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How to select the best credit card?

- by CreditCardOfferCenter.com editor

It all depends on what you need out of the credit card and how you will be using it. If you are looking for a low-rate card offer, you should avoid those with an annual fee. But if you travel frequently, the rewards from using an air-mile credit card may outweigh the annual fee.

Do you carry a balance? If you do, you need to find a credit card that offers the lowest APR possible. Many cards offer 0 or a very low introductory APR for balance transfers or purchases. You should be aware of how long these rates last and make sure you will be able to pay off the balance before the rates expire.

Beware of a card's grace period. A grace period is the period after a purchase is made during which interest is not charged. If payment is made in full by the end of the grace period, no interest is charged. Most of the cards now have grace period from 25 days to 20 days while others have no grace period at all.

Do you want to earn rewards on your everyday purchases? You will be able to earn points or cash for everything purchased using your reward credit card. However, there are certain restrictions on how much you can earn and what qualify as eligible purchases - there is usually a maximum cash or points you can earn each year and you might get more cash back or points on purchase at certain retailers. You are also required to accumulate a minimum amount of cash or points before you can redeem them. When you apply for cash back or other reward credit cards, be sure to read the rules and restrictions.

There is no one perfect card for everyone. But one perfect rule to remember - use your credit wisely. Good luck on finding the best credit cards.




 

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