Applying for a credit card is becoming increasingly complex day by day.
Though the online application form looks simple but there is lot more than
filling out the basic information to get the best deal on credit card. What are
the questions you should ask the credit card company or agent to achieve your
goal? In this two part series we take a look at the first five questions. The
second and concluding part in this series will include the other five most
1. What are the APRs?
Ask clearly whether the credit card is a 0 Intro APR card, what are the APRs
for purchases, balance transfers and cash advances. How will the APR change if
we are not able to pay the monthly balances in full, and how does the APR rate
get affected when we miss one installment, or more.
2.What are the Fees?
Ask about the annual fees, cash advance fees, over the limit credit fees,
balance transfer fees, and late payment penalty.
3. What is the credit limit of the card?
Get an idea about the credit limit of the card and ask how it can be
increased. Also get information about whether how defaulting on payments or just
paying the monthly minimum can affect the credit limit.
4. How widely the card is accepted?
Whether the card is globally accepted, can be used at ATM's, and other
specialty stores and what are the things that affect its acceptance.
5. What are the additional benefits associated with the credit card?
Travel insurance, accident insurance, lost luggage insurance--what all
benefits the credit card offers, additional to the basic things get an idea what
is special with the credit card.
second part of this series we take a look at the other five most
important questions that shouldn't be missed.