Finding the best credit card depends on a range of factors such as your credit score, lifestyle and spending habits. Even though price is an important factor, finding the best credit card is more about linking it to your individual needs.
Find out what your credit report looks like
This will help you figure out what credit cards are available to you. If you have a poor credit record, aim to improve it before you start applying.
Compare packages thoroughly
“Finding the best rewards package involves cutting through a lot of noise,” says Tim Chen, founder of NerdWallet.com. You need to use as many resources as possible to compare different credit card offers.
Consider how you use your card
Consider what exactly you use your credit cards to purchase. If you’re trying to consolidate debt your top priority should be to find a low-interest rate card. A 0% APR credit card may be ideal for consumers who are looking to consolidate debt through a balance transfer.
Don’t limit your options
There are various credit cards from which to choose, such as cash back, travel rewards, zero percent rates, prepaid debt cards, department store cards. Make sure you are clear about how you want to use it before applying.
Make full use of the internet
Take advantage of online search options. Various sites make it easy to sift through hundreds of credit cards in minutes. Use reputable online comparison sites and visit consumer forums to look at complaints and compliments about various credit card providers.
Make sure that you take your time. You’ll want a card that has many attractive and consistent benefits. You’ll also want to make sure that you can afford the credit card of your choice. Avoid falling into a debt trap by living beyond your means.