What is so good about the Savor Credit Card? Is it worth the cost? How do you compare other credit cards? These are all questions you should ask yourself when deciding on a new credit card. To get an idea of how good a credit card truly is, you must research and evaluate all of your options. Here are some tips for finding and evaluating any credit card offers.
The true substance of any card, whether it is a new credit card or an old one, is its ongoing advantages. Does the card actually have any valuable perks to offset its yearly fee? Do you earn rewards easily and quickly? Are the rewards worthwhile?
First, you must assess your spending habits and preferences. Each individual has their own unique style of shopping, so it would be senseless to apply for one type of credit card because you enjoy buying clothes at Whole Foods. If that's your style of shopping, then go ahead and earn cash back from the grocery store. It may not seem fair, but if you're a person who buys a lot of things from the grocery store, then it does make sense to earn cash back from the card offers you receive. If you prefer to shop at specialty stores, then choose a credit card offer that gives you cash back on services, such as makeup, dry cleaning or even gas.
Next, you must learn about all of the different features each credit card offers. Each card offers different cash value rates, rewards programs, air miles programs and different interest rates. Do some research and figure out which features are most important to you. Once you have a good idea of what is most important to you, then you can choose the cards that will allow you to maximize your rewards or save money on interest. If you're looking for a balance transfer offer, then you should also find out if there is any annual fees associated with transferring your balances to the new card.
The fourth section of your assessment should be the incentives offered by each credit card. Most credit card companies offer a variety of rewards or incentive programs to attract new customers. Some incentives are useful (earn extra points or buy a gift for a friend) and others may not be worth your while (free airline tickets for example). In most cases, the only real way to get the most out of any incentive program is to use it or receive it in the mail. Some incentives, however, do expire, so it is important to keep your account current. You don't want to lose the benefits of your incentives just because you don't keep your account current.
Finally, you need to find out how much you can actually spend with your new credit card. Savor allows you to use up to two thousand dollars of available funds, but this limit is per spending period, not per day or month. Thus, you cannot spend more than two thousand dollars per day with your capital one savor card. This limit will probably be the most difficult part of your assessment since it will involve some guesswork.
Once you've figured out how much you can spend, you should also look at what you pay for interest. You will likely pay a higher interest rate than you would if you were to use cash, but the Savor Credit Card Company will likely charge an annual fee and a transaction fee. These fees are calculated according to your credit score, which can be lower than your credit score if you've been a good customer. Also, in order to use your card you'll have to have a debit card, which has its own set of fees. A good rule of thumb is that you should seek to pay off your balance as quickly as possible, so take this factor into consideration.
If you find yourself in this situation, remember that there are still options available to you. One option is to transfer your balance to a low-rate card and then continue to make your payments on time. Another option is to get a new credit card that offers no annual fees, as well as zero or low transaction fees. You could even take advantage of introductory offers, which sometimes last for just one or two months, enabling you to pay down your debt at an accelerated pace. It's important to remember that you have to be responsible when using credit cards, but this one savor card may be a good way to rebuild your credit score and get you back on track.