Yardstick for choosing the right credit card

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many 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 » Yardstick for choosing the right credit card

Yardstick for choosing the right credit card

By
Add to Favorites:

Choosing the right credit card may not be as easy a task as it seems to be. With so many different parameters to take care, there isn`t a single rule that one can blindly follow in choosing the right credit card. However, a balanced decision as far as choosing the credit card can be taken by considering a few things around which credit cards work. Here are some aspects of a credit card that the card holder should try to look at before choosing the one that suits him or her.

The interest rate and introductory offers

The first step to choosing the right credit card should be based on the interest rate on offer. It also depends on the cardholders` spending habits. A cardholder, who is used to carrying revolving debts, should always opt for a lower interest rate, to ensure that he doesn`t pay a lot of interest on the outstanding debts. On the other hand, a card holder who pays his outstanding balances on time can go for other credit cards with higher interest rates, because such cards also come with beneficial rewards which are not offered in low interest credit cards. The same holds true also for balance transfers, where the APR after the introductory period is critical.

Useful rewards

It is important to choose a card which offers suitable rewards. Someone who travels a lot will benefit from travel cards that offer air miles and discounts at restaurants and hotels. On the other hand, someone who needs credit cards for domestic spending will benefit from cash back rewards. There are other specific reward programs like frequent shopper reward cards for those who shop a lot. Rewards also come with terms and conditions and one has to be cognizant of those.

Fees

Never choose a credit card that charges exorbitant fees. Fees could be levied on credit cards in many ways. Cardholders should be aware of different types of fees including penalties like late fees and over the limit fees. High annual fees and cash advance fee could also be charged on credit cards.

Additional features

Good credit cards come with fraud liability which will allow cardholders to deny fraud charges on their credit cards. Similarly, hotline to report lost or stolen card and travel insurance are offered on many cards. Such features make using a credit card more convenient and hence should be favored over other credit cards.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Interest Free Credit Cards: Pay No Interest Until 2019

Interest Free Credit Cards: Pay No Interest Until 2019

By Credit-Land, Posted: May 23, 2017

Carrying a balance on a credit card is wasting your money on interest fees. It is easy to avoid interest payments on purchase transactions by paying off the entire card balance by the due date each month. But what to do if you are already ... Continue reading
Dashlane: Password Management and Shopping Ease in One Simple Product

Dashlane: Password Management and Shopping Ease in One Simple Product

By Angela Rose, Posted: May 3, 2017

Are you terrible at remembering passwords? Are you so terrible, in fact, that you often use the same one for multiple websites? If so, you’re not alone. Continue reading
SoFi Making Lending Social

SoFi Making Lending Social

By Dar Dowling, Posted: April 26, 2017

Since 2011 SoFi, a San Francisco based online lending company, took the lending industry by storm, when they became the first online lender giving people access to affordable student loan refinancing. Continue reading