How to Choose The Right Credit Card for You!:
There are many different criteria to consider when applying for a new credit card. There are credit cards out there designed for every kind of person. You must look at the lifestyle you lead and the kind of account that would benefit your financial needs.
First of all, you have to find a card that benefits your lifestyle. There are cards that give your rewards for flights, hotel stays, car rentals, etc. Many cards can provide you with considerable discounts on these kinds of services through your affiliation with their business. These can be great perks, saving you a considerable amount of money each year. If you have a job that has low security, look for credit cards that offer credit protector packages…to assure that your credit will not be tarnished due to misfortune. Many cards offer family leave programs, that excuses delinquecies due to illness. There are card that also help rebuild credit and consolidate debt, for people who have been in financial jeopardy.
Secondly, you have to take a look at your financial needs. There are cards that cater to every financial need possible. Some needs include high lines of credit, low balance transfer rates, low annual percentage rates, no annual fees, long grace periods, etc. If you are a student, there are cards that offer great rates and lots of perks that benefit your age group. Other classifications include gold, silver, and platinum accounts…signifying different perks for different needs. There are a lot of financial groups that offer low introductory rates, which are nice if you need cash for a short amount of time. If you can pay off the balance within a 6 month time frame, your interest could be as minimal as 1.9%. If you have a lot of unsecured debt, there are cards that cater to debt consolidation, having great rates and low balance transfer fees. If you are a business owner, there are cards that are suited for merchant accounts. These accounts offer services that help with your accounting, budgeting, and offer perks such as product discounting and accessibility to loans. Whether you own a small business or a large corporate organization, there are cards to match your needs.
Be mindful that credit cards come with certain responsibilities. Many people fall into the mindset “Oh, it is only $20 a month!”. The problems surface when you up your credit line, and that payment double, triples, etc. Also, having two or three cards with low monthly payments can equal a staggering amount when added together. Be careful to exercise self control, using credit cards responsibly. You want to use credit as a tool and avoid unnecessary debt. Make sure you know everything about your card, so you aren’t caught in a loop hole. Your future credit depends upon it.
Overall, there are a lot of criteria to consider. Choosing a credit card is a serious financial decision and the benefits can be outstanding! Make sure to read the find print and shop around, as to find the best card for you!