Credit Cards and Interest Rates

Credit Cards – Insurance etc
There are many credit card products available for consumers from many banks, department stores and affinity groups. Some times it is difficult to know which credit card you should apply to and use. Consumers can choose from credit car products that provide you with points that can be sued for travel or to purchase goods out of a catalogue, credit cards that provide travel insurance, credit cards that provide rental car insurance, credit cards that provide insurance for items that you purchased and credit cards that will save you money on cars that you are planning to purchase or you can support various groups such as charities and other organizations.

Credit card purchase decisions are further complicated by the number of financial offers that are included. Some offer low interest rates on unpaid balances for an initial period of time, while others will treat transfers from other credit cards as loans and charge interest at loan rates rather than high credit card rates. You can write cheques, obtain cash advances and use some of the more popular credit cards in the majority of establishments around the world. If you just need a credit card to charge items occasionally to, then all of these extra features will not be attractive to you, however other consumers will find that insurance coverage’s that come with credit cards is very attractive.

Insurance on credit cards can save customers a great deal of money when they are used properly. Lets take one example to illustrate. If you are the type of person that rents a lot of rental cars every year, you may want to consider a credit card that includes car rental insurance coverage. Every time you rent a car customers are asked if they need to purchase rental car insurance. Sometimes depending on the car and the rental agency, the cost for car insurance can be quite expensive. Credit cards that cover your car rental can reduce this cost to zero, saving you the cost of paying for car rental insurance.

If you should be so unfortunate to have a claim, most credit cards will provide you with claim forms, advise the rental agency to proceed with repairs and charge the claim to your credit card. Once all of the paper work is completed, the credit card company will credit your credit card account for the cost of the repairs. So credit card users save in several ways. They do not have to pay for the rental car insurance costs, they do not pay for any deductible and there is not report to your own car insurance company, which could affect the car insurance rates that you pay.

In summary credit cards come with many benefits including rental car insurance which can save you a great deal of money in rental car insurance as well as savings on other types of insurance as well. Travel insurance and purchased goods insurance are two other types of insurance that credit card companies offer.

Credit Cards – Loyalty Cards
Consumers have many different types of credit cards to choose from. There are so many that consumers will often carry multiple credit cards with them to meet different requirements that they may have. Some will be used because they provide insurance coverage, while others are used because they support various charities or loyalty groups which generate savings for the cardholder or for the credit card loyalty group.

Many people will derive pleasure and a feeling of well being when they know they are supporting their favourite charity or loyalty group every time they make a purchase. Most credit cards of this type will contribute a small percentage of the overall purchase either to the charity you have designated or to the loyalty group that you have chosen.

Other credit cards will build up points each time you use the card. These points can be used to make purchases at the store or the company depending on the type of credit card that you have. For example many of the major gas companies provide both gas company credit cards as well as loyalty cards that you use in combination with another credit card to keep track of purchases and award points to your account. In the case of gas company cards, users can purchase gasoline with their points, lottery tickets, confectionary and any other products carried by the gas company store. Unfortunately you are often limited to the products that they carry.

Other more general purpose credit cards also allow you to build up points which can be used to make purchases from a much wider selection of goods. Some credit card companies will even allow you to use the points to purchase air travel or book hotels and rental cars. You can use your credit card points to pay for these reservations and effectively enjoy a free vacation if you have sufficient credit card points to use.

Credit card loyalty programs vary a great deal so if you are planning to acquire a credit card for this purpose, you will want to review the fine print to ensure that you are receiving the points for all of your purchases and can use the points for some of the things that you plan to purchase. If for example you plan to travel and are limited in the locations or the type of travel you can do, you may want to check out another credit card product.

There are also credit card products that combine travel points, low interest charges, rental car insurance, purchased goods insurance and travel insurance for one low monthly fee. There is no sense paying this fee, if you will not be using your credit card to make these kinds of purchases and using your points for travel related activities. In addition, check writing and cash advances are two other features that may enter into your decision regarding which credit card to make use of.

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