Which Credit Card Is Best?
Trying to decide which credit card is best for your particular needs in an endless sea of offers can be a bit confusing. No annual fees, credit card rebates and even the best frequent flyer credit cards are just some of these tempting offers.
But getting the right card really depends on your individual financial needs and objectives. So here are a few considerations when choosing which credit card is best for you.
Your spending habits are a big factor in determining which credit card is best.
If you use your credit cards as a convenience not to carry cash and pay off your balance every month look for high credit card rebates, low annual fees and extended grace periods.
If on the other hand you pay a monthly payment and carry a balance, a low interest rate should be your number one consideration when chhosing which credit card is best.
Credit Card Reward Programs
If credit card rebates and rewards cards offer good interest rates and low annual fees they can be beneficial to you. The best frequent flyer credit cards can earn you enough points to take vacations.
Cash back reward credit cards might be which credit card is best if you want a rebate on your purchases. These cards offer you a check or cash credit of 1% back at the end of the year.
But be careful because not all cash back reward credit card programs really mean what they say. Read the fine print to be sure you understand the terms.
Credit Card Grace Period
A credit card grace period is the number of days before the credit card company starts charging you interest on new purchases. Most cards have a grace period, but when decicing which credit card is best, beware of the cards that don't.
If you have a card with no grace period, you pay interest on new purchases from the day you make the purchase, even if you pay your bill in full. The longer the credit card grace period the better it is for you.
When deciding which credit card is best for you, read the small print in the credit card terms regarding the credit card company rules concerning the credit card rebates, grace period as well as the interest rates and fees.
Also, think about how you will use the card, especially if you expect to carry a balance. Then, choose which credit card is best for you and your spending habits.
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