From great rewards to special promotions and easy approvals, each credit card has its own thing. And with hundreds of credit cards to choose from, it can be hard to make the right decision. So, before you choose just any credit card, do your research. Although the flashy advertisements may make a certain card more appealing than others, that card may not have the best deal for you. By making sure that you understand the following, you can get the best credit card for you.
First, it is important to pick a card that is right for you. Do you travel a lot? Do you spend a lot of money on gas and groceries? Do you have bad credit? Do you have a lot of debt? There are tons of credit cards out there- ones for bad credit, balance transfers, 0% APR, miles, cash back, etc… Choose a card specific to your wants and needs. Then, ask yourself some questions:
- Does the card have an annual fee? Some credit cards have high annual fees that you have to pay just for having the card in your wallet. Will the benefits outweigh the costs? There are some great credit cards with no annual fees too.
- What other fees does the card have? Some cards charge foreign transaction fees, balance transfer fees, ATM fees, etc… Choose a card that will work best for you. If you are going overseas, get a credit card with no foreign transaction fees.
- What is the APR? It’s incredibly important to find out what the interest rates are before applying for a card. You don’t want to end up with high interest charges and a lot of debt. So, if you tend to carry a balance, you should stick with low interest credit cards.
- Is the APR fixed or variable? With a fixed interest rate, your interest rate will stay the same. However, with a variable interest rate, your interest rate will fluctuate along with an index. Most credit cards are variable, but make sure before you apply for the card.
- Are there any introductory offers? Many cards offer special introductory promotions to get consumers to apply. They may offer extra rewards during this period, no or low interest rates, or free balance transfers for a period of time. Find out the specifics of these intro periods, know when they end, and know what happens after they end.
- What are the terms of the rewards program? The rewards part sounds great, but examine the terms before you fall for any offer. Are there blackout dates or redemption fees? Do you stop earning points after you reach a certain number? Do you have to register for the program? Knowing all this information will help you make an informed decision about which rewards credit cards to get.
By asking yourself these questions, you will be able to make an educated decision regarding the credit card you want to get. You can then get the best credit card deal available to you!
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