- Personal Finance
How to Find the Best Credit Cards
Do you love shopping? A credit card can be the best way for you to track and spend your money wisely. Credit card companies now offer reward points, management features, travel insurance and a litany of other benefits. With crime and fraudulent activities on the rise using a credit card can be a very wise decision. In case your card is stolen and purchases are made unknown to you, it is possible to dispute these charges and pay only for what you have spent.
There are many banks and financial institutions now offering credit cards. It is hence important to research, study and compare the benefits offered before opting for a card for yourself or your family.
Before you begin to look for a credit card for yourself run a check on your current credit rating. Credit cards are offered based on your credit worthiness. If you are in a lot of debts or find paying your dues on time hard, you will need to choose a card that offers a low rate of interest to avoid adding to a mountain of debts. However on the contrary if you are someone who pays off your dues month on month you may wish to choose a card with no fees and more reward benefits. While choosing a card introspect on the kind of rewards being offered and if they fit your needs. You may choose between air miles, cash back, gas cards and various other luxury benefits.
Give a glance at the many promotional offers that you receive on your email, mobile and post. Research well and choose a card that seems best tailored to your needs. You do not want to end up opening and closing a card that you are not happy with and in turn hit your credit score. Think of your card as a long time asset and choose wisely.
Once you have decided what kind of options you wish to carry in your wallet, you may use the internet to compare cards issued by various companies. If you still feel you have questions unanswered you can speak to a financial consultant who can help you make your choice.
If you own multiple cards, and wish to have another make sure you opt for a card that offers balance transfer. This will enable you to manage your finances well and take advantage of the best interest rate provided among your cards.
Standard credit cards are the most commonly used cards and has a revolving balance and an interest rate that is applied when you cross the grace period. The grace period is generally the same with most cards however there are few cards that do offer a longer grace.
Those who do not have a good credit rating do not have to fret as there are financial institutions that do offer cards to those who fall under this category. However a better option would be to use a card that is linked to your savings account and lets you spend just as much as you have in your account. This limits you from over spending.
With a number of competitors in the market, the cash back, rewards and other benefits that come with the cards are attractive. Make a wise choice by comparing the benefits and if they suit you before you sign up.
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