3 Things That Matter More Than Rewards When Shopping For A Credit Card
Earning credit card rewards is one of the best things about using a credit card as your primary method of payment for everyday purchases. But if you’re looking for a new credit card and are focused only on finding one that offers you the best and biggest rewards, you could be missing out on some of the other important features that make credit cards indispensible financial tools for so many people.
When shopping around for a new credit card to apply for, there are thee other things to look at, besides what kind of rewards the card offers. Read on to find out what you need to look for…
A low interest rate. The interest rate, or annual percentage rate (APR) of your credit card is very important. In the event that you aren’t able to pay off your entire balance by the payment due date, you’ll be charged interest on whatever amount you carry over from month to month. Even if you don’t plan to carry a balance, it’s good to have a low APR. Things happen, and you don’t want to get stuck with a high interest rate in case of an unexpected financial hiccup.
Fees. Another thing to consider is what sort of fees the card comes with. Besides an annual fee, a credit card may charge a fee for doing foreign transactions, balance transfers, cash advances, going over your credit limit, and making a late payment. But not all credit cards charge all of these fees. It’s something you’ll definitely want to look at before choosing a card.
Benefits and tools. Mobile apps, online account centers, financial tools like debt repayment calculators and spending analyzers, and purchase protection are all great bonuses to take into account when you’re deciding which credit card is right for you. If you have a card that comes with perks that make life easier, you’ll use it more often and get more value out of it. So be sure and take note of what benefits each card offers. If you travel frequently, concierge service can help you plan itineraries and make reservations. Whatever is important to you, make sure you get it in the card you choose.
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