Free Credit Reports Credit Card Rating

Your Credit Card Rating and Its Effect on You

Determining what a credit card rating is and understanding the difference it can make to you financially is critical.  We are usually so grateful to get a credit card we forget to take the time to review the interest rate and any additional costs for this card. Assuming you are similar to most credit card holders and have a balance owing at the end of each month. The average statistic for this is $7000 per household. If this card has a 7% charge instead of a 19% charge on balances after month end you can clearly see how much you would be saving, or should I say loosing. This is only one aspect of credit card rating.

Credit card rating is not only based on the interest rate you pay for balance owing, it is also based on a rating system to compare to other credit cards. Different credit card companies offer different rewards for customers. Rewards and benefits are compared with similar cards and also with unrelated cards. Ratings are based on the reputation among cardholders, the annual fee, the length of time the car has been issued and the interest rate including introductory offers. These statistics are researched by anonymous phone calls to the card issuer, checking their websites, reviewing comments from card holders and analyzing reviews from nationally recognized, independent sources.

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