Selecting a Suitable Credit Card

: Chris Lee Law Firm

  Filed under: Credit Tips

Selecting a suitable credit cardWondering which credit card to sign up for?  The answer depends on your particular needs, credit score, spending habits, card features and other factors. If you understand your options and ask the right questions, you can easily come to a decision.

What’s your credit score?

Your eligibility for various credit card offers depends on your credit score. You can find out yours for free through online websites and card issuers. If you feel your score is lower than what it should have been, go through your reports and see what has affected the ratings. Work on improving your score then.

Figure out the type of card that you want

Credit cards can be divided into three main types: student and secured cards which contribute to better scores if yours are damaged, low interest or balance transfer cards which help you save money in terms of interest, and reward cards which give out numerous offerings. The best of these is the one that meets your needs.

Student credit cards are unsecured and easier to qualify for. A card with 0% APR may be a good choice if you only want to use the plastic money, in case of emergencies. If you travel too much or want to enjoy other benefits, then go for a rewards card which gives out points, cash backs, or miles. However, the APR for these cards may be higher.

Consider your needs

Before choosing a card, consider several things. For instance, how much do you have to pay for opening an account? What are the interest rates and the APR? Can you switch to a better card down the road? Does the card offer any rewards, and if so, what are they?

Try going for a card which reports your payments to credit bureaus, and asks for a lower deposit. Or, you could go for one which offers impressive signup bonus. The choice depends on your needs.


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