Not Made Of Money

Credit card offers are likely showing up in your mailbox, whether you use a credit card or not. Granted, they might not be appearing as frequently as they used to appear, but they are still out there. Credit card companies desperately need new customers as more and more people continue to default on their debt. Companies are hoping these offers will entice you to become one of those new customers.

In many cases, these credit card offers can be very appealing. One card might offer 0% interest on balance transfers. Another card may offer you 20,000 bonus miles after you make your first purchase with that card. The offers can be as varied as the credit card companies you will encounter.

Before you jump at the next credit card offer that appears in your mailbox, though, let’s talk about the credit card features that you should be on the lookout for. Hidden in the “fine print” of the offer, these details can turn an attractive credit card offer into another piece of junk mail.

Be Aware That Many Credit Card Offers Have Promotional Periods

If you are interested in transferring the balance from a high interest rate credit card to one of these cards that feature 0% interest, you should definitely be on the lookout for an end date to this promotion. You may still decide to take advantage of this offer to save the interest that you are currently paying, but knowing the end date of this promotion will help you focus on paying off the balance before interest starts accruing.

Some Card Offers Will Have Specific Payment Requirements To Continue The Promotion

Many credit card offers are dependent upon your making regular monthly payments. As soon as you miss a payment or are late with a payment, the promotional offer will disappear. If you take advantage of any credit card offer, make sure that you keep an eye on your account and ensure that your monthly payment is posted on time, every time.

Card Offers May Have Limitations on Rewards Earned

I’ve seen tons of credit card offers that claim that you will earn 5% for every dollar you spend. However, that statement is usually followed by an asterisk that refers you to some tiny print at the bottom of the page. Upon closer inspection, you find out that you only earn 5% rewards on purchases with certain types of merchants. Or you find that you only earn 5% when you spend more than $1,000 each month. Suddenly, that offer doesn’t look as appealing.

Watch Out For Credit Cards That Only Waive The Fee For The First Year

Many credit card offers waive annual fees for their card for the first year. So, you sign up for the card and start taking advantage of its rewards. A year later, however, you’re slapped with a high annual fee that you didn’t even realize you were liable for. Ensure that the card you’re signing up for doesn’t require an annual fee or that you are comfortable with the rate of the fee when it does get imposed.

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