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Article by Greer Lean

Most money lenders and credit card providers have a range of products to cater for the wide range of needs and wants that their clients have, so finding the right credit card to suit your needs is a hard task. There are so many factors to consider – interest rates, fees, perks, etc. But which instant cash credit card is right for you?

Here’s a few things to look out for when you are looking for a credit card to give you some quick cash.

ANNUAL FEE

A lot of banks offer one type of credit card at differing levels, for example Platinum, Gold, Silver, and of course, Standard. As a general rule, you’ll find that the more features a card has, the bigger the annual fee that you’ll have to pay. With the differing levels of the credit cards, as one would expect, the perks and bonuses increase as the value of the card increases (as well as the criteria that they require in order to be eligible).

CREDIT LIMITS

The credit limit imposed on credit cards will vary from bank to bank. Usually the higher the card’s value, the higher the minimum and maximum limits that are available. When choosing the card that is right for you, make sure that you take the credit limit into consideration because people are often tricked into taking cards that have a higher limit than they require and will often end up in more debt than is necessary.

Again this varies between banks and the different cards they offer. Cards such as Silver, Gold and Platinum will most often have higher minimum and maximum credit limits than standard cards. It is important that this is taken into consideration when deciding which card to get, as often people will get more credit than they intended and land themselves in financial strife when they go a little overboard with their spending.

Some banks also impose a daily limit on how much you can get out in cash advances. This is not especially important, but could become an issue if a substantial amount of cash is needed immediately.

INTEREST RATE

Last but not least we come to the interest rate – one of the most important deciding factors when applying for a credit card. Some impose a flat interest rate, while others use a variable rate (which changes with the state of the economy).

You may even find that you are offered a lower interest rate for a certain time period, for example 5% for 6 – 12 months. Then after this time period it will return to the normal interest rate.

However, if this interest rate is too much for you to afford and you only need a small amount of cash (say $ 100 – $ 600), then payday cash advances could be the way to go for you. These companies offer bad credit loans.

Because they consider that a small glitch can have a large effect on a consumer’s credit history, companies that offer these loans are more lenient when it comes to client credit history eligibility.

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