How many people do you see on a daily basis whip out their credit card for a purchase? Credit cards are the surest way to buy things, merchandise and daily necessities- and around ¾ of the United States population holds a card! Credit cards offer financial freedom and helpful hints for budgeting- for those who choose to utilize them! So, while there are various financial institutions out there, all with a multitude of credit cards under them, how do you know which one is right for you? Getting good credit cards may seem simple from the outside but once you start the credit card search you may find there are a lot of intangibles that you need to consider. So here we go, the quickest guide to choosing a credit card that is suitable for your lifestyle and your needs! Here’s how we’ll do it- look at the different types of credit cards, comparing the top brands and best choices, and determining which is right for you. Of course a good credit score will get you good credit card offers but no matter what your situation, you can get a card for you:
Credit Card for Good credit Score
Choices are a good thing in life. You often get to choose whether you will buy this or buy that and when it comes to good credit cards, you can choose depending on certain characteristics. Here are some of the more common types of credit cards on the market:
- Low APR credit cards are the way to go! The most sought out credit card type out of all the choices is the lower APR credit card. A card like this allows you to pay off interest in either very small amounts or none at all! Often lower APR credit cards initially come with a 0% introductory interest rate for 6-15 months (depending on the card). If you want to save money through not paying interest and/ or if you tend to carry a normal monthly balance, this type of credit card is probably ideal for you!
- Balance transfer credit cards have their benefits! If you currently are sitting on a credit card bill that makes you cringe and you’re paying interest through the roof on it (to the tune of 15% +) you may want to consider getting a balance transfer credit card. These cards allow you to transfer your high balance (yes, the entire thing!) onto a credit card with low or non-existent interest! Can you say money-saver?!
- Rewards credit cards are varied, yet rewarding! The newest trend in the last few years in the financial department is the influx of rewards credit cards. These point based rewards programs are great because they actually reward you as the customer for using your credit card on a normal basis. Whether you are buying normal items at a grocery store or if you’re purchasing a larger ticket item, you will get ‘bonus points’ for your purchase. What can you do with these ‘bonus points’? Most credit card companies will give you the choice of different rewards, from airline miles to gasoline discounts and everything in between! If you have a good credit history and you are looking for the best way to take advantage of it, you should look at getting a rewards credit card!
- Secured credit cards offer budget friendly alternatives! Many people shudder at the thought of getting a secured credit card, or a bank card. These cards aren’t all that bad though! Most of the time you will go after these cards to establish credit and learn how to build good credit. The cards work much like ATM cards where you deposit a certain amount in an account and you can only spend up to that amount! Great for budget, great for improving credit history!
Now that you have a better understanding on what is out there, it is time to do a little bit of comparing! The best way to compare the good credit cards is to do an internet search. Many websites will give you in-depth comparisons on the top credit cards and you can look side-by-side on the rates and fees of each card.
If you have a pad of paper and a pencil you can just jot down your narrowed down list of choices. Come up with 5-10 cards that peak your interest and pick a card that works for you (look at the list above for reference on card types). During your credit card analysis you should be looking at interest rates, annual fees, extra fees, grace periods, introductory periods, late payment fees, balance transfers and cash advance restrictions.
Once you get your list narrowed down it shouldn’t be too hard to move on to the next step… Credit cards for Bad Credit Score
If you are sitting there with a bad credit history you’re probably thinking that the statement above won’t happen for you! However, with a little bit of diligence and research, you’ll be able to find one of the credit cards for people with bad credit. There are many cards out there determined to help people build their credit score and get a higher rating on their reports so it shouldn’t be too hard to find a good card.
No matter what your position or what your status, finding the credit card of your dreams can be a quick and easy process! With your newly acquired list of credit cards you can call them up and deliberate which card is best for you. This should narrow down your choices from 5-10 to 1-2!
Remember, get the card that has the most value to you with the most benefits to your lifestyle!
|
