Choosing A Good Credit Card For You
Credit card business is very big and there is a lot of competition to choose from, so you should consider your choices carefully. It almost always best to look for a credit card with a trusted financial institution with a good reputation; in this manner you are assured of stability and a low risk to yourself. Looking for a credit card is always a daunting task. However when looking for a credit card it is vital to realize a few things.
It is good to browse the selection available before signing up with the first credit card company you come across, since good credit almost a basic need for survival in our contemporary economy. The first thing to look for in a good credit card is a low interest rate. While there are many low interest credit cards currently available, like Citi Platinum Select MasterCard, most credit card companies will not offer these low interest cards at first, instead they will only offer the more attractive credit cards to clients who have the knowledge to ask for them. You should check the fees that are charged, because these wary wildly between credit cards.
Another thing to look for is companies who have great starting offers such as no interest on transfer balances for six months (for example the Discover MoreSM Card) as an incentive to lure clients away from their competitors. You should not be paying user fees on a credit card that already charges interest – this is especially applies to you if you don’t want to carry a balance.
Some privileged credit cards sometimes have annual fees for extra benefits such as increased air miles or a larger insurance coverage, but in general credit cards shouldn’t have a reason to charge any annual fees. A good option that hasn’t got annual fees is the HSBC Credit Card (Visa). Always look for a credit card that is best suited towards your personal lifestyle and your own interests.
Also, many cards today offer their holders additional benefits, points towards merchandise, car rentals, air miles, hotels, gas, etc… the list is endless. If you want to add some personal touch to your card some credit cards even offer to personalize your card by embossing your card with a picture of your choice. With so much selection among credit cards there you should have no trouble picking up a good card with great value and benefits that suit you. Good luck hunting for that perfect card for you!
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Two Things To Look For In A Good Credit Card
There are two main things that one should look for when trying to select a good credit card.
The first, and certainly the most important, is the interest rate on the card. While many cards offer introductory rates, such as 0% APR for a year, charging customers interest is how these companies generate their profit. Take for example the Citi Platinum Select Mastercard. With this card, Citi offers customers 0% APR on balance transfers and purchases for the first 12 months they have their cards. However, it is important for the savvy customer to note that, in the fine print, the company states that after those first 12 months, the variable interest rate jumps to at least 12.99%.
A good credit card will have a low interest rate that is fixed. As for these advertised offers, not all customers should assume that they will be eligible for the 0% APR or later an interest rate of 12.99%. Customers should do their homework as to how good their credit must be to qualify for the best interest rates. For example, to qualify for the 0% introductory APR for the Citi Platinum Select card, a customer has to have good to excellent credit. Citi seems to give a little more flexibility with regard to ones credit than Capital One who states that only applicants showing excellent credit are eligible for their 0% introductory rate. Though a card may look good because of their advertised introductory offers, a good credit card will offer reasonable rates for the life of the card.
Another thing to look for in a credit card is what it has to offer you. A good credit will reward you through airline miles, cash back, etc. While interest rates are important to know, if you are someone who always pays off their credit card in full every month, a credit card company’s rewards program can help distinguish an average card from a good card. Take for example the Discover More card from Discover Card. With this card, customers receive cash back on all their purchases, that cash amount ranging from 1% to 5%. In addition, Discover has a program called Cashback Bonus where customers can get between 5% to 20% cash back through Discover’s online shopping site. In this way, when cardholders buy items they would have anyway, a good credit card will save them money while doing so.
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Looking For A Reliable And Good Credit Card?
When looking for a good credit card to add to your wallet, there are many factors that you should focus on. One is the actual cost involved in using the credit card. The other factor is any rewards associated with use of the credit card.
Keeping these two factors in mind, the search for the right credit card for you will be much easier, and you will end up in a better financial position than you started in. There are a few ways in which using a credit card can cost you money. Of course, if you plan on carrying a balance on your new credit card from month to month, one of your primary concerns will be the interest rate that the credit card you are applying for charges. Is it a fixed rate? Is it variable? Do the credit card’s terms allow the interest rate to be raised at any time, or do you have a guaranteed rate locked in for a certain time period? Many credit cards offer very low or even zero percent “teaser” rates for a short period, and then will raise your rates after this period expires. Some cards offer zero percent or a very low rate for longer periods of time, so if your credit is qualified enough, these cards should be your first choice. Look for a card that offers zero percent interest on purchases for your first six to twelve months. Capital One, Citibank, and Chase offer cards for some of their new credit card customers that have these types of terms, so you may want to contact them.
Another factor of applying for a new credit card that can cost you money is an annual fee. Some credit cards have no annual fee, while others can charge hundreds of dollars per year. Be sure you know the annual fee requirements for any card you are applying to. If you apply for a credit card and then find out you are subject to an annual fee, call the credit card company and ask if they can lower or waive the fee for you. In general, there are plenty of credit cards with no annual fee out there if you have decent credit, so you should focus on those unless you are unable to qualify for a credit card without an annual fee. If you must, try to keep the annual fee as low as possible.
Finally, check to see if the credit card program you are applying to offers any rewards points or frequent flyer miles for purchases. If you use your card a lot, these can add up quickly and are worth the effort to shop around for.
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