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May 19, 2006
Credit Card Review Process Ongoing
It is no wonder consumers become overwhelmed when choosing a credit card. I have been going through literally thousands of credit cards and reading the terms and conditions fine print.
I do this for a living and know what to look for, I am finding it to be overwhelming myself. Offers that seem phenominal on the surface are not always what they appear to be. Seemingly awesome credit card offers are less then spectacular after reading the T&C's, this holds true especially when it comes to reward offers. Almost every reward offer I have reviewed really doesn't provide much benefit to the consumer if a balance is carried on the card. My advice after reading the fine print on rewards cards is to apply for an incentive card only if you pay your balance in full regularly if not every month. I do have plans to work on a tool that shows the cost/benefit of a rewards card so you can get a true feel for whether or not the rewards will actually benefit you.
I will be updating Crediteria.com with my reviews soon and have just added a new category to the site for applications. Currently the reviews are in a very rough format and I will be writing the final copy and posting on the site over the next few weeks.
In the meantime, don't be overwhelmed and avoid rushing into a line of credit. The best advice when it comes to taking on more debt is "go slow".
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