Is It Better To Use A Big Brand Credit Card?

So there you are, standing in line at the till with an armload of purchases. When it comes time to hand over your payment, are you better off swiping your big brand credit card - or should you use your store brand plastic? One would think that the store's own credit card would offer you a better deal, but it just ain't so, Joe.

All you have to do is compare credit card rates to see where the better deal is. In general, store credit cards carry the highest rate of interest of any type of credit card. When you're looking for the best credit card deal, you'll almost always do better with a Visa, Maestro or other big brand credit card than with store plastic.

There are occasional exceptions - but they're rare, and only apply to special promotions on the store's credit card. Some cards may, for instance, offer a 90 days same as cash condition. This is a standard term on business to business credit, and is often extended to retail customers by a store. You can make a purchase using store credit, and if you pay it off in full within 90 days of the date of purchase, there is no interest charged. Be aware though, that if you are late making that payment, by even one day, you'll get all the interest that would have accrued during that 90 days tacked onto your bill. At about 30% APR, the standard for most store credit cards, that can add up to a hefty charge.

Another popular store credit card promotion is 0% interest for a certain number of months - often up to a year. In many cases, furniture stores may offer 0% interest until the next January on purchases made within a certain time frame. Again, if you can pay off the entire balance during that time, you may walk off with a pretty good deal, but you have to be careful to read all the terms and conditions in order to keep that low or no interest rate - and if you fail to make required payments on time, you could end up paying all the interest that would have accrued since the date of your purchase.

How do you know which is the best credit card to use for a particular purchase? As always, the answer is to compare credit card APRs, terms, conditions and offers BEFORE you make a purchase. Be sure to read all the fine print of credit agreements before committing to them so that you understand exactly what it is you've agreed to pay.

It's also wise to periodically check credit card offers online to see if another company is offering a better deal than you've got. If you're considering a major purchase or have just made one, you may find a 0% balance transfer credit card offer that will let you shift your outstanding balance from a higher interest card to one with no interest at all for the life of the outstanding balance. Be sure that you've read all the fine print when you compare credit card offers to avoid unpleasant surprises in the future.

At moneyeverything.com you can compare credit card offers from all the big name credit card companies, and apply for the best credit card right online. Before you go shopping for a big ticket item, check moneyeverything.com to be sure that you have the best credit card available for your purchase.