It is no secret that charge cards have become an important aspect of the average people lifestyle. As a matter of fact, statistics say that currently the average consumer carries a few thousand dollars in credit card debt. However, for those consumers who are new to credit cards, it is important that they choose the best credit card for them when they pick their first one. Unfortunately, there is no class in school that consumers can use to learn what credit card will be best for them, however, I will try my best to give the tips that can help. Here are the steps to comparing charge cards:

Step 1: The first thing that consumers should do when comparing credit card account applications is get a copy of their credit report. This is because each individual charge card account product is designed for Americans of a specific range of credit worthiness. Americans with higher credit scores tend to qualify for lower annual percentage rates and better rewards whereas people with lower credit scores tend to qualify for higher annual percentage rates and less rewards. When comparing charge cards, people should first make a list of all the charge cards they may actually qualify for.

Step 2: Now it is time to narrow that list down a bit. The next thing that Americans will want to look at when comparing charge card accounts is the APR on the account. The interest rate is the rate of interest that the bank will charge Americans when borrowing money using their charge card. The higher the annual percentage rate on a credit card account, the more cash it will cost Americans to borrow money using the card. The lower the interest rate the less cash borrowing will cost! At this point, consumers should cross out the high annual percentage rate charge card accounts on the list. These will cost too much cash to borrow against.

Step 3: Let's narrow this down even a bit more. Now people should look for introductory annual percentage rates. Introductory APRs are short term rates of interest that start the day the credit card is opened and end generally within 6 to 12 months. These APRs are used as a tool to attract new consumers to charge card account products. Generally, introductory interest rates will range between 0% and 6% which allows for a great savings when first opening a new charge card account.

Step 4: Now Americans should have a relatively small list of credit card account offers to choose from. At this point, it is time to narrow it down to one charge card to apply for! To do this, Americans should look at the rewards offered with the different charge card account offers that are left. Some charge card account rewards like travel rewards are better for some people than others and some credit card rewards like cash back are pretty much universal and will benefit all Americans the same. However, rewards are part of the calculation to see the benefit of charge cards to people so it is important to choose a charge card that offers a rewards program that will be taken advantage of!

Step 5: Fill out the application. At this point, if people followed all of the steps here, they should have no problem getting approved for a credit card account! Simply fill out the application and wait for the APPROVED message to show up on screen!

Author's Bio: 

This article was written by Joshua Rodriguez and is brought to you by: The Discover Cards,American Express Charge Cards Card Mart
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