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The 4 secrets to choosing the ideal credit card

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The 4 secrets to choosing the ideal credit card

With the economy recovering, a lot of credit card issuers are trying with full force to get as many customers on board as possible. To achieve this, they are not leaving any stone unturned and are offering great credit card rewards and incentives to attract new customers. In such a scenario, it is obvious that the customer would be confused with the barrage of options. However, there are some simple things that the customer shouldn’t forget. These simple secrets will ensure that the customer doesn’t end up with the wrong credit card.

Get the basics right

All the bells and whistles look good only when the basics of the credit card are right. That means that the two important parameters of a credit card should be perfect and make the credit card friendly and usable. Only then can you look at other aspects of the credit card. These include the annual percentage rate and the credit limit. The APR should be as low as possible depending upon your credit score. The credit limit shouldn’t be too low or too high. A good credit limit will help you increase your credit score if you can keep your outstanding balance very low. However, too high of a credit limit will lead you to unnecessary spending.

The rewards are useful

Your credit score could be good enough to get you the most in-demand credit card, such as the travel rewards card. However, it is of no use to you if you don’t fly at least a few times in a year. Therefore, the rewards of the credit card should be judged on the basis of your expense patterns and need rather than others’ perception of a credit card.

Charges as low as possible

The charges on the credit card should be as low as possible, preferably none, if you can manage to get that. Some of the credit card companies waive the annual fees for their customers. If it is a balance transfer credit card offer, ensure that the balance transfer fee is as low as possible. Some credit card companies charge a currency conversion fee, while others don’t.

Add on value

This is where you check the utility of a credit card when all other conditions are satisfied. For example, some credit cards allow cash advances without a fee which is certainly a good value-add. There are credit cards, which offer lost baggage replacement while traveling and roadside assistance in case of emergency. These are all handy offers to have.

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