Choosing A Good Credit Card For Your Needs

There are many different kinds of credit cards with their own different pros and cons; but what credit card is best for you? We will take a look at the different options available inside the U.S. Some credit cards nowadays have more fees than you can shake a spoon at. They vary from charges for late payments, to an annual charge just for being a member of a specific credit card, even fees that change over time, without notice.

Credit card companies will try to entice you with platinum, or other kind of special cards that they say you qualify for, but in reality you are paying an annual price to be able to increase your borrowing limit cap, or get extra points or airline miles. Visa and MasterCard are the two of the biggest credit card companies today in America. They don’t issue the cards themselves, but depend on banks to do it for them. Each bank will give you a different set of fees and incentives for using the bank-issued card. The banks make a cut of the money spent while you’re shopping, more so with a debit card. Some banks might try to keep all of this money for themselves, or they will give you rewards, or money back for using their bank issued card.

The first thing you should look for in a good credit card is the interest fees. You want to make sure you will have adequate time to pay off your credit balance without paying interest. Some companies, such as American Express, will insure your purchases. If a retailer gives you a problem, or if your purchase is lost or stolen, you may qualify to have it replaced or the balance reimbursed to you. Other companies offer their own unique services.

The second thing you should look for is what bonuses and extra features you can get. Some cards will give you airline miles, others cash back. Some cards give you discounts depending where you shop at, and other cards will have someone call you if there’s something suspicious going on with your account. However, the first priority should be getting a low interest card with no annual fee. A great alternative to credit cards are debit cards. In theory, they are the same, but debit cards are linked directly to your bank account; this means you have to pay no interest or fees, unless you overdraft. A overdraft is when you buy something, but don’t have the funds for it. Fees banks charge for an overdraft vary, but they are generally very expensive, up to 25 dollars for each overdraft purchase; so you will need to be careful of your account balance. You can purchase items online and even use a debit card as a credit card in participating retailers.

Whether you go for the low interest rate with no fees, the bonuses, or the debit option, make sure you read the fine print and don’t get fooled into signing up for a fast credit card and paying for a fee that doesn’t occur until the first 6 months or year.

Share and Enjoy:

Tags: airline miles, american express, banks, Credit, credit balance, Credit Card Companies, credit cards, debit card, Fast Credit Card, good credit card, incentives, interest rate, late payments, MasterCard, rewards, Visa

Filed Under Credit Card Options, Fast Credit Card, Good Credit Card, Good Credit Card Reviews | Leave a Comment

Tagged With airline miles, american express, banks, Credit, credit balance, Credit Card Companies, credit cards, debit card, Fast Credit Card, good credit card, incentives, interest rate, late payments, MasterCard, rewards, Visa

Comments

Leave a Reply

Recent Posts
5 Good Credit Cards You Should Not Close

1. Any credit card that still has a balance.
2. Your only credit card with available credit.
3. Your only credit card.
4. Your oldest credit card account.
5. The credit card with the best terms.
source: about.com

Topics
First Good Credit Card

Establishing a good credit history is not as difficult as it seems. In all cases, however, you’ll need to make payments on time. Some tips include:
* Apply for a credit card through a local store. Local stores are more likely to extend credit to people without an established credit history.
* Apply for a secured credit card. By borrowing against your own money, creditors find this to be far less risky.
* Ask someone with a good credit history to co-sign on a loan or a credit card application. By co-signing, the person is agreeing to pay back the loan if you don’t.
Recent Comments
- tomas1277 on Comparing Good Credit Cards
- chemgirl on A Good Credit Card You Can Trust
Posts Of Interest

Fast Credit Card

Good Credit Card | Choosing A Good Credit Card For Your Needs