Best Introductory Card Offer
May 26th, 2010
Introductory offers are designed to lure customers into applying for the credit card. Not all such offers are of equal benefit to the average customer. Find out what the best introductory card offers are.
The credit card market has grown into an extremely competitive one. With big and small banks, as well as credit unions and retail stores, all providing a range of cards it has become imperative for a card issuer to differentiate themselves from the competition. Some card issuers try to design a truly innovative and useful new card, but few manage to succeed. Instead what has become common is to offer a special feature or deal at the beginning of the life of the credit card.
These offers are known as introductory card offers, and can mean anything from low interest rates on all purchases, a low/zero balance transfer rate, extra reward points etc. for a specified time. In this article we take a look at the best introductory card offers.
The objective of the promotional offers is to get customers to apply for the card. But just because there is a special limited-time deal does not mean you need to get another credit card. The long term features of the card matters, since that is what will have the most impact on your daily card usage. The best introductory card offer for you would be one where you can make good use of the card in the long run, even after the end of the promotional period.
Another factor to keep in mind while comparing the best introductory card offers is the impact on your credit rating. Your decision to avail the card should be based more than just the initial offering, since any card application goes into record on your credit file, and stays there for a very long time.
If you take a new card solely for the introductory period, and never use it again, it will most likely have a negative effect on your credit rating. The best introductory card offer is therefore a positive factor on your credit file.
Here’s a step-by-step guide on how to evaluate the best introductory card offers:
- Understand your spending pattern
- Determine monthly usage level
- Compare introductory features
- Ensure regular terms are within normal range
- Rate features on relevance to your spending style (e.g. if you repay the full balance every month, interest free periods will receive a higher score, while low interest rates won’t)
- Choose the highest scoring card
- Cancel existing or some other credit card if required
Selecting the best introductory card offer is not that difficult. Just follow the steps outlined, and always think long term when it comes to credit card usage.
Editors Choice: Featured Credit Card Deals
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) |
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