Ways of choosing credit card which is perfect for you

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Ways of choosing credit card which is perfect for you

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With a barrage of options available it is sometimes a hard task to choose the right credit card. Each credit card comes with its own terms and conditions. Moreover every credit card comes with its own set of rewards that suit different individuals. Often by choosing a credit card that suits you, you can make a lot of saving on many regular expenses.

APR on the credit card

Some credit cards come with low annual percent rate. If you are someone who usually has a high expenditure with a chance to miss the bill payment deadlines every now and then, you are likely to have a high outstanding balance. If you usually get your income outside the billing cycle ending up paying late fees and interest on your outstanding, then it is a good idea to go for a credit card with low interest rates even though it offers lower rewards. This will directly help you to make some savings though the interest paid. However, if you are someone who is very punctual with your bill payments you are likely to remain unaffected by the APR in which case it would be a better idea to choose a credit card offering greater rewards.

Travel Benefits

If you are one of those people who travels a lot, whether on vacation or on business purposes, then you can go for credit cards which have a lot of travel benefits. Some of these travel benefits include travel insurance, coverage for lost baggage, hotline for lost card reporting and immediate replacement, discounts at major hotel chains and restaurants and discounts on airline tickets. These rewards come in very handy for travelers although for those who don't travel much, these rewards don't amount to much saving.

Cash back and loyalty points

If your monthly expense is usually very high and you would like to get a discount on the expenditure instead of rewards like free trips, airline ticket discounts and discounts at entertainment venues and restaurants, then it would be a great idea to go for credit cards which offer cash back and loyalty points. These cards give you 1-5% cash back for your expenditure at groceries, super stores, gas stations and various other locations. This will help to make some saving at the end of every month. Loyalty points too would accumulate over a period which can be redeemed through cash or some purchase.

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