Choosing The Right Credit Card

Certainly, your credit matters but, unfortunately, that doesn’t happen with so many credit cards in your wallet! In fact, having many of them can negatively impact your credit position, as either, you would not be using them much or you may end up not paying the balances on time that can harm your financial reputation badly. Therefore, the key is to have the right one(s) to not only boost your credit score but also to enjoy some financial benefits, for which we have the carefully curated 5 significant suggestions!

  • Your expectations out of the card

Not every card is made similar! No, we aren’t talking about its physical characteristics, but, the significant functional characteristics, such as entry-level credit cards (secured, student, store credit cards), rewards credit cards, balance transfer credit cards and so on, which come with various advantages to suitably satisfying your financial necessities. For example, a secured card might help you build your credit from the scratch and whereas, the rewards credit cards help you enjoy some cashback rewards on specific purchases and therefore, only after accessing your credit position and relevant expectations you should go for the specific card type to enjoy the absolute benefits.

  • Understand the APR

The annual percentage rate or the APR is the percentage of the charge applicable to your balance amount carried beyond the acceptable grace period. Not all the APRs are calculated the same, that is the APR on purchases might differ with the APR on balance transfers and therefore, understand the subject thoroughly to avoid paying more for your credit card usage, unnecessarily.

  • Know your credit

If you are not a newbie then, certainly you would have a credit for yourself, which you ought to check to decide the suitable credit card for your suitable situation. That is, if your credit score is not as expected, find a suitable card that might rebuild or repair your credit favorably, such as the secured cards or if your credit score is highly pleasing, then plan the ways to convince your credit card issuer to offer you some perks such as the increased credit limit, which you can carry out only with the idea of your credit situation, undoubtedly!

  • The fees

There are several fees associated with the usage of credit cards, such as the annual fee, late fee and so on, which you have to understand to choose the right one that does not burn your pocket!

  • The credit limit

If you have certain credit-limit expectations to satisfy your monthly financial challenges then, choose such a credit card that satisfy your practical requirements, appreciably! But, if you are a newcomer, it is advisable to choose a low-limit credit card to make you a responsible user, indisputably!