Credit Card Comparison Chart Essay

Credit Card Comparison Chart

Credit Card Name:

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Percentage Rate

Cash Advances


Overdraft Fees
Membership Fees
Late Payment

Grace Period
Chase Visa Platinum Card

14.24% – 23.24%
$15 – $39

20 Days
Discover Platinum Cash Back Rewards

10.99% -17.99%
3% + 20.99%
$15 – $39
$15 – $39

25 Days
Citi MasterCard Platinum Select

3% +

Premier Wal-Mart Credit Card

$0 -$28.97
25 days with a balance of $0, otherwise None.

According to my research, Chase Visa Platinum Card has the most benefits regarding consumer satisfaction because its variables are quite flexible for consumers who do or do not use the card frequently. For example, I will be charged the 10.99% APR if I were to spend approximately $200 using the Discover Platinum Card the billing cycle (Terms). Some credit cards would charge the high-ended percentage such as the Citi Platinum MasterCard. I would prefer the fixed, low APR offered by Citi Platinum MasterCard Select due to my inconsistent income, but the 23.24% can turn into more debt quickly (Chase & Co., 2006). Using these credit cards would involve some pre-planning or re-budgeting to handle the high late payment charges and the APRs.

In contrast, I use 1st Financial Bank USA because of the promotion of 0% APR with a credit line under $250. This gives me a sense of credit, but with debit qualities that make payments easier to obtain.  As a [student or profession], these attributes of a credit card company can play a big role in building my credit. Chase Visa Platinum has great potential in being used for emergency situations. Consumers can use the Chase Visa Platinum card for more desperate measures like expensive purchases they would not mind making a long-term commitment to.

Helpful Tips for New Credit Card Users

If you are short on cash, but make a steady income I suggest you pay the minimum twice a month to counter the chance of a late charge. This helps balance the actual bill and what you can afford to pay in order to keep your credit rating in good standing.

Do not exceed your credit limit! There are some unwanted consequences for this; e.g. high fees and more debt. If you do not have self-control or just receiving your first credit card – please limit your credit to the minimum available from your providers. The best way to build a unique credit history is by starting slow and working your way into the process.

Keep track of your expenses. I may consider my way a bit traditional, but I keep receipts to add up my expenses every two weeks. This gives me an idea of how much money I am spending with cash, credit, and other sources. It also gives me a chance to see what I need to cut out of my spending habits. Credit card statements are distributed once a month so it is your responsibility to know what you have been swiping for later payments.

Okay, so you have found [name an item you want to buy right now] on sale or buy one get one half off. Do you really need it? The APR is 13.4% on your credit card so do the math. The [name item] costs [insert cost], but the credit card is ready to come out.  Are you willing to pay 13.4% for [insert item]? You may be paying for it months after you stopped [using or wearing] it.

Personal Experience

Credit cards did not signify my strong points at the beginning because I was naïve and did not pay attention to details. At first, I considered a credit card as “extra cash” and my own “source of income” because it was so easy to purchase anything I wanted. In return, I developed bad habits of buying this-or-that and paying the monthly minimum to keep my head above water. My [insert family, friends, advisor] suggests I cut the card in half and focus on paying the bill. I finally paid 80% of the bill by the third month of handling my income with more responsibility. Now I advise others to take the same chance to make a change in your relationship with creditors. You can not afford to have poor credit history because it will conflict with future endeavors like buying a home or financing a business.

In closing, the best way to use or choose a credit card suited to your needs is to assess the position you are in now. Are you willing to pay your bills ahead of time? Can you make a commitment to save money? Will you make smarter purchases to decrease your debt? These must be addressed before adding your name to any dotted line. The terms of agreements have more fine print that many would care to read, but do not let this be you. Change your fate by starting with a better, more trusting credit card provider.

Reference Page

Citibank (South Dakota) (2005).Citi Platinum Select MasterCard Terms and Conditions. Retrieved     August 30, 2006, from

Discover Platinum Card Cash Back Rewards: TERMS. Retrieved August 30, 2006, from

GE Money Bank (2000) .Wal-Mart Credit Card: The Key Credit Terms. Retrieved August 30, 2006, from

JPMorgan Chase & Co. (2006).Chase Platinum Visa Card Pricing and Terms. Retrieved August 30, 2006, from

[1] Annual Percentage Rates vary with accountant’s credit history, credit line, and current balance during the cycle.
[2] Cash Advance Fees vary with accountant’s credit line and card provider.
[3] Late Charges vary with accountant’s card provider’s Agreement Terms.

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