Where do you currently stand?
When assessing what you might want from a new credit card, you might first want
to think about how you've handled your old ones. This should include taking the
time to weigh a number of factors, such as how much you owe on them, how large of
a balance you tend to carry from one month to the next on average, and whether you
receive any rewards points, miles or cash back. You may also want to think about
the interest rates and fees you currently pay for using your various cards.
Once you know all that, you can begin comparison shopping by reviewing a number
of offers to find the best credit card deals available to you given your unique
If you still owe a large amount
Having a large balance can be difficult to deal with, but for those who do, the
solution can be as simple as finding a good
balance transfer credit card application. These cards can be extremely beneficial
for those looking to get out from under their large balances because they do not
charge interest for the first several months the account is open - usually between
six and 18. However, they do typically come with a small fee of roughly 3 percent
that you will have to prepare for.
If you don't pay your balance off in full
For those who keep their balances relatively low but have a habit of allowing some
of it to carry over from one month to the next, it might be a good idea to get a
credit card that carries a low ongoing interest rate. This will help to
minimize the amount added to your outstanding debts and make your habits more affordable
going forward. However, these cards can sometimes carry an annual fee, and you will
have to factor that cost in as well.
If you rarely carry a balance
If you use your credit card frequently but generally pay off your balance in full
at the end of every month, it might be a good idea to seek a rewards card that will
incentivize your spending. Cash back, rewards or miles can be racked up with every
purchase on one of these accounts, and often, lenders incentivize spending in certain
categories, such as gasoline or grocery purchases.
If you're looking for a rewards account, reviewing not only the kind of incentives
you will get for your everyday spending, but also the interest rates and fees associated
with the card. That will be important because the charges associated with rewards
cards are typically higher than those on traditional accounts, and therefore
you might need to do some math to determine whether the card you want will end up
costing you money in the end.
In addition, as always, you should take the time to review as many offers as possible
before you decide to apply for a credit card. Use our
Credit Card Search Engine to find the best offers for you.
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