Help! – Which Credit Card is Best for Me?

If this is your first time to apply for a credit card, deciding on which one to get can be complicated. Marketing ads can be misleading as all Issuers claim that they give the best deal. In this article, let’s check out the factors that you should consider to help you pick out which credit card is best for you:

The rate of APR.

best credit cardThe annual percentage rate is the interest rate that you incur when you carry over a balance in your account. A low APR credit card reduces the risk of quick debt build-up in case you may have to carry over your balance from one month to the next. If the interest is too high, you may have a more difficult time paying off your balances.

The annual fee.

There are credit cards that do not carry annual fees. Some cards with low APR may have high annual fees. If you do your own research, you can find no annual fee credit cards that also offer a considerable rate of interest. Of course, the best way to avoid the APR cost is to pay your balance in full on time.

The interest on balance transfers.

The rate of interest on purchases and balance transfers may be different. If you want to use a balance transfer card to manage debts from your high-interest credit cards, make sure that the APR applicable to new purchases is reasonable as well. However, if you’re going to get a zero interest balance transfer card, make sure that you can pay off all your transferred balances before the 0% APR expires.

[Article: Getting the Best Credit Card for Bad Credit]

Transaction fees.

Credit cards that double as debit cards may come with expensive per transaction charges. Each time you use the card to withdraw cash from the ATM, you may may incur expensive fees plus the cash advance interest.

The Grace Period.

Don’t forget to check the grace period. Make sure that you will have sufficient time to pay back your balances before or on your due date.

The rewards.

If you want to get a reward credit card, see to it that the reward program suits your lifestyle and spending style. Watch out for attractive reward offers that may be accompanied with expensive interest rates, hidden charges, or unreasonable terms. Also, take note that rewards credit cards are more likely to have higher APR than non-reward cards so make sure that you will be able to pay off your full balance on time.

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Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NHBS Inc © 2024

NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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NHBS Inc © 2022

NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

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