Emergency versus Impulse: Finding the right Credit Card

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Cardholder Benefits » Emergency versus Impulse: Finding the right Credit Card

Emergency versus Impulse: Finding the right Credit Card

Choosing a credit card is a complicated affair. These days one receives several offers from credit card companies. Therefore, it is clear that there isn't a dearth of credit card companies to choose from. Credit card companies usually offer similar basic credit card options. But the similarities end here. Every credit card company, based on its own Market research, offers schemes and variants of credit to the public. The most appealing credit card scheme is not necessarily the best, or the safest. One must exercise great caution while choosing a credit card company, as these companies are notorious for their hidden costs. Enlisting the aid of a financial advisor might be the best option.

Understanding your own financial status and financial needs is crucial to finding the right credit card scheme. One of the deciding factors should be one proposed use of the card. Utility differs from person to person. If one establishes one proposed use of a credit card, one can find a credit card that tailor fits their requirements. Of the several types of credit cards, the most commonly used is the Charge Card. A charge card is so called because the balance availed is payable in one payment, in full, on a monthly basis. This card is the best option for those who have very specific financial commitments that are more or less fixed prior.

The other popular use of the credit card is to transfer balances. Transferring balances can be done with the help of credit cards. This is slightly different from the concept of credit card balance transfers. Some people may choose to transfer balances from one account to another using a credit card. The most popular use of the credit card however is as a source of ready money. The expenses are random most often. The amounts charged to the card can vary - from small amounts spent on clothes to large amounts spent of valuable assets like jewelry, immovable assets etc. The amount available is of course dependent on the credit limit of the card.

Different cards have different credit card limits. The cards with the higher limits are the ones to watch out for. Surveys show that most people can spend as much as is available. Restraint is not always possible. Small amounts ultimately add up, and the interest rates continue to make those impulse-buys huge amounts in next to no time. Therefore choosing a credit card must be determined by the type of use it is slated for.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners Winter 2017/18 – Expert Choice

Top 5 Cards for Travel from Our Partners Winter 2017/18 – Expert Choice

Posted: December 8, 2017

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: December 1, 2017

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Credit Card Tips For Holiday Shopping 2017

Credit Card Tips For Holiday Shopping 2017

Posted: November 27, 2017

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household ... Continue reading