The best credit card for you is the one that fits all of your needs. It is difficult to suggest a specific credit card for someone simply because the needs from person to person are different. In addition, credit scores, financial situations, income, and job status and will all vary as well.
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You need to make a list of everything that you want from your credit card. Do you want a very high limit and low interest or lower limit but great rewards? Do you want a card you can personalize or something you can’t change? All of these things will help determine what the best card is for you.
What is the best credit card company?
According to JDPower, the best credit card company is American Express. This is based on a survey that they conducted interviewing nearly 9,000 credit card customers from a variety of creditors.
Barclaycard came in second overall with this survey and HSBC came in last. Of course, 9,000 people are only a handful in comparison to literally the 174,000,000 people who actually have credit cards in the United States. Still, this gives you a good starting point as to how each of the credit card companies is ranked.
One of the things that you have to consider is American Express is one of those companies that, overall, require their customers to have great credit. They are known for their willingness to close out an account if a credit holder’s debt to income ratio gets too high or they start missing payments on other credit cards.
In addition, a majority of their cards are pay off cards instead of revolving credit cards. This means that you are expected to pay off your debt at the end of every month. They do have a couple of revolving credit cards as well.
As with the best credit card, the best credit card company is the one that best fits your needs. If you want a rewards card that you pay in full every month, then American Express is a great option. If you want a fantastic rewards card for your business with revolving credit, then Chase Ink could be the perfect choice.
Should I pick a rewards card for myself?
Rewards credit cards are an excellent way to be paid back for the money that you spend. However, usually you will get a higher interest rate on any rewards credit card that you choose. The rate difference between a classic style card and a rewards credit card is usually about 3% but can be higher, which can be significant.
For example, if you maintain a balance of $3,000 on your credit card and have an 8% interest rate, then your total payments for the card at $120 a month will be $3561.59. At 12% interest, your total payments will be $3,933.67, again, paying $120 a month. That is a difference of nearly $400. You need to determine whether you will receive that amount in rewards merchandise, cash, or other rewards before you take this course.
Of course, for many people who pay off their balance at the end of the month, a rewards card is an excellent way to earn rewards points without ever paying anything to the credit card company. Not everyone can manage this however, so this is something that you should consider carefully before deciding to go this route.
Overall, a rewards card can be beneficial if you can qualify for one that keeps your interest rates down. If you pay your balance off every month then a rewards credit card is an excellent choice!
If I don’t like my credit card after I get it can I cancel it?
You can cancel your credit card at any time that you like. However, you should be able to read all of the terms and conditions for a card before you agree to allow the company to run your credit check. If you cannot, then don’t apply for the credit card!
If you haven’t had the card for more than a couple of weeks or even months, it shouldn’t affect your credit negatively if you cancel the card. If you have a card that you have had for a long time and you cancel it, it can have a negative impact on your credit, so keep that in mind.
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- American Express Centurion Bank American Express Senior Gold
- American Express Centurion Bank American Express Zync with Spending Limit
- American Express Centurion Bank American Express Senior Green
- American Express Optima
- American Express Centurion Bank American Express Zync with Spending Limit and Auto Pay
- American Express Travel Related Services Company, Inc. American Express Green Card
- American Express Business Gift Card