Credit Cards - How to Make the Right Decision
Choosing the best credit card isn't a matter of chance.
It takes a bit of work on your part to figure out exactly why you need a credit card, and then find the one that meets your needs as closely as possible.
Here's a foolproof plan for finding the best credit card deal when you apply for a credit card.
1.
Know what you're looking for.
Do you want to reduce the amount you're paying in interest by moving your outstanding balance to a lower interest card? Do you want to apply for a credit card for emergency use? Are you most interested in the convenience of paying on plastic? There are specific cards that are best for each of those uses - and few that will give you the best deal on ALL uses, so knowing what's most important to you in a credit card is a major factor in narrowing your choices.
2.
Compare features of many different cards.
Once you've decided on your main criteria, steer your web browser toward a credit card comparison site and search for credit cards by feature.
Many sites let you do a side by side comparison of features so that you can see at a glance how they stack up against each other.
If you're looking for: Purpose- Search for Feature A card to make long-term purchases - Lowest APR A card for everyday use - Reward Points/Cash Back Lowering your monthly payments -- 0% balance transfers Doing something good for the world -- Charity credit cards Once you've got your list of cards that satisfy your main criteria, compare other features.
3.
Compare total cost of each credit card.
In addition to the features touted in promotional offers, don't forget to check on other important factors: annual fees, rates after the promotional period expires, late payment fees and requirements to earn or keep the promotional fee.
If you take the time to comparison shop carefully, you can be assured of getting the best credit card for your use every time.
It takes a bit of work on your part to figure out exactly why you need a credit card, and then find the one that meets your needs as closely as possible.
Here's a foolproof plan for finding the best credit card deal when you apply for a credit card.
1.
Know what you're looking for.
Do you want to reduce the amount you're paying in interest by moving your outstanding balance to a lower interest card? Do you want to apply for a credit card for emergency use? Are you most interested in the convenience of paying on plastic? There are specific cards that are best for each of those uses - and few that will give you the best deal on ALL uses, so knowing what's most important to you in a credit card is a major factor in narrowing your choices.
2.
Compare features of many different cards.
Once you've decided on your main criteria, steer your web browser toward a credit card comparison site and search for credit cards by feature.
Many sites let you do a side by side comparison of features so that you can see at a glance how they stack up against each other.
If you're looking for: Purpose- Search for Feature A card to make long-term purchases - Lowest APR A card for everyday use - Reward Points/Cash Back Lowering your monthly payments -- 0% balance transfers Doing something good for the world -- Charity credit cards Once you've got your list of cards that satisfy your main criteria, compare other features.
3.
Compare total cost of each credit card.
In addition to the features touted in promotional offers, don't forget to check on other important factors: annual fees, rates after the promotional period expires, late payment fees and requirements to earn or keep the promotional fee.
If you take the time to comparison shop carefully, you can be assured of getting the best credit card for your use every time.
