So when you are looking for the best credit card you can find for a wide range of
account needs, choosing one that carries the Visa logo may be your best bet. But
what if you are wondering what might you need from a new credit card, and what's
available to you?
Do you have a large balance?
If you already have a few credit cards and owe a lot on them, you might benefit from
checking out a number of
balance transfer credit cards. This type of account can be helpful because
it typically allows consumers a period of between six and 18 months - depending
on the offer and their credit rating - during which they will pay no interest on
their card. This can be helpful in reducing the total amount owed without adding
to the balance due to interest charges.
However, it is also important that if you're seeking this type of card, you pick
one that is realistic. If you owe more than you think you will be able to pay back
in six months, you might want to find an account that will give you a longer initial
Do you use your current cards a lot?
If you are the kind of person who uses your accounts to make everyday purchases,
credit card that grants you points for every purchase you make may be best.
However, it can take some careful consideration when doing so, because not all rewards
accounts are created equal. For instance, figuring out which benefits you'll
need specifically can be accomplished based on your current spending habits. If
you want to reduce the cost you face just for maintaining a credit card, a cash
back program may be best. However, if you use your card to purchase a lot of airline
tickets or book travel accommodations, a miles account would be better.
Further, some cards will reward certain types of spending more than others. For
instance, many cash back cards now grant consumers as much as 5 percent rewards
for buying groceries or gasoline, while popular travel credit cards will give consumers
hundreds of dollars' worth of points just for signing up and reaching certain spending
thresholds within the first few months the account is open. However, these cards
often have higher interest rates and annual fees than traditional cards, so it's
important to factor in those costs when deciding if this kind of account is right
Consider all aspects of the credit card program before you apply.
When you're looking at a number of
credit card applications online, you will have to carefully consider the
cost they will have given your current spending and repayment habits. Carrying a
balance can be costly if you tend to spend more than you can afford to pay back
in a month, and annual fees can increase the overall cost of a credit card program.