Getting a great deal on a credit card is getting harder and harder every year, since there are more laws limited what credit card companies can do, and more focus on increasing profits. However, if you shop around and follow these rules below, you can help yourself find a great credit card that can work for you, and not against you.
The Interest Rate
Depending on how you use your credit card, the interest rate can be a factor. As such, you should always look for the lowest interest rate possible. There are many ways to look for low interest credit cards, but it is easy to use a comparison site like ratesupermarket credit cards. That way you can see a lot of options in one place.
For regular spending, the best way to use a credit card is to not pay interest at all by paying your balance off in full each month.
However, another option is to transfer a balance to the card that has the lowest interest rate. In fact, many cards offer promotional 0% balance transfers, which can help you save money over the time it takes to pay off the balance.
Nobody likes paying fees, but it is how credit cards make their money. As such, credit card companies bury all types of fees into the fine print of credit card agreements.
Make sure that you select a credit card that doesn’t have any excess fees, like annual fees or usage fees. These are charges that the best credit cards don’t charge, so you should avoid at all costs.
Depending on the services you use, you may also be subject to late fees and balance transfer fees. Just make sure that you are paying close attention.
Finally, you should be looking for a credit card that pays rewards. There are many different types of rewards, including cash back, points, miles, gifts, and more. When thinking about what type of rewards card interests you, think about what activities you do.
If you like to travel, a card that offers miles or hotel stays could have more value to you than a card that offers points or cash back.
The catch is this: always make sure that you compare the cash value of your “freebie” to what you would earn with a cash back card. You may find that the cash back card still offers better rewards in the end than other cards.
Post by Robert