How to distinguish between the best credit cards and... - Other Questions


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Credit Card Applications » Questions » User Questions » Other » How to distinguish between the best credit cards and the good ones?

How to distinguish between the best credit cards and the good ones?

Answered on | Updated on December 15th, 2010
The content is accurate at the time of publication and is subject to change.

There are a lot of credit cards being offered to the customers in the market, after signs of an economic recovery. Customers have started to spend more, which is an encouraging sign for the credit card industry too. There are a lot of lenders now, offering credit cards with many promotional features as incentives to the credit card customers. With so many varieties of offers floating in the market, customers have to be careful about their options. Those who have excellent credit usually get the best offers and they should not sell themselves short. There are certain aspects which distinguish the best credit cards from the not so good ones.

The best credit cards usually do not have annual fees, which is waived as an incentive. This is a good sign because annual fees invariably takes away from your savings and benefits that the credit cards offer. The best credit cards usually offer rewards which are tangible and genuine. There are some good credit cards which offer loyalty points and discounts, most of which aren`t really of much use. The better credit cards, offer rewards such as cash backs and discounts that can be used by the customer in order to save. For example, the cash back can be used towards a bill payment in subsequent month, which is a direct saving for the customer. Flat discounts offered on all purchases are indeed beneficial because the credit card customer can make a savings wherever and whatever he or she purchases.

Some credit cards on the other hand are not always beneficial to the customer. For example, there are reward points offered, but the customer can only redeem the points on items that are not their preferred choice. The discounts can only be gotten if the credit card customer reaches a milestone spending amount which could be higher than the customers` budget, thereby making it useless. The best credit cards also have additional value added services. This could be travel insurance, waiving interchange fees, lost baggage replacement, roadside assistance in the time of emergencies and hotline for critical emergencies like reporting a lost or stolen card. All these services are offered without any additional cost, unless there is an annual fee in which case, the offer isn`t attractive anymore.

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.
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