From frequent flyer miles to reward programs to just building your credit, there are a number of reasons to want a credit card. Some people out there who could greatly benefit from a credit card might have never even considered getting one. However, don’t dismiss them out of hand. There are some credit cards that are well worth signing up for.
It’s important to keep a few things in mind when looking for a credit card. There are numerous offers out there, and it can be hard to tell a good deal from a sub-par card. Some credit cards are downright steals for the value they offer you. Others simply bleed you dry. Here’s what to look for to find the best credit card for you.
The better your credit score, the better kind of credit card you can sing up for. This is why having good credit is so important. A good credit score can open many doors for you, financially. When it comes to credit cards, if you have poor credit, you might want to wait until you’ve repaired your score to apply for cards.
It’s possible when you have bad credit that you’ll simply be denied any cards you sign up for. Instead, consider getting a low limit card that you can put a bit of money on every pay period. Use this to buy groceries and then pay it off at the end of the period. That way, you slowly build your credit.
Consider what you need a card for. If you’re a big spender looking for cool rewards, you want a rewards card. Travel cards, or cards with cashback, are awesome for people who know they’re going to be putting some serious cash on their card. Businesspeople, folks who travel a lot, and frequent shoppers love cards like this. Rewards cards can really stretch your dollar further.
If you’re looking for a card to keep in your wallet in case of emergencies, consider a card with zero percent APR. These allow you to float a balance from month to month without harsh interest penalties. Keep in mind, these do eventually begin to accrue interest. However, they can be used in a pinch to pay for something like a flat tire or a broken appliance.
Remember, a credit card should work for you, not vice versa. Don’t let yourself get buried in debt. Use the card to help your finances go farther, and avoid letting your balance accrue interest.