Thursday, May 14, 2009

It's always a good idea to compare credit cards before you apply. It's a little known fact that every credit card application shows up on your credit report, and too many can start to damage your credit score and rating. For that reason, you should only apply for the credit cards you know you really want -- and have a good chance of getting.

So before you start filling out applications, take a look at some of these helpful websites.

1. Credit card whiz kid

Credit Card Whiz Kid doesn't just deal with credit card comparisons; it has pretty much everything you'll ever need to know about credit and debt. Whether you're considering a new credit card or looking to consolidate your loans, this should be your first stop.

2. Credit  cards

Credit Cards.com is an excellent site that lets you select the type of credit card you're after (whether it's an air miles rewards card or a balance transfer card) and compare credit cards from similar lineups.

3. Money supermarket

Similar to Credit Cards.com, Money Supermarket lays out a very good comparison of the major credit cards, letting you browse through them before you make any major decisions.

What to look for

When you compare credit cards, it's not enough to simply scan along and find the ones with the lowest interest rates. There are a number of things you should focus on, including:

-- Okay, yes: interest rates:

You definitely don't want to get stuck pay 28% interest because you forgot to check the card.

-- Benefits and rewards:

What sets this card apart and makes it worth your while? Do the rewards actually benefit you? If you never fly, for example, why get an air miles reward card?

-- What sort of credit rating do you need to get this card?

If you have a mediocre credit rating, there's no sense applying for cards that only deal with excellent rated customers (remember, every application can count against your credit score).

Don't get stuck with second best. Before you start applying, make sure you compare credit cards online and check out the best possible deals.

For more tips on the best credit cards, saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources.