Few tips for choosing the perfect credit card

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Few tips for choosing the perfect credit card

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There are several types of credit cards which are being offered in the market. As a result it is quite difficult and confusing for customers to come to terms with which credit card is good for them and which one isn`t. Ideally one should pick a credit card which suits their style of expenses. The rewards and features of a credit card should not only help you save money but should also help you improve your credit history. Here are some simple tips to choose the right credit card.

Lower interest rate

Most credit cards levy a very high interest rate on the credit card debt. Therefore debts are far more expensive on credit cards than bank loans. So if you are one of those customers who spends a lot and has a high revolving debt on the credit card month after month, it is imperative for you to choose a credit card that levies low interest rates. That way you will not lose a lot of money paying interests on the card debt.

Balance transfers

If the current credit card terms are unreasonable or the interest rate has been hiked you can resort to the balance transfer credit card offers, which will provide some wonderful incentives. These incentives include an introductory period where the introductory rate is 0% and hence no interest is charged on the credit card debt.

Frequent flyer credit cards

The kind of rewards you get on the credit card should be helpful for your expenditure patterns. For example, if you travel a lot, you can go for frequent flyer credit cards which offer guaranteed discounts on your airline tickets, hotel stays, restaurant bills etc. Moreover travel reward cards have other benefits too like travel insurance, airline lost baggage reimbursement, etc.

Frequent shopper credit cards

You can also go frequent shopper credit cards, which offer discounts at select merchants if you shop a lot. If you know that you are going to make some massive expenditure, you can go for credit cards which come with milestone expense rewards. For example, prior to New Year there were credit cards which offered a $100 discount for those who spent in excess of $600 in the first 3 months. $100 is a substantial discount and helps in keeping the outstanding balance low.

All in all you should procure reward cards whose benefits and rewards are of use to you and help you lower your outstanding debt.

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