There are many different variables to consider when getting a credit card. Learn about the categories and features in order to find the best credit card for you.
You need a credit card, but how do you sift through the advertising and find the right card to apply for? Credit card companies have designed credit cards with different terms that appeal to different groups of consumers. There are so many options for credit cards these days that choosing the right credit card can be a bewildering process if you approach it blindly.
When choosing your credit card, evaluate yourself first. Figure out what credit category you are in: Perfect Credit, Good Credit, Poor/Bad Credit, or No Credit. You can get a copy of your credit report for, at most, $9 from one of the three major credit reporting agencies: Equifax, Experian, or Trans Union. Your credit rating will give you an idea of the credit cards you can apply for.
Next, narrow your search by choosing a card type that interests you or with which you identify. Student cards, rewards cards, debit or prepaid cards, affinity cards, business cards, platinum cards are some of the major types of cards available.
If you are a student, apply for a student credit card. When a company learns that you are a student, it will take into account the fact that your income may be small or may come entirely from your parents. Rewards cards offer some benefit to you such as airline miles if you make purchases with the card or if you make purchases at specific locations.
Rewards cards typically have a higher interest rate, but the rewards can be worth it. Debit or Prepaid cards have accounts that you deposit money into before you use the card. Some prepaid cards report to credit bureaus, which can help you improve your credit. Affinity cards are affiliated with a particular non-profit organization to which your purchases will contribute.
After you break down the choices into different types, take a closer look at features. Different credit cards have different mixes of features to suit different customer needs. These features include: low interest rate for purchases, low interest rate on balance transfers, no annual fee, high credit limit, ability to choose billing date, etc. Make a list of features that you feel are important and then rank them. This will give you a clearer understanding of the card you are looking for.
After that, search for credit card offers. A portal site, like Creditcards.com, offers you the advantage of comparing card offers from different companies. This is advantageous because you will soon find that the major companies have different cards for each set of customer needs, which makes comparing the cards offered by their company like comparing apples and oranges. At a portal, you can take the most desired feature, like platinum card, and examine offers for platinum cards from several issuers. Find the card that best matches your desired features.
After you have found THE card, run it through a final checklist. Is the card accepted where I want to shop? Is the interest rate fixed, variable, or tiered? How is it calculated? What is the APR for purchases? For cash advances? For balance Transfers? What is the annual fee? What is the grace period for purchases? If it is a reward card, how do I get my reward? Is it worth the higher APR?
If the card passes the checklist, click through and apply online. Applying online will get you a decision faster than via regular mail and even the phone. Simply fill out the form on the bank's secured site and submit.
*See the online credit card application for details about terms and conditions of offer. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Here" button you can review the credit card terms and conditions on 's web site.