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An Introduction to Automotive Credit Cards

Automotive credit cards exist for a variety of reasons, such as helping towards a new car, auto parts, or services. You may choose an automotive credit card for the reward program or because you like that manufacturer. In order to understand how these cards work, you need to know a little more about them. This introduction to automotive credit cards can help you make the right decision for the right card.The most important item to remember about the automotive rewards is that they can only help you towards the purchase of a car. While you may have 10,000 or more rewards points it will only help you towards the purchase. The rewards points are not actually a dollar amount. Most often you will receive a $1,000 to $3,000 discount on the car based on the amount of rewards points and the type of automotive credit card that you have. The companies also limit how you can use the rewards points. For instance they are only valid on certain models of cars, and generally do not include used vehicles. In order to find out what type of car is eligible for the discount you will want to speak with the credit card company’s rewards department. Another aspect of rewards points is that you have to buy a new or leased car.When choosing the proper credit card you will also want to be cautious about the interest rate and fees. As with any credit card you always want to check out the interest rate and fees that may apply. First of all, credit cards, unless they have a fixed rate, will change with the economy’s interest rates. This means you may start off with a great interest rate and find out later on they have raised it to 30%, which is the current maximum interest rate a credit card can have. Fees that may apply include annual fees, late fees, and redemption fees. If the card has an annual fee you will be required to pay that as long as you have the card. Most annual fees are between $45 and $90. Late fees are typically considered $30 charges when you are late in making a payment. Redemption fees may apply if you are trying to use the automotive credit card rewards towards certain things such as cars. In order to make the best use of a credit card, you need to be aware of the potential usage fees from using it and try to somewhat limit yourself in spending the money that you have available trough your credit line. By planning your spending activity, you will avoid incurring a debt you can’t handle.Most automotive credit cards are great for those who know the type of car they wish to purchase. If you are simply looking for a credit card, you might want to check out all the other credit cards; not just those that can give you rewards towards a new car. If you are interested in a new car then choosing an appropriate automotive credit card will help you to financially realize your dream car into reality. Source: