How to Decide on The Best Credit Card

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How do you choose from all the credit cards out there which is the best credit card for you? There are a few questions you can ask yourself that will help you decide which credit card is best.

Whether you intend to carry a balance every month or not is one important question. Even if a person does not intend to carry a balance it can happen, thus a lower interest rate is usually desired. This way if a balance is carried to the next month the interest charged to the amount is small. With a higher interest rate amounts of money can rack up fast if the balance is not paid off in full. The interest rate is very important if a person plans to only make the minimum payment each month.

If a person plans to use their credit card heavily then a credit card with rewards would be a good option. Rewards come in the form of cash back or redeemable miles, and the amount is based on how much money a person spends. The rewards differ on each credit card so this should be looked at carefully. Also the amount spent in order to redeem rewards should be known plus some even have expiration dates. But if a person plans to use their credit card heavily already then rewards are a great addition.

How often a person plans to use a credit card is good to know when the application of the annual fee comes into play. The annual fee on a credit card can range from nothing to a few hundred dollars, thus the amount of use a person gives to their credit card becomes important. If a person uses a credit card very little they will not want one with a high annual fee, thus most of their payment will be due to the annual fee for just possessing the card. Thus finding a card with a low or no annual fee would be the best plan.

If a person has bad credit then they may not be able to receive a credit card. Therefore a secured credit card may be their best option, this is a card that is reported to make credit better. An amount is deposited to be the credit limit such as $1,000 then purchases can be made up to that limit. The amount is paid on just like a credit card and if a person fails to pay then the amount is subtracted from the base balance.


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