Credit card

If you are trying to decide which credit card that right for your needs, or whether to apply for a new one, can be a daunting and time consuming task. As we know every credit card issuer has different offers and rules different incentives like points, cash back rewards, rewards for paying the bill on time, interest rates, finance charges and more. Here are some guidelines that you can follow to help you apply for the credit card that suits you and your needs the best value.

1. Look the the finance institutions such store or banking offering the credit card or that you are considering getting a credit card through and check with the consumer protection agency to find out if the issuer is tagged as high risk.

2. Compare the annual interest rate for the different credit cards you are considering and check to make sure that this rate is not simply a low introductory rate or a ruse to get you to apply for the card.

3. Avoid credit cards that charge an annual fee for having the card on top of the other fees and charges linked to those credit cards.

4. Check to see if the credit card issuers offer cash advances with your card, and if so, make sure hefty fees will not be applied to your monthly statement for taking advantage of cash advances. Call the toll free customer service line for the various credit card companies, which is often listed on the application, and ask how they calculate all of their fees before deciding if you want to go with that credit card issuer or not. You can also go online to get this information.

5. Watch out for credit cards that charge multiple fees, hiking interest rates and that deliberately keep your minimum payments to a minimum so that they can earn more interest over a longer period of time. This is why you need to make sure and read the entire application regardless of how long it is.

6. Find out what the card issuers charge for late payments and over the limit payments by calling the customer service numbers listed on the credit card application or online. Also check out the Frequently Asked Questions section on the credit card company websites.

7. Read the fine print on any credit card offer you receive in the mail, that you apply for online or that you apply for at a store, so that you do not miss any hidden fees, surcharges or other charges that may cost you more in the long run.

8. Watch out for something called a "universal default clause" that is incorporated into most credit card contracts. You definitely want to avoid these credit card issuers. Universal default clauses, according to author Tina Dressel who writes for "Brass Magazine," is a "stipulation that if you are X number of days late on any payment, your interest rate is hiked up and your credit score will take a hit."

9. Once you have had all your questions answered or garnered the necessary information to make a more informed choice, select and apply for the credit card that offers the best overall deal, or if you prefer, do not apply for any credit card.

10. Look at the facts, fees, costs, etc. when deciding what credit card to go with and not the packaging or the deals a card issuer offers to sweeten the deal. This will help insure you get the best deal and the best card for you.