3 Important Things to Consider When Choosing a Credit Card


Choosing a credit card is not rocket science, but it will take some research and patience on your part. Unless you want a card that has high fees, an exorbitant interest rate and poor customer service, you will do yourself a big favor by taking the time to research what is out there beforehand. Along the way, make sure you glean some tips on finding the card that's right for your needs with these helpful tips.

Interest Rate

Interest rates matter. That's what you will be paying for the money that you are borrowing, whenever you use your card. So careful review these. Of course, if you have excellent credit, you will get a lower interest rate. But they should be carefully compared first. It's always best to also take the time to research various credit offers online. You'll find that some offer a better interest rate while others may offer more perks like cash back or points but a higher interest rate. Typically, the best interest rates that you will see offered are by cards that are issued by credit unions, so keep that in mind.

Balance Transfer Offers

Do you have a balance that you want to transfer from another card? If so, make sure that you read the fine print. Most balance transfer offers get you low interest for a specified period of time. But then they skyrocket with the interest charges accruing all at once if the balance transferred is not paid off in time. Tread carefully here. Ensure that you can pay off the balance transfer before the deferred interest kicks in, or you could be eating it big time in the form of fees.

Credit Rating

Your credit rating will be the most important part of the scenario. The better it is, the better the offers that you can expect. Check your credit report first to know where you stand here. Do some collective research on cards that fit your credit profile. You can use a free tool called Credit Karma to check your credit report. It's the only one we've found online that doesn't charge a monthly fee,

By taking the time educate yourself, you can find a great credit card that you can rely upon for years to come. But it all starts with patience and collective research.

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