When used wisely, credit cards have fantastic benefits, but when used irresponsibly you can end up paying dearly. It’s kind of like a double-edged sword, but there are ways for you to gain the knowledge necessary to have the best outcome when choosing your card.
Choosing the best credit card means you need to know what your priorities are. Whether you’re focused on building credit or wanting perks with your card, there are some options to consider when choosing a credit card that’s best for you.
Most companies use your credit score to decide whether to offer you one of their cards. Knowing your scores can help you when you apply for the card you want.
Once you know your score, you can apply for cards that are likely to provide approval. Knowing your score gives you a better chance of getting approved without receiving numerous hard inquiries on your report.
There are many sites that can help you access to your credit score and offer up credit card options you may be approved for, like Experian, Transunion, Equifax, Credit Karma, USA.gov, etc.
If you’re not ready to get a standard credit card, then a secured card might be your best option. This type of card allows you to build credit as long as you pay off your statement balance in full by its due date. If you go this route, you always want to make sure the credit card issuer reports your payments to the major consumer credit bureaus.
If you are looking for a card you can carry a balance, on your top priority should be a card with an introductory 0% APR (Annual Percentage Rate) offer on purchases.
Although this may be the best way to go to save money on interest, make sure to pay attention to when and how long the APR will apply. If the APR has an expiration date, then this could lead to having late payments.
If you have credit card debt, then an option could be a balance transfer card, which can help you pay it down. When considering a balance transfer card, think about:
It’s always practical to estimate how much a balance transfer could save you before you apply for a new card.
If you are looking for a credit card that can help you get the best rewards, then you can prioritize the credit card’s reward programs to determine which one is best for you.
Cash back rewards can help you earn money back on your everyday purchases, while travel rewards have lots of options to earn travel points or miles.
Knowing the best credit card for you is all about figuring out what your financial needs or goals are and prioritizing them to determine what credit card will be best for you.
Once you’ve made your decision, you’ll be ready to research a specific card and compare the offers and benefits so you can apply for your ideal credit card. Get started today.
The information on this page is accurate as of January 2021 and is subject to change. First Financial Bank is not affiliated with any third-parties or third-party websites mentioned above. Any reference to any person, organization, activity, product, and/or service does not constitute or imply an endorsement. By clicking on a third-party link, you acknowledge you are leaving bankatfirst.com. First Financial Bank is not responsible for the content or security of any linked web page. Member FDIC / Equal Housing Lender.
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