We are going to look at what makes a great credit card and how to get the most out of them but before we begin there are a few questions that need to be addressed. The first question to ask is this your first credit card or do you already have a credit card?
This is a very important question since the answer will impact the choices you make. If this is the very first credit card you apply for there are not many options available because you do not have any established credit yet so we will work on the presumption that you already have at least one credit card.
Elements Of A Great Credit Card
While each person has their own individual needs the majority of us need a credit card that offers flexibility in the interest rates being offered and the perks associated with the card. There is no “one size fits all” credit card so knowing what matters most to you will help make the search for a great credit card easier.
Do you plan on carrying a balance ? If you are going to carry a balance then it would be prudent to find the credit card with the lowest interest rate possible. In order to secure the lowest interest rates possible you should make sure your credit score is over 680 which will give you more leverage when trying to get a lower rate.
Contact the bank who is offering the credit card and find out whether they can provide you with a better deal. The majority of banks will provide a lower interest rate but you need to call and ask in a polite yet assertive manner.
Get To The Point
If you are not the type of person who carries a balance on their credit card then you should look at the various reward programs which traditionally offer points.
These points can be exchanged for a variety of different gifts and premiums. In order to make the most of these reward programs you have to look for participating merchants who will let you “double dip” for extra points. There is no point signing up for a point program unless the participating merchants are companies you deal with on a regular basis.
You also need to find out what type of products and services you can exchange these points for otherwise you could end up wasting your time. By following the tips that have been provided you should be able to find the credit card that is truly great.
It would be prudent to use these credit cards sparingly and never carry a balance since this is how these banks earn revenue is by charging interest so anything you can do to save on the costs of interest should be adopted as soon as possible. After you have addressed all of these questions you should be able to select the best credit card for your particular needs so start doing your research now.