Wise Strategies When Shopping for a Credit Card


A wise shopper always pays attention to details. When looking for a credit card, you should be as meticulous as you are when shopping for clothes or groceries. How can you find the credit card that’s right for you? Consider the following strategies:

What Type of Credit Card Do You Need?

With so many cards in the market, you need to narrow down your options. An easy way to do this is to decide what type of card you need. Do you need a reward credit card, a balance transfer card or a business credit card?

Afterwards, be more specific about your purpose. For example, if you want a credit with rewards, have you thought about what type of reward you want? DO you prefer travel privileges, gas rebates or cash back?

You may also consider whether you want a secured or an unsecured credit card. If you have an impressive credit history, you should be able to get an unsecured card with no hassle. Nevertheless, for people with low credit scores, a secured card may be the perfect option.

Secured credit cards can also be tools in improving bad credit history. The trick is to use your card smartly, to stick within your credit limit and to submit your payments promptly. Take note that you’ll need to submit a security deposit to get a secured card.

Compare the Costs

Once you’ve narrowed down your choices, you can start examining each one more closely. Credit card review websites should help you make comparisons more easily as these sites arrange cards by categories and include reviews of each one.

The APR is an important factor to consider but don’t forget to check the rest of the costs as well. Examples of these costs are the annual fee, penalty fee, over-the-limit charge, balance transfer fees, etc.

If you intend to carry over balances in your account from time to time, be sure to pick out a card with a low APR. However, make sure that the annual fee is reasonable as well.

The low APR may also be applicable on purchases only. In this case, you’ll want to make sure that the APR on balance transfers is reasonable especially if you intend to use it for consolidating credit card debt.

The best credit cards offer low APR on both purchases and balance transfers but these cards usually require good to excellent credit. Check your credit report to make sure you’ll qualify.

Allison May is a credit consultant and a writer for Credit Creators. The resource provides consumers with valuable advice and information on credit cards for bad credit,credit cards for good credit and other credit-related issues. Its main objective is to help people build good credit. Copyright © 2008

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