Choosing The Right Credit Card When They All Want Me

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While some of these offers are great, it’s important to research the companies or banks that you are considering. You should compare what each company or bank has to offer you.  Many of these offers come in the mail. If you find yourself initially intrigued by what is presented, go on the internet and look more into it. Sometimes there are hidden fees and other costs associated with credit cards, so make sure you read the fine print carefully. Credit card companies and banks that send offers in the mail are notorious for trying to sneak hidden fees and costs in there. 

Knowing a potential credit card’s annual percentage rate (APR) is very important when choosing a credit card. The APR is what will tell you your interest rate. Percentages rates vary from 0% to as high as 25% or so. You want to get the lowest APR possible with your credit card. A low interest rate reduces the amount of interest you have to pay, and essentially your payments will go more towards the principal balance. Credit cards with unusually high interest rates should be immediately eliminated from your list. High APR credit cards can easily get you into credit card debt and make it difficult to make payments and pay off balances.

The four major credit card companies to choose from are Visa, MasterCard, American Express, and Discover. These are the leaders in the credit card industry. Visa and MasterCard act as a middle man. They don’t actually issue the cards themselves but use banks and other companies to issue them of their behalf. American Express (AMEX) and Discover issue and settle on cards themselves. They maintain their own networks and do not use a third party. Out of the four leading companies, Visa and Master Card are the most popular and widely accepted.

Visa and MasterCard’s popularity could be because they are accepted all over the world. This is beneficial for individuals who travel a lot. American Express is the least accepted of the four. Many merchants have stop accepting American Express because of the high merchant fees associated with the card. However, this may change due to the fact that the company upgrades their network on a continual basis. But as for right now, AMEX is not accepted all over the world. It is important to note that most AMEX cards require you to pay your monthly balance in full. This could be seen as a benefit but it’s up to you to decide.

Discover is also not as popular as Visa or MasterCard. It does have some great benefits and also has an option to get cash back from the card. At first glance, this seems like a good thing but the cash advances could possibly have a higher interest rate than regular purchases. Again, it’s important to read the fine print. Most people who have Discover credit cards stay local and use their cards in the event of an emergency.

If you’re considering getting your first credit card, you should consider choosing either a Visa or MasterCard. These cards offer the greatest flexibility for card holders. 

Like it was previously stated, there are a lot of credit cards to choose from. There are a lot of things to consider when choosing a credit card so be diligent in your research. However, the final decision is entirely up to you.  A great place to start in making a decision is to assess your needs and choose a card that best meets those needs.  You can choose to go with a company or bank that’s local to you, or get online and look for your credit card.

The internet is a great place to find out information about credit cards. It may be possible to read reviews of present and past card holders of certain companies and consider the reviews in your decision-making process. However, know what you want before going online. This will save you a lot of time and money. Keep in mind that applying for too many credit cards can possibly have a negative impact on your credit rating. Only apply for cards that you feel are a necessity. This will also put a limit on the amount of credit card debt you accumulate.

Credit cards have their place in society, but remember to use them responsibly. Avoid increasing your credit limit unless it’s absolutely necessary. Try to avoid making only the minimum monthly payment. This will help to keep your credit card debt manageable and you will get the most of your credit cards.


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