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Credit Card for Holiday Shopping

Credit Card for Holiday Shopping

During this holiday season, all the retails along with all the credit card companies are hoping that we spend huge amounts of money. The retailers need a good season to show some profit and the credit card companies need us to climb into debt so they can earn fees and high interest.

A smart shopper with average credit can find just the right card for them today.

Many card issuers are offering special promotions and even balance transfers with no fees.

There are several steps I would recommend.

Use an online credit card site such as First Credit to find all of the offers, there are so many that you cannot just depend on the ones that come in the mail. First Credit will list all the different programs, promotions and the advantages and disadvantages’ to each card.

1)      Look at the interest rate and interest rate increases

2)      Look closely and see if the interest rate offered in a promotional rate and for a limited time period

3)      Look at the rewards or bonus package that is begin offered, decide which is best for you

  1. Shopping awards
  2. Travel awards
  3. Frequent Flyers awards
  4. Cash Back awards

4)      Look closely at the cash advance interest rate and repayment.

5)      Look at the Balance Transfer Fee promotion and time period

This time of year, stores like Wal-Mart, Target and Sears are offering their own promotions for VISA, MasterCard and Discover cards under their logo. Look around ask around. If you are a big time Wal-Mart or Target shopper, their VISA program is probably best for you, they sometimes offer additional store discounts or better prices then the sale prices in the stores.

Sometimes, it is best to stay with the card you have and simply ask your card company for a credit line increase, explain that you are going to be doing a lot of holiday shopping for things you put off all year. Ask your card company if they are offering promotions.

As always be a smart and knowledgeable shopper, remember do not let yourself get into debt that you cannot handle. Keep your shopping budget and make a list of what you need, what you can spend and how you are going to repay the credit card companies, without paying too much interest.

There are some cards offering deferred interest and payments for 90 days, if you know you can pay off all your shopping in this period, apply for one of these cards, saving interest is like finding a better sale.

Do not get suckered into those spontaneous purchases. Keep to your budget.

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