How To Know Which Credit Card Is The One For You
You’ve searched and searched, but you still can’t decide: which is the one for you? The one that will make you happy for the rest of your life and meet every one of your needs?
Yes, the hunt for the perfect credit card can be difficult. But have no fear: here is a list of things to look for as you try to find that one card to be with for life. (Hint: you can actually have more than one great credit card, at the same time.)
• The right APR for you. The APR, or annual percentage rate, is how much interest you’ll be charged if you don’t pay your balance in full each month. With the APR, all you need to remember is, the lower the better. Even if you don’t plan to carry a balance from one month to the next, it’s good to have a low APR card, just in case you do end up not paying your entire balance in full one month. Life happens, and you just never know. So be sure to find a low APR card to keep you happy for as long as possible, in sickness and in health, in good times and in bad.
• A card that’s rewarding. There are so many great rewards credit cards available now that it’s silly not to find one that has exactly the rewards you seek. This might be a travel rewards credit card, a cash back card, a gas rewards credit card, or a luxury card with elite benefits like 24/7 concierge service and purchase protection. Collect points and redeem them for gift cards, get frequent flyer miles and take a free flight somewhere, or try a hotel rewards card and go away for a quiet weekend with someone special. All of these things are possible, and more.
• Transfer a balance. If you’ve already got a card with a balance that you’re trying to pay down, look for a balance transfer card that offers you the opportunity to pay your debt with zero interest for a period of time. These cards are an excellent way to pay off old debt that is nagging you from a previous setback, like losing a job or getting divorced. Balance transfer cards typically charge a small fee, usually 3% of the balance transferred, but it’s usually worth it to pay this fee so you can avoid paying interest for a year or even longer.
• Get your student off on the right foot. If you have a kid who is heading off to school, there are a vast array of student credit cards that will offer a perfect introduction to the word of credit. Find one with a low credit limit so your offspring can’t get into too much trouble, a low APR, no annual fee, and friendly customer service. Most cards have mobile apps, so your digitally connected kid can check in via smartphone about balances, due dates, and credit limits.
With so many options, that perfect card is just waiting to be found.
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