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Credit Card Options: Which One Is Right for You?
Credit card companies are eager to find customers, and you might find it a little overwhelming sorting through all the offers and options that differentiate credit card products. Here are some details to consider when you’re deciding which credit card might be the right one for you.
The better your credit history, the more options you’ll have in picking a credit card. Higher credit ratings are more likely to attract offers of cards with better perks, lower interest rates, higher limits, and fewer fees. On the other hand, if your credit has fallen into disarray or you don’t have a very long credit history, you may have to get a “secured” credit card with a very small limit, tied to a cash account. (If you’re dissatisfied with your credit rating, it may be time to look at your credit report and check for any errors.)
Here are things to look at when comparing credit cards:
- Annual fee. Some cards come with lists of exquisite rewards, but you’ll have to pay an annual fee for the privilege. It might be worth it if you know you’ll make use of the perks — a frequent flyer, for example, may truly benefit from a card tied to his or her airline mileage. (Pay attention: some cards will waive the fee for the first year, then automatically add it to your bill as soon as the year is up.)
- Interest rate. While credit card companies can and will change your interest rate (even a “fixed” interest rate), it’s still to your benefit to secure a lower rate, especially if you know you’ll carry a balance. Keep in mind that the rate for general purchases will not be the same as for balance transfers or cash advances.
- Grace period. Choose a card with a longer grace period — ideally, thirty days. If you don’t want to be charged interest on your purchases, pay your credit card bill in full before the due date.
- Reward types. The most common types are straight “cash back” cards; cards that give you frequent-flyer miles; and cards that give “points” that can be used for a variety of purchases, from magazines to computers. If you fly frequently, look for a card that will pay miles to your frequent-flyer account. If you’re not sure which reward you might use, opt for a cash-back card.
You can also search online for the right credit card for you. Web sites such as CreditCards.com, NerdWallet, and CardRatings all have search engines that sort credit cards by reward type, credit score, issuer, and special credit circumstances, such as student credit.
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Before acquiring a credit card, it’s best to check on reviews to see what kind of card fits your lifestyle.