Why compare credit cards?

You're a unique individual with your own budget, spending habits and approach to your finances. Perhaps you use a credit card for all your purchases. Maybe you use it only for emergencies. You may be a person who really likes rewards programs, or you might be focused solely on interest rates. All of these factors should come into play when you're choosing a credit card.

Because all the percentages and fine print can be overwhelming, many people just give up with an "Oh well, all credit cards are pretty much the same" and pick the first one that comes along. That couldn't be further from the truth. Credit cards vary widely from one to another. Some will suit your financial goals and current debt, if any, much better than others. If you pick a credit card that's wrong for you, you wind up having to go through the application process all over again to get a different card.

Here are just a few of the factors you need to evaluate before you make your decision:

• Balance transfer rate • Ongoing interest rate • Interest free days • Annual fee • Cash advance fees • Rewards programs • Fraud protection

As you can see, there are far too many potential differences to just sign up for the first credit card that comes along. It's an important financial decision, and it calls for careful research.

How to compare credit cards online

Sorting through the stacks of credit card applications that show up in your mailbox each month isn't an efficient way to compare the credit card options available to you. You need a way to search the whole market and narrow down your options according to factors such as interest rates and annual fees. The Internet is the most comprehensive resource for researching credit cards.

Instead of performing endless Google searches while guessing at keywords, try a financial product comparison site. Mozo.com.au is a good example of a website that allows you to compare various credit cards side by side. Information about each card is laid out in plain English and in a format that allows for direct comparisons. All of the essential information is available in one place, which saves you time and simplifies the comparison process.

You can shortlist credit cards and compare the details side by side. Benefits and an overview of the card are presented in simple terms. In addition to the nuts and bolts, you can also hear what regular people like you have to say about the card. Mozo features customer reviews and ratings so credit card applicants can access honest and practical assessments of each card.

For added convenience, you can apply for credit cards online directly through the site. From start to finish, the entire comparison and application process can be completed without ever leaving Mozo's website. Financial product comparison sites empower consumers and make a potentially challenging process straightforward and hassle-free.

www.mozo.com.au