans. But cards such as the Citibank PremierMiles card and ANZ Travel Visa Signature Card do offer outstanding coverage. Compare before you sign on.

    5. Miles Conversion
    If you rely on your plastic to chalk up airmiles for that next holiday to paradise, be sure to check the miles reward system. A dollar for a mile vs a dollar for 1.2 miles, which is better? Seriously, it’s not rocket science.

    6. The Late Fee Charge
    .. yes, life has taken a toll on you and a bill is forgotten, but it’s really not the bank’s job to be your financial nanny. A late fee charge is one debt you must avoid incurring. Check the terms and rates, which can change at the bank’s discretion.

    Source: https://www.gobear.com.sg/#!/blog/detail/7-Important-Things-To-Consider-When-Choosing-A-Credit-Card

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