Read Before You Apply For A Credit Card
According to the Washington DC based consumer education group, about 74% of American consumers have at least one credit card. However, the ones who don't are in the "driver's seat" when it comes to choosing the best credit cards that match their personal needs.
There are a number of credit cards available to the consumer, therefore it is necessary to do the research and carefully choose the perfect credit card based on his or her needs. It is a good idea to establish a game plan which will help you evaluate different types of products offered on comparative basis.
Researching the differences between Visa, MasterCard and American Express will help you realize how much is available and in turn help you decide which type of card will best serve your individual needs, be it a low interest on balance transfer card, cash-back card, or any other available card type offering perks like travel rewards or air mile rewards.
After carefully studying what is available, it is also necessary to perform a side-by-side comparison of the cards you are interested in. From that point, the process of determining which credit card is the best credit card to have will be quick and easy.
Although there are millions of applications available on the internet, apply for a credit card online only after you complete your research, and know your credit history. Not everyone qualifies for best credit card offers. Realize that people with excellent credit as well as good credit may qualify for better cards, such as credit cards with best credit card rates on balance transfers; instant approval.
Credit Card Types
The first step in choosing the best credit card deals is realizing that there are a variety of different cards available. Following are some of the most common types of cards:
Balance transfer credit cards let you transfer higher-interest credit card balances onto a credit card with a lower interest rate. For instance, if you transfer a balance to a credit card with a low introductory annual percentage rate (APR) of zero percent, the APR for this balance will typically stay at the lower interest level for a specified period of time, potentially saving you hundreds of dollars in interest charges.
Low-interest credit cards - Offer either a low introductory APR that change to a higher rate later or to a low, fixed-rate APR. Using this type of card can offer significant savings on interest, especially when you make larger purchases and pay them off before the end of the introductory period.
Cash-back credit cards - Give you cash rewards for making purchases with the card. Most cash rebates are around 1 percent of the total purchases, excluding interest and finance charges. This type of card is particularly good if you're faithful about paying off balances each month.
Reward credit cards - Similar to cash-back cards, they offer frequent-flyer-miles, hotel discounts and other rewards just for using the card. Basically, you accumulate points toward a reward structure, based on how much you use the card over a period of time.
Airline mile or frequent flyer credit cards - Award "mile" or "point" credits whenever you use your card, based on the dollar amount of your credit card purchases over a period of time. You can redeem your points for airline travel, much like you would in an airline-sponsored frequent flyer program. These cards are great if you travel frequently or simply want to use your card to plan vacations.
Pre-paid cards - Work like gift cards at retail stores. You can deposit any amount you want and then use the card to make purchases up to that amount. These types of cards generally don't require a credit check, and some actually have credit re-builder and rewards programs.
Secured credit cards - Cards that are "secured" with a cash deposit or other collateral. They're ideal if you have very little or damaged credit.
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47 See Program Rules.
52 Subject to I.D. Verification, see website for details.
53 The full $9.95 Activate Card Fee will be charged, but on the first Direct Deposit that occurs, the $9.95 Activate Card Fee will be refunded to your Card Account within 30 days of your first Direct Deposit.